Home DIGITAL ASSETS The Struggles of Starting Cryptocurrency and Blockchain Companies

The Struggles of Starting Cryptocurrency and Blockchain Companies

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Cryptocurrency

Cryptocurrency is a digital currency serving as a medium of exchange. It utilises encryption techniques to regulate the generation of currency units and verify the transfer of funds, operating independently of any central bank.

Over the years, cryptocurrency has seen a rise in popularity, and it’s getting more and more recognised each passing day. From Bitcoin, first introduced in 2009, cryptocurrencies like Ethereum, Ripple, and many others have since established themselves as viable alternatives to traditional currencies. 

Are you looking to join this booming market? Here are the ways you can do so.

The Ways to Enter the Cryptocurrency Industry

There are many ways to enter the cryptocurrency industry aside from investing in a pre-existing currency. For one, you can create your own and introduce it to the market.

Other methods to enter the industry include:

  • Establishing a cryptocurrency exchange service
  • Writing investment articles about cryptocurrency
  • Selling cryptocurrency mining software
  • Introducing blockchain development solutions 

There are many other ways to join, of course, but if you’re sure about introducing a new cryptocurrency to the market, you should know that you’ll likely encounter a few problems, some of which you can learn about below. 

Issues with the Cryptocurrency Business

People Are Generally Wary of New Cryptocurrencies

One of the most notable facts about existing cryptocurrencies is that it took a while to garner the support and investments they have now. 

In fact, Bitcoin was created in 2009 and only gained mainstream popularity in 2017, further experiencing growth in 2021. A similar case happened to Ethereum.

The key takeaway is that it’ll take a while for your cryptocurrency to be successful. If it does get to that point, consider the roadblocks below. 

The General Public

A large portion of the general public considers cryptocurrency as a scam. People think it’s a waste of money to even invest in one.

Fortunately, all is not lost for your budding cryptocurrency. You simply need to employ various digital marketing techniques to draw positive attention to your currency. 

If you’re lucky, a public figure may even have their interest piqued, much like what happened to Dogecoin when Elon Musk talked about it. 

Online Entities

Previous cryptocurrency scams have made it more challenging to host paid advertisements on large online platforms. If you’re thinking of promoting your cryptocurrency on Google, Facebook, or Twitter, you should note that you can only do so after the Initial Coin Offering (ICO) period. 

Digital Marketing for Cryptocurrencies is Too Tricky

As previously mentioned, paid advertisements for cryptocurrency have limitations, and it doesn’t stop there. Digital marketing may help you boost your currency, but that’s if you find the right firm for you.

Plenty of digital marketing firms on the market have little understanding of cryptocurrency. Even if they do excel in other fields, they may not yield results for you.

Still, some time and effort to find a knowledgeable digital marketing firm can do wonders for advertising your cryptocurrency. 

The Cryptocurrency Market is Unpredictable

It’s a well-established fact that the cryptocurrency market is highly volatile and subject to constant changes. Cryptocurrencies that are doing well now might experience a dip in the coming days and vice versa.

This makes it more crucial that you work with a remarkable digital marketing team. If you hire amateurs, there’s a possibility of your campaign being delayed or not pushing through, either of which risks your chances of achieving success.

Digital Marketing Solutions for Cryptocurrency Startups

Given all the problems you may encounter early on, it’s easy to see that you need to employ the help of highly-skilled, knowledgeable digital marketers if you wish to triumph in the cryptocurrency market.

Working with professionals allows you to use various digital marketing solutions for your campaign. Some to keep in mind include Search Engine Optimisation (SEO), website development, social media marketing, and reputation management. 

Using these solutions can better your chances in the highly competitive field of cryptocurrency and may even launch you to great heights down the line. 

If you’re looking for digital marketing articles, you’ll benefit from checking out No Names Digital. We provide reliable news and articles regarding topics like digital marketing, cryptocurrency, and digital assets. Browse our website and start reading today! 

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