The power of social media has surpassed all its expectations- for personal as well as for professional needs. In the last two decades or so, different social media platforms have become all the more relevant for businesses.
The doorway to cryptocurrencies and blockchain, Bitcoin, was announced on an online social forum. Suffice to say, the whole foundation of the crypto sphere lies on Social Media.
While the cryptocurrency industry also rests on the same principles of social media as other businesses, there is a stark contrast in the way things work. For most of our conventional industries, Facebook is the primary social media giant, driving most of the traffic. However, the crypto industry gets its maximum traffic from Twitter and the recently emerged social media platform Telegram.
Platforms such as Discord, Slack, Reddit are flooded with cryptocurrency predictions. Dedicated channels, communities, and sub-communities have developed over the years to discuss different news, forecasts, as well as emerging exchange markets. Soon we will see more platforms like Dreamr that creating a dream-based social infrastructure. The influence of such platforms on the crypto sector, as a whole, is massive.
In What Ways are Social Media Platforms Used for Cryptocurrencies?
As far as the crypto industry is concerned, various social media platforms are used for different purposes. We are going to explore 3 such platforms- including the ones that were already popular and others that have recently surfaced.
Twitter is one of the most used platforms in the crypto community. For all the familiar crypto enthusiasts out there, the world of Crypto Twitter is like a second home. Over many years, Twitter has seen different crypto analysts joining this social media platform to share their fundamental and technical interpretation. Popular crypto analysts like Venture Coinist and CryptoCred influence thousands of followers with their analysis and foresight.
In fact, the world of Crypto Twitter has seen a large number of debates and arguments among popular entities. Furthermore, it is a platform used by famous personalities like John Mcafee to share their thoughts and forecasts on cryptocurrencies. According to a study, ‘Cryptocurrency Price Prediction Using Tweet Volumes and Sentiment Analysis”, conducted in 2018 show a direct correlation between the prices of Bitcoin and Ethereum with the activities on Twitter. This clearly indicates how social media platform like Twitter directly or indirectly has an impact over the crypto and blockchain sphere.
The whole crypto industry with its community, sometimes, seems to be living in its own small World. Telegram is the biggest proof and a live example of this analogy.
Telegram is a native social media platform for the crypto community. While the rest of the World is busy promoting their businesses on Facebook, the crypto alliance has found its source in this encrypted social media messenger. Be it the encrypted messages that can’t be accessed by the government (much like cryptocurrency) or using the bots to send automated messages- by providing such features, Telegram holds a certain appeal to its crypto users.
The platform, which now has almost 200 million active users, hosts a variety of different channels dedicated to receiving a daily dose of crypto. Be it the latest news, crypto-guides, analysis, and predictions, or comprehending about an ICO/ IEO- the Telegram channels have it all. One of the lists of the best telegram channels, consolidated by ICO speaks, a community for investors, includes Cointelegraph, IEO Listing, and IEO Pools.
A platform basically designed for gaming communities to interact with each other has subsequently gained popularity among crypto communities. Released in 2015, the social media platform has more than 130 million users. The easy interface and user-friendly features of Discord bring a certain allure to it from crypto users.
On Discord, you can find like-minded people to share thoughts on the crypto industry. Whether it is trading trends, beginner’s tips, mining requirements, or ICO news- you will discover different cryptocurrency groups addressing these issues. Moreover, like Reddit, you are able to participate in a specific channel discussing a particular topic of cryptocurrencies.
These specific group dictionaries, correlated to the crypto sphere, can be found at discord crypto groups. Furthermore, there are sources available to cater to all kinds of information. Whether you are a beginner in this space looking to understand bitcoin or a trader wanting to know the latest tricks and tips on altcoins.
Impact of Social Media in Building Crypto Community
Since the conception of cryptocurrencies, social media has always played a vital role. A decade ago, these online forums were the only place where few people could gather and discuss Bitcoin. Times have changed now. With the mainstream adoption of crypto, a number of people gathers on social media platforms such as Twitter and Telegram. The small family, a decade ago, has now turned into a pretty big crypto community.
This crypto community spread across multiple platforms has also played a significant role in multiple streams of the crypto sphere. This includes influencing the price of cryptocurrencies, marketing an ICO/ IEO, increasing brand awareness, and adoption of cryptocurrencies as well. By building a home on social media channels, this alliance has not only found new ideas of a project, but some members have even found teams to build their project with.
Invariably, crypto enthusiasts spread across multiple channels have a direct or indirect influence on crypto and blockchain sphere
Over the last decade, some old platforms, combined with new modern approaches like Telegram have given cryptocurrency- a space in itself. Along with this, a strong crypto community has helped in accelerating this whole progress. More importantly, the blockchain space has thrived with the association of social media platforms.