What is cryptocurrency?
Cryptocurrency is a decentralized digital currency that uses encryption to control its creation, distribution, and transactions. Cryptocurrencies are classed as a subset of digital currencies.
A lot of people may find the world of cryptocurrency overwhelming and bewildering. Whether it’s the sheer amount of different names and symbols, or the constantly changing market value, at first glance it would appear that there is no way to get involved with cryptocurrency without making a significant amount of money. This post walks through some important things to consider when promoting a new crypto project, including ways in which you can gain free publicity and tips for getting your project noticed by potential investors.
1. Do Your Research
There are a lot of different cryptocurrencies in the world. Some of them have been around for a while, while others have only recently appeared. You should never make any claims about the performance or value of your project unless you can back it up with credible evidence. Cryptocurrencies are volatile and new projects often fail to deliver on their promises. If a project is run by three people in their bedroom and promises to give people large sums of money for participating then the odds are pretty high that the project will not succeed.
2. Distinguish Yourself from the Crowd
A lot of people have the impression that all cryptocurrency projects are scams and that there is no way to get involved with a project without making money. This is not true. At the beginning of 2018, XRP (the Ripple currency) was trading at around $0.25 USD before it achieved a high of over $4 USD in mid-December. During this time, the Ripple company was focused on providing value for its customers and integrating with real-world financial services providers. It achieved partnerships with big institutions such as Banco Bilbao Vizcaya Argentaria, Bank of America, RBC, UBS and many others. This is a good example of how to promote a cryptocurrency that has a real value proposition without simply promising to give people money.
3. Create a Community of Interest
You need to be a member of the crypto community to succeed. As well as being an active member on social media, such as Twitter and Reddit, you should also make use of forums such as BitcoinTalk and Bitcointalk.org. You will find people ready to help answer questions about your project and promote it around their communities.
4. Start a Blog
You have to have a blog if you want to be taken seriously in the world of ICOs and cryptocurrencies. Your website is not enough – you need to keep people up to date with developments in your project, provide regular updates and provide details about your experience and skillset. This will all help to build up trust and credibility.
5. Get Influencers on Board
You should never underestimate the power of influencers. There are people who have large followings across social media and blogs. If they endorse your project then people will pay attention. All you need to do is contact them and ask if they would be willing to promote your project as an affiliate or in any other way. Make sure that you are able to offer them something in return for their help.
6. Have a Prototype
Most cryptocurrency projects have a prototype, usually in the form of a working product or service that has been trialed by potential customers. A working product or service makes a project more credible, especially if people can see that it has been trialed by real customers and is generally in use.
7. Use Social Media as a Crypto Marketing Tool
You should be active across social media platforms, whether this is Twitter, Reddit or Facebook, so that when potential investors search for information about your project they are likely to find your name at the top of the search results. This is helpful because it means that people are able to see the information that you have provided, as well as any details provided by other people. This is why crypto marketing is so important.
8. Make Videos and Podcasts
The days when information about cryptocurrency had to be conveyed using text alone are long gone. Nowadays, people are much more likely to watch a YouTube video or listen to an audio podcast than they are to read a blog post. You should leverage this by making videos and podcasts which summarize your project and provide information about how people can get involved with it.
9. Put a Bit of Personality into Anything that You Do
Your personality is what people are ultimately going to remember about you, so make it good. If you have nothing to say, or if your tone of voice is dull and boring then no one is going to listen to what you have to say. People will have the same problem with videos, so make your videos interesting and add a personal touch of some kind. Use branded graphics where appropriate, as they will help convey personality and make people more interested in your message.
10. Create Subreddits
These are communities on Reddit where people share news, videos, and information about cryptocurrency as well as other topics. They are important because they allow you to reach out to a very broad audience and help drive traffic to your website or blog. You should make use of these in order to gain exposure for your project by posting announcements about your project on relevant subreddits, comments on other posts and even creating a post about it with a title that is appealing to investors.
11. Understand the Competition
You can’t get involved in cryptocurrency without knowing what other projects are out there. There are literally thousands of cryptocurrencies, so it’s essential that you do your research on a regular basis and keep yourself aware of what other projects are coming to market. You need to understand where your project fits into the competitive landscape, with a particular focus on how you can differentiate yourself from existing and new players.
Conclusion
You should not underestimate the impact that social media can have on your cryptocurrency project. A lot of cryptocurrency projects fail because they do not have enough funding from investors. However, if you do things right and promote your project effectively then you can be confident that you will be well supported by people who are ready to invest in your vision and make it a reality.
