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The Importance and Sustainability of Cryptocurrency for the Events Industry

How can these digital currencies impact the events industry?

Created: 29th Nov 2018
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The revolutionary and forward-thinking approach which led to the creation of cryptocurrency in the first place is reflected in these events.

Bitcoin, cryptocurrency, fintech - we’ve all heard these terms and have read the news, but do we really know what they mean? And more importantly, what do implications they have for the events industry? 


WHAT IS CRYPTOCURRENCY AND HOW DOES IT WORK?

Accidentally designed by Satoshi Nakamoto, cryptocurrency was originally intended to be “A Peer-to-Peer Electronic Currency.’’ Attempting to create a centralised, digitalised cash system, something which many others had failed in, Nakamoto came to realise that this wouldn’t work. Instead, he changed his mission to build a decentralised cash system. 

For any currency to work you need to have a method of payment which is tracked by a centralised system. Working from a decentralised system like Nakamoto invented appeared to be impossible, until the invention of cryptocurrency. Every person needs to have a transaction list of their current financial situation, without an authority to monitor this, users could disagree, causing the whole system to collapse. Nakamoto, managed to achieve this absolute consensus without the need for an authoritative body through his use of ‘confirmations’. 

For example, once a bitcoin is transferred from one person to another, the transaction is broadcasted to the whole network. Until this is ‘confirmed’ it can be hacked. It is then the miner’s job to authorise these transactions and then spread them back into the network.

IT’S IMPORTANCE TO THE EVENT INDUSTRY

But what does this have to do with the event industry? With an increasing amount of cryptocurrency or fintech events, all aiming to teach its participants about the complexity of Bitcoin, it is bound to have an impact on the industry as a whole. 

IT’S NEW AND EXCITING

Cryptocurrency events are just the newest addition to the events industry. We can expect that soon enough these events will simply become expected as part of our event calendar. 

The revolutionary and forward-thinking approach which led to the creation of cryptocurrency in the first place is reflected in these events. You can expect to find highly technical and impressive sets and the use of the latest event technology, such as projection mapping, as a common part of these events. 

For a venue hosting such impressive events, it can help promote the use of remarkable sets and high-tech features to future clients and events. Additionally, for event managers, the skills acquired will be invaluable to attract these lucrative clients in the future. 

ITS COMPLEXITY

We have just scratched the surface of the complexities of cryptocurrency. It’s vast and highly confusing. 

Millions of people across the globe have vested their time to succeed in this new market. More importantly, as it’s such a new concept, information is ever changing and developing. Educational events are therefore a necessity for those involved to keep up to date. 

The latest updates, tricks and tips are all in high demand, meaning there will always be a need to produce these events. This adds to the overall revenue needed for a thriving industry. 

ITS POPULARITY 

The predominant reason for the increased popularity in cryptocurrency is financial gain. In 2017 the cryptocurrency market grew more than 1,200% meaning the total of these digital assets accumulated to $203.9 billion. To many, this is seen as a viable and exciting investment.   

There are so many types of cryptocurrency in circulation; Bitcoin, Litecoin, Ethereum to name just a few. Each of these bring more and more people into this lifestyle. Having so many people interested in this investment opportunity opens up the event industry to a whole new audience. Finding that they benefit from these conferences, attendees may branch out to other events, thus widening the gain for the event industry.

IS IT SUSTAINABLE? 

Just like any other form of currency, cryptocurrency is susceptible to rises and falls in its value. In early October 2018, the global cryptocurrency market experienced its biggest drop since January 2018, plummeting levels by £7 billion in 24 hours. It’s therefore questionable if this could be a sustainable source of income for the events industry. 

No market or industry is ever certain, and more importantly, the budget for their events cannot be predetermined. Whilst it’s strength can be dubious, as long as its value remains at such a high level, we anticipate that there will be a continued growth of cryptocurrency events.

If you are looking to host a cryptocurrency event, get in touch with the team who can help you further. 

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