The internet, over the past couple of days, I believe has received its new fad: Bitcoins. Bitcoins are currency much like the Canadian Dollar or the British Pound. However, it solely exists in the digital world and can only be used on the internet. This technology, much like government issued currency, has become popular among criminals as well as regular people. One question that has always been on my mind over the recent years has always been: How has this currency become so popular? Usually for anything to become popular, someone has to have promoted the product in some way. Yet, in the roughly five and a half years that this currency has gone into existence, it has not promoted itself in any way, shape, or form. This is not only a phenomenon that is unique to Bitcoins but also products like the Tesla Model S, a line of cars that runs solely on electricity. These products have all become extremely popular without any promotion.
Under the traditional marketing model, a company needs to use the 4 P’s in order to get a product out there. However, I think these products were able to gain a large amount of users solely by providing a good product. Consider Bitcoins for a moment. This currency has offered many benefits over other means of electronic transactions. For example, this currency is completely anonymous transactions as every individual user is identified by a code. Furthermore, only 21 million of these coins could possibly exist, which reduces the possibility of currency conversion. As a result, these features essentially allowed the product to market itself without any promotion.
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