How Thailand’s consumer behaviour is being affected by cryptocurrency

Many investors believe that cryptocurrencies have significant potential as investment assets. To cater to this interest, financial products related to traditional asset classes have been introduced in various countries. These products include futures contracts, exchange-traded funds (or more commonly referred to as ETFs), and micro futures contracts, which allow for smaller-scale investments. Furthermore, several major banks now offer their clients access to crypto-assets.

People Want Services to Be Easy To Get To and Available Right Away

With Thailand’s ongoing digital transformation, consumers are seeking quick and easy ways to study, eat, and buy via applications and online services. People are getting back into their social lives by searching for shops and services that are close to them. Customers are starting to place a greater value on sustainability, particularly those who are prepared to incorporate it into their daily lives. People want to learn about the newest business trends and ways to lower their financial risks because digital financial services are becoming more popular.

Payment Methods Are Changing

Cryptocurrencies are actually being used more and more as a payment method in Thailand. This has caused a lot of changes in how people act. Using cryptocurrencies instead of traditional methods of payment is becoming more popular in Thailand because it makes deals better and faster. Besides the speedier transfers and lower fees, this approach is also available to Thai customers whether they purchase online or place bets on cryptocurrency casinos.

Because of its many benefits, customers are shifting away from using traditional payment methods like credit or debit cards and toward this alternative. Bitcoin, for instance, not only lets people shop around the world, but it’s also very popular because it’s safe and cheap. This change in customer behaviour is also caused by the fact that cryptocurrencies are built on blockchain technology. This means that every deal is clear to see, which makes the players trust each other.

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Increased Concerns and Expectations Around Privacy

Cryptocurrency has made people more aware of and concerned about privacy issues. People are sick of how some online platforms collect and use their data without their permission, but blockchain technology protects their privacy and anonymity. Digital marketers need to be very careful as they move through this world, making safety and openness the top priorities in their efforts. One strategy could be to give cryptocurrency as a form of payment to attract privacy-conscious customers or to stress how committed a brand is to data security.

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Decentralised Business is on the Rise

As a result of cryptocurrency’s autonomous nature, consumers are also becoming more interested in decentralised trade platforms. More and more, people are interested in tools that let them connect directly with makers or sellers, cutting out the intermediaries. This means that digital marketers need to look for new channels and platforms that work with open trade ideas. Examples include markets based on blockchain technology or platforms for dealing with individuals.

Government Regulation

Along with big companies entering the market, crypto trade and mining have never been more heavily scrutinised by the government of Thailand, even cracking down on unlicensed operators in the market. This is especially compared to other types of investments for which governments haven’t done much to control or limit the Bitcoin market since it was created. Cryptocurrency has mostly been left to spread around the world as a unique, unregulated form of money. Now, people are becoming less relaxed about autonomous banking. In a surprise turn of events, investors want new rules, even though they have very different ideas about what these rules should be and who should make them.

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Consumer standards will change because of crypto technology in the same way that they changed because people have become more aware of environmental issues. It will have an impact on everything. Existing trends like data privacy, freedom of speech, etc., will get stronger, people will be less willing to put up with bad technology solutions, digital assets will become as important as real assets, and new business models will do very well.

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Mitch Connor

Mitch is a Bangkok resident, having relocated from Southern California, via Florida in 2022. He studied journalism before dropping out of college to teach English in South America. After returning to the US, he spent 4 years working for various online publishers before moving to Thailand.

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