Several gold rushes have been witnessed throughout history. As much as there are always many players fighting to get a piece of the action, only a few get to win. A good example is the digital gold rush which is taking place in this 21st century.
Bitcoin, to be particular, started with a gold rush that really benefited a few that had accumulated the coins early enough. Currently, they are insanely wealthy as a result of their early investment in Bitcoin. This trend has been seen and is growing across the world.
The impacts of cryptocurrency have been felt wide and across, with many players getting the opportunity to benefit. Interestingly, some of the main winners in this race are individuals and companies who are offering services to Bitcoin and other cryptocurrency fans. The main provider to benefit are cryptocurrency exchanges.
Due to the high profits associated with the business, the market has attracted serious competition. As a result, players are driven to perform and outdo others in this space. As a result, the main tactics are value and creativity if you want to win the battle.
Creativity and smart marketing strategies are the only way to bring attention to any exchange. To get a better market share, you have to play smart, and every player is doing that to their level best. A great example is the creative strategy used by Binance, seeking to attract more people to their exchange.
Here is what they did. Binance offered a $100K prize to any YouTube influencer who would come up with a smart and utmost helpful video, showing how people can trade on their platform. You have no idea how massive this marketing move was. It led to a huge figure of new traders and several videos that performed very well towards getting traders to sign up with Binance.
Not only was Binance able to increase the number of traders drastically, but they were also able to boost their traffic extensively.
Nominex is another company that is working on a creative marketing move. Although it is a newcomer in the exchange market, the company is using a referral strategy that is doing very well. Nominex has an affiliate program that offers a referral link that users can share with their friends or colleagues. In return, users receive bonuses for their referrals.
The number of players in the market is increasing, and the competition is growing exponentially. As a result, value addition is another avenue many exchanges are focusing on. It is not all about low fees and fast trades, which any exchange can offer.
Nominex, for example, is offering tokens for their new traders. The company provides 100% cashback on all the trading fees paid through their Nominex native token.
Secondly, Nominex has a second phase in which they are returning a specific portion of the trading fees but as a pool to their users daily. These are bonuses which are being paid in a percentage manner.
Another example is the Binance exchange which is offering an interest related token. For any trader who uses the Binance native token and who transacts through the credit card platform, they receive 8% interest.
The cryptocurrency space is growing and will continue to do so, and at the same time, the level of competition will also increase. However, the only players who will remain in the market and who will do well, are those willing to come up with creative moves to attract traders as well as provide better value for their services.