- Cryptocurrencies lack centralized authorities, they are looked after mainly by project founders, user communities, investors, miners and more.
- Although anonymous, the so-called founder of Bitcoin, Satoshi Nakamoto is one of the greatest disruptors in technology.
- Currently in the market there are two settled brands or dominant brands, Bitcoin and Ethereum.
The million dollar question of cryptocurrencies being a brand has been persistent since their inception in the market. Cryptocurrencies have become more popular over the past few years, so much that people have begun questioning their significance in the marketing perspective. A brand is precisely defined as an intangible sum of a product’s attributes. The attributes of the product may include, identity, value proposition and the ability to deliver promising returns. Fiat currencies may be very often viewed as brands because countries issue them in order to build confidence as well as value.
However, the fact that the brand owners or rather the issuing country make no effort to disrupt the way the currencies are perceived, eliminates them as a brand.
Setting the bar high
However, stocks and mutual funds can be considered as the best examples of brands. But if we consider, Bitcoin out of all cryptocurrencies, has a very recognizable and popular identity behind it. Although anonymous, the so-called founder of Bitcoin, Satoshi Nakamoto is one of the greatest disruptors in technology. Moreover, other cryptos are compelled to compare themselves with the first and the largest crypto.
Currently in the market there are two settled brands or dominant brands, Bitcoin and Ethereum. Both of them pose challenges to the altcoins of the market.
Cryptocurrencies are Decentralized, who are Taking Care of Their Brand Health
Moreover, the competitors have different selling propositions, such as unique names – Avalanche, Sushi and Chiliz. This helps the investors to remember them. The hype over the meme cryptocurrency, ‘Dogecoin’ also exhibits the extent of influence pop culture or rather marketing has over market.
For the older investors the hype over a joke coin may seem unusual, but it is very appealing for the young investors. And lastly, the popularity of cryptocurrencies which do not only focus on financial engagement but also social media have been increasing.
But if cryptocurrencies are to be considered a brand, there arise some important questions. If cryptocurrencies are decentralized, then who are controlling them? Since, cryptocurrencies lack centralized authorities, they are looked after mainly by project founders, user communities, investors, miners and more.
They are nurtured over virtual forums, chat rooms and subreddits or meetups and conferences. They are shaped and promoted by renowned personalities, in this case crypto pioneers like Andre Cronje and Vitalik Buterin, tech pioneers like Marc Andressen and Elon Musk and so on.