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How Cryptocurrency is Changing the Social Network Business Scenes

Mar 02, 2018 Posted /  5734 Views

How Cryptocurrency is Changing the Social Network Business Scenes

How Feasible is it to Pay Users to use a Social Network?

A site claiming to pay its users for being on the website sound too good to be true and most people relate it to scammers. Ages have changed and surprisingly it is no scam that some websites are paying their users in cryptocurrency just for using the website. Websites always go this extra miles in order to increase traffic to their websites and reap the associated benefits thereafter.

In a business sense the paying users small amounts of money to use a website is very feasible and an effective way of increasing traffic to the site. Although the big social media ziants are not paying anyone to use their sites yet millions of new users from across the world sign up bi-annually.

Since websites run adverts from external sources which pays them money, sharing a small portion of that money with the loyal users of the site does not create any significant imbalance. Matter Of fact it does more good for the website since new users are attracted increase the size of their audience. Advertisers would want the information they are trying to send to reach as many people as possible so many user base would get the site more advertisement deals and thus increased revenue.

Cryptocurrency Might Help Small Upcoming Social Networks Breakthrough

As to answer why cryptocurrency is the item of choice used by most of these sites who pay their users active on the website, cryptocurrency gives a flexibility no other fiat service can provide. Cryptocurrency allows for dissemination of small amount of money to several users. Small fees used in cryptocurrency transaction makes it possible to send small transactions.

Just to be more specific on what we are talking about here lets see the examples of such sites that pay their users in cryptocurrency for using their sites. When it comes to sites that reward their users in a crypto Steemit is likely to be mentioned among the top 5 in that category. Steemit is a social content sharing like just like medium but differs in that the site pays its users according to the popularity of your content on the site. Popularity of a post on steemit is measured from the number of reactions the posts receives from other users. The site also has its own cryptocurrency which can be converted to another cryptocurrency such as Ethereum or Bitcoin.

Other similar sites include, Akasha, LBRY, Synereo and Yours, all of these sites have their pros and cons and different terms and condition. A simple google search can give you more information about their services and other user reviews. A summary of pros and cons of those four sites can be found in this Steemit Blog Post.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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