Q&A with Edwin Dearborn, CMO at e-Chat
How is Blockchain technology reshaping social networking today?
- There’s so much that’s happening that there’s no simple answer for this big question. We are seeing this space evolve, especially as it relates to the ownership and sharing of cryptocurrency which is gradually joining up with the global dominance of social platforms. Versus likes and retweets, we will begin to see the gamification of rewarding influencers with cryptocurrency.
What will social media’s role look like in 2018’s cryptocurrency world?
- I predict that existing social media platforms will have the ability to purchase certain products and services through their apps. New players will adapt faster and in some cases be bought out, similar to how Facebook purchased Instagram and WhatsApp.
In what ways has social media’s capabilities impacted how businesses in the cryptocurrency industry operate?
- Even though Bitcoin became a global phenomenon a few months ago we understand without a doubt that social media and video will influence how people discover new platforms. Influencer marketing will become the number one strategy for new startups.
What attributes will contribute to the success of cryptocurrency in the market for mobile payments and peer-to-peer (p2p) transfers via mobile devices?
- Security will be a top issue. Another issue will be the ability to translate their cryptocurrency into actual goods and services. The brands which can successfully overcome these challenges with ease will win the day. In the end, consumers will want to spend their crypto earnings on actual goods.
Will Bitcoin’s 2017 volatility discourage new investors or do you think we’ll continue to see a rise in both user interest and transactions of the world’s top cryptocurrencies (i.e. Bitcoin, Ethereum, Litecoin)?
- Like any market that depends on a monetary value, we will inevitably see ups and downs. Sentiment drives an economy more than any other factor. Since cryptocurrencies are so new, the excitement factor is high, but the trust factor is uncertain at best. Both sides have they advocates and critics who will be on the airwaves praising and condemning this new marketplace.
What happened in 2017 that all of a sudden caused this so-called “crypto boom” and what do you think will happen with cryptocurrencies in 2018?
- The market is so new that sentiment drives this market up and down. As more and more people enter in the market, we may begin to see prices stabilize. I predict some precarious market shifts in 2018.