In a whirlwind of hype and controversy over the direction of cryptocurrencies and whether they are legal, sustainable and smart investments, there is a conversation that has extinguished the interest of those in the marketing arena: Bitcoin (BTC), Ether (ETH), Cardano Ada, Litecoin (LTC), XRP, Dogecoin (DOGE), etc., Cryptocurrency Brands?

And if so, how are these brands created and what role do they play in the adoption of each currency? Or for that matter, how does the brand promote (or reduce) the legitimacy of the cryptocurrency as it seeks to increase acceptance / use mainly?

Related topics: Decentralization vs. centralization: Where’s the future? Expert response

To answer this question, consider David Ogilvy, the British advertising mogul known as the “father of advertising” – the definition of a brand: “the intangible sum of product attributes.” This often includes identity, voice, empathy, value propositions and consistency in keeping promises given. Finally, such properties include the core of the product / service, such as atomic particles, to create trust, preference and loyalty (or lack thereof).

Financial brand
It can be argued that fiat currencies are so trademarked that the countries that issue them create value and trust them. However, with little or no competition in their countries, the identity of commodities is established (dollars, pounds, euros, yuan, etc.), and governments (brands) or other actors make no real attempt to change the way the currency is perceived. For him or even being used to it, it’s so hard to count.

Think of other examples from economics: stocks are a way of owning the brands they produce. Mutual funds also get the aura of the brands they run, although there have been cases where funds such as the Magellan Fidelity Fund and the Vanguard Wellesley Income Fund have become prominent brands. You can also think of money as a basket of badges.

Furthermore, goods such as gold, silver and copper are important goods. This brings us to cryptocurrencies.

Remember the following:

Bitcoin has many unique attributes to a currency, for example: 1) an epic tale of a hero in the form of Satoshi Nakamoto’s borrowed quest for a decentralized currency, culminating in the famous 2008 White Paper; 2) a recognizable and evolving personality, as well as her perception as the founder of digital currency; 3) The “First mover” benefits that all other brands (cryptocurrencies) must compare or contrast with.
Maybe there are two dominant players or two well-established brands – Bitcoin and Ether – and a very long growing list of “competing brands” in the form of altcoins.
Each of the brands mentioned has customized sales proposals – with names like Avalanche, Sushi and Chiliz – a way to help investors / consumers remember them.
The whirlwind around Dogecoin and other so-called memcoins, which Crypto Dictionary describes as a “cryptocurrency joke”, shows how pop culture (and therefore marketing) affects the markets. Older people can crawl, but especially for the younger generation of investors, this is not uncommon as Dogecoin and others are marketed as a consumer currency.
Finally, and perhaps most importantly, it is a rapidly growing cryptocurrency market where technologies / platforms compete not only for economic exchange, but also for social currency – the proportion of votes on social media in and outside the cryptocurrency community.
Despite all these facts, there are still some interesting questions: First, if decentralization is the core of the concept of cryptocurrency, who controls and operates each of the brands? And if trust is central to the brand’s health, how is technology unreliable?

Related: The evolution of Bitcoin stories makes it unbreakable

Cryptocurrencies are the first real brands created by users
Unlike user-generated content (UGC), which marketing organizations require to give customers a voice, real perspectives and active engagement, user-generated brand content (UGB) is largely unsolicited or censored. Like sourdough, start with it and it will grow by itself. (This seemed like an appropriate analogy given the global popularity of the COVID-19 pandemic that spreads sourdough.)

Since there is no central owner or equivalent a brand manager or CMO, these brands are created and developed by project founders, user communities, investors, miners, etc. They participate in meetings, forums, conversations and underreddits. In fact, the health of a brand may be related to how strong the discussion is on such channels.

Brands are shaped by a fussy and growing community of influencers, which includes cryptocurrency masters such as André Cronier and Vitalik Bouteri.

Source: CoinTelegraph