The ever-growing popularity of cryptocurrency has taken the investment world by storm in recent years. The affiliate marketing industry is no different. With the first blockchain technology established in 2008, it has continued to permeate a number of industries and sectors on a global scale. As a result, it has the potential to streamline the buying and selling process from start to finish. Continue reading to familiarise yourself with the many ways in which cryptocurrency is set to impact affiliate marketing.
Cryptocurrency affiliate programs
Despite cryptocurrency’s hold on society on a global scale, it has yet to be adopted by mainstream media. This is also the case for popular social media channels such as Facebook, Twitter, and YouTube. As a result, affiliate programs are capitalising on an emerging niche and cryptocurrency affiliate programs are cropping up left, right, and centre. For example, CryptoHopper is one of the most popular platforms for cryptocurrency affiliates. Established in 2017, affiliates can earn up to $10 (£7) per commission with no sign-up fee or additional monthly costs. With the option to generate a secondary income stream in a matter of months, it has become the number one choice for affiliates looking to monetise their knowledge of cryptocurrency.
Streamlined transactions
Aside from revolutionising affiliate programs, cryptocurrency has also led to the development of streamlined transactions. With digital currencies providing an extra layer of safety and security for web-based transactions, buyers and sellers alike can benefit from incorporating cryptocurrency into their online platforms. With cryptocurrency payments recorded on a blockchain, each transaction is secured on a decentralised ledger. This means they are protected from external threats. Unlike traditional payment methods, they are also unable to be cancelled or reversed in the event of a fraudulent purchase. In the long run, this can protect sellers, publishers, merchants, and affiliates alike.
Greater trust
By paying for goods and services with a credit or debit card, customers must disclose personal, identifying data. But with questionable levels of security, this information can be easily stolen or manipulated by internal or external sources. Cryptocurrency, on the other hand, can be sent directly to the intended recipient with no additional information required. Whilst this method benefits from greater security and less opportunity for fraud, it can also promote anonymity and encourage the growth of underground economies. As one of the safest payment methods available to buyers and sellers today, however, it stands to revolutionise the ways in which goods and services are promoted through affiliate marketing.
Lower transaction fees
Most traditional payment methods require an additional transaction fee with one company completing the transaction and claiming credit as a result. With cryptocurrency payments, on the other hand, no single entity owns the transaction record meaning no transaction fees are required. If an additional fee is required, this tends to be calculated by the current market rate as well as how much network capacity is required to complete the transaction. As a result, cryptocurrency transactions can end up saving both the customer, affiliate, and merchant a considerable amount of time and money in the long run. It is worth remembering, however, that different cryptocurrencies benefit from different transaction fees. You must familiarise yourself with this information ahead of time before you incorporate cryptocurrency payments into your affiliate program.
Greater reach
With the worlds of cryptocurrency and affiliate marketing continuing to merge, it can expand your reach and target your intended target audience on a global scale. Whilst bank accounts are the norm, they are not necessarily widely accessible. A valid internet connection, on the other hand, is all that is required to access cryptocurrencies online. As a result, a growing number of start-ups have been funded solely by cryptocurrency. This has led to an emergence of crowdfunding and given up-and-coming small businesses the opportunity to benefit from investors located around the globe.
Blockchain technology
As well as cryptocurrency in itself, blockchain technology is also set to revolutionise the world of affiliate marketing as we know it. By straying from the tried-and-tested pay per click model and capitalising on blockchain technology, customers can benefit from greater trust and less opportunity for fraud. As a result, direct communication between affiliates and merchants can be encouraged. This paves the way for greater alignment between affiliate marketing material and website content and boosts conversion rates in the long run. This may also benefit small businesses looking to get involved with affiliate marketing. By lowering entry barriers, emerging markets will lead to the development of long-term partnerships. This will generate value for both parties involved.
With cryptocurrency the word on everyone’s lips, it has had a dramatic impact on a number of global industries and sectors. With the rise of cryptocurrency affiliate programs, streamlined transactions, greater trust, lower transaction fees, greater reach, and blockchain technology, affiliate marketing is the latest industry to get involved in the cryptocurrency boom.
