Technological development has opened countless avenues of opportunity, not least in the communication sphere. Mobile technology in particular has evolved rapidly, resulting in devices like smartphones and tablets that have become an essential part of everyday life.
The financial sector has changed radically, with online banking revolutionizing how consumers and businesses interact.
This development has also facilitated the growth of cryptocurrencies which have helped to blur the lines between communication and finance sectors.
Crypto’s Enrichment of Communication Platforms
The comms industry has seen rapid development with a variety of messaging apps rivaling traditional phone and text communication methods. Cryptocurrencies have helped this development significantly by providing fast and secure payment methods adopted by gaming and gambling options.
Online gambling expert Aneeca Younas explores the benefits of online casinos that can be accessed via the Telegram app. Being able to play casino games using Telegram provides users with a way to enjoy some of the best casino games anonymously, helping to protect customer data.
No-KYC casinos don’t require the same level of information that traditional online casinos do, and using cryptocurrencies removes the need for banking or card details to be provided.
Telegram casinos don’t use as much data, offer exciting promotions, and make it quick and easy for consumers to deposit or withdraw money.
There are also communication apps that work on subscription-based packages, and using crypto to pay for these further makes consumers less exposed to the threat of cybercrime.
Security is a major concern for modern consumers and limiting the amount of personal information they provide is one of the best ways to protect against data theft. While leading communication providers will have robust security measures in place, sophisticated criminal techniques can still compromise defenses.
The secure and immutable nature of blockchain transactions helps consumers make payments and radically reduces the risk of losing sensitive data to criminal gangs.
Peer-To-Peer Communications
Communication channels have seen a massive shift in line with the internet’s growth, and peer-to-peer communication through social media and purpose-built apps is a clear result of this.
The proliferation of real-time sharing of information, analysis, and discussion has helped to foster communities that are the perfect breeding ground for cryptocurrencies.
Crypto’s growth owes everything from modern communication channels, and new crypto thrives on being able to gather community support from dedicated sites and influencers.
It is equally as important for consumers to be involved with the right communication channels when it comes to new cryptocurrency launches, with opportunities to invest in new coins at low prices often offering the most value to investors.
Crypto’s peer-to-peer (P2P) principles align with this new communication trend and provide users with a decentralized currency that is beginning to rival fiat currencies as an alternative without boundaries.
A Blend of Finance and Communicaton
Cryptocurrency transactions are shared on the blockchain, a shared ledger, and are maintained by a network of computers (nodes) rather than intermediaries like central banks or financial institutions who verify transactions.
Its peer-to-peer transactions allow direct transfers without a middleman thanks to cryptographic verification. This transaction is then verified on the P2P network by other nodes.
Transaction validation is added to the blockchain after being verified by a group of nodes and offers impressive levels of security. The computing power required to hack this system would make it financially unviable for cybercriminals, and they are also limited by time.
As blocks are added, any hacker would then have to hack and alter the following block, making it an almost impossible task.
This results in a transparent and immutable currency network that provides greater global access, lower fees, faster transactions, and improved privacy for consumers.
The Relevance of E.M. Rogers Diffusion of Innovations Theory in the Crypto Sector
E.M Rogers’s Diffusion of Innovations Theory discusses how new technologies spread through society. It provides a framework that explores the processes that impact how groups of people accept new ideas and integrate new technologies into their daily lives.
The first stage concerns how people learn about cryptocurrencies. This underlines the importance of modern communication techniques with social networks and media being key to spreading awareness and understanding about new crypto options.
This is followed by the persuasion stage where opinions are formed based on the pros and cons made available through media and communication channels.
Consumers will then make an informed decision based on what they have learned before implementation and investment.
Following this, the user will then decide whether their experience was positive or negative and this will influence whether they continue using cryptocurrencies or encourage others to.
Rogers also discusses the importance of social systems and network effects on the adoption of cryptocurrencies and how they play a significant role in influencing the speed at which they are recognized.
Network effects provide value to new cryptocurrencies that can gather momentum and support, especially if they are endorsed by industry leaders or social influencers. This helps to build a buzz about the new crypto’s release and also improves trust.
Conclusion
The relationship between cryptocurrencies and modern communication channels is mutually beneficial. Cryptocurrencies are opening a world of opportunities for communication providers to implement and monetize certain services, as well as maintaining high levels of security.
Communication channels are integral to the growth and adoption of new and existing cryptocurrencies. Consumers can learn about and share information about new opportunities, helping crypto growth and increasing its value.
