The Role of Cryptocurrencies in Digital Media During COVID-19

The Role of Cryptocurrencies in Digital Media During COVID-19

The novel coronavirus is straining every monetary-related activity globally. Governments are struggling to contain the situation while protecting everyone within. Processes such as minting are on a low, termination of companies, workers retrenched, traditional money transactions reduced, and a general decline in money-generating options.

However, how is it affecting the digital media platforms? Furthermore, how are they handling the situation during this period? Every suggestion in this article is from a personal point of view, and you, as a reader, are open to your own opinions concerning the matter.

Media Platform Sailing on the Same Boat as Many Others

Media platforms are not immune to the ongoing happenings. You would expect that the increased traffic of viewers and trending topics concerning the virus would make it all better. Well, that is a different story as far as they are concerned. On the brighter side, these platforms help create awareness and contributions to support groups for the virus’s victims.

Nonetheless, digital media have to look for options for money generation. Most advertisers are cutting costs in advertisement compilations. Others on online platforms refuse to post adverts alongside all the COVID-19 hype. According to a blog post by Facebook back in March, the site is being negatively affected by the virus as many others. Ads are on a low season, especially in regions taking stern actions to combat the virus. Messaging and news feed posts are keeping the company afloat for now.

Cryptocurrencies and Online Subscriptions

Most magazines and newspapers have limitations in printing their copies during the pandemic. They are turning to the online availability of the same to continue offering services to their readers. This trend has been present over the past years with the companies’ addition of subscription charges for enthusiasts. In turn, they could gain something from it while encouraging accessibility. We can currently prove the real use cases with everyone depending on the Internet for every service.

Most people cannot prioritize monthly subscriptions to a magazine while the hassle continues to provide daily needs. However, crypto transactions have lower fees providing a less strenuous environment to acquire the same. Blockchain transactions would offer the companies opportunities to avail articles at a small price to readers instead of huge monthly or yearly subscriptions. Additionally, the companies eliminate many intermediaries in the process as a cost-effective mechanism.

Diversity and Scalability

Increasing traffic could be an issue for many existing blockchains and how they can handle this traffic. Enthusiasts conduct more research to provide viable solutions for these problems, reduce costs, increase scalability, and transactions per second.

Despite blockchain and cryptos being an option for digital media owned by traditional companies, they still have discrepancies. This factor is leading to a rising in the popularity of decentralized social platforms. Most incentivize users to utilize their ecosystem by issuing rewards. A good example is Minds, which pays users for active involvement. Decentralized platforms offer content creators a chance to monetize their posts for viewing using the platforms’ cryptos.

Overall, it is my opinion that going decentralized is the only way to maneuver current conditions. Cryptocurrencies are a standard form of payment, while decentralized platforms have seamless freedom and rewards for use. The traditional platforms will soon lose their vibe, depending on the adoption of cryptocurrencies and blockchain technology as a whole. Besides, the pandemic is a positive push for both as they facilitate better transaction options leading to a significant embrace in coming years.