Social Media and Cryptocurrencies has had a long and torrid relationship, but it’s one that more often than not, leaves us all enraptured.
Social media is a pretty contentious topic of conversation. While the value of different platforms is hard to deny- like so many romantic partners, it’s got it’s share of toxic traits. But, this knowledge does little to dissuade us from engaging and enjoying it all the same. The cryptocurrency was a dark horse for a good many years, with only the niche audiences really knowing much about it. Then, like Kim Kardashian’s kid sister, bitcoin and other crypto’s burst onto the scene- with so much widespread adoption and fascination that it has largely become a household name. And it’s got its partner, Social Media, to thank.
Platforms like Reddit and Twitter are churning with cutting edge information regarding all sorts of bitcoin news, cryptocurrency updates, information on things like bitcoin mixers and investments. The beauty of these platforms is that they are really freed from the professional boundaries and timeliness of the publication. It takes 20 seconds to tweet something or post in Reddit once you’ve had an idea strike. Which is great for tuning into that minute by minute play of the markets- but it also means that investors have to take this advice with a degree of skepticism, and still need to do their own homework.
Social Media and Cryptocurrencies: What Does Social Media Have to Do with Bitcoin
Back in the early days of bitcoin, what was considered social media then was hugely responsible for what bitcoin is now. Without these historic foundations of social media, there’s a good chance that the ubiquitous adoption that bitcoin enjoys today, could have taken another 10 years to build- or may never have taken off at all.
In the early days of crypto, anywhere from 2009-2015, Satoshi Nakamoto, bitcoins founder used a number of forums to promote the use and adoption of bitcoin. At this time, however, it was fairly unlikely that the average person would be on these sites, so the message was mostly received by the tech geek community. Forums like the Linux Foundation and bitcointalk.org were built and populated with the computer savvy in mind. Consisting of mostly developers and amateur cryptographers.
Today, bitcoin articles, discussions, exchange platforms, trading information, and industry updates can be found just about anywhere. Ever-increasing adoption, familiarity, and general knowledge regarding cryptocurrencies. The fundamental function of bitcoins and digital currency makes social media platforms a must in order for interested parties to stay appropriately updated with information. This is largely due to the speed at which technology advances in conjunction with the inherent volatility of the market itself.
Race to the Top
Using social media as a marketing and education device is nothing new, in fact in 2017, the Pew Research Center found that ⅔ of US adults get their news primarily from social media sources. Where a 2019 study showed that 80% of marketers polled found influencer marketing to be an effective business strategy. Which easily exemplifies the relationship between social media and any manner of information. What really tailors social media to bitcoin is how quickly information can be disseminated.
The digital currency market moves pretty fast, from pricing to advancements in technology, keeping interested parties in the know without falling behind trends is actually somewhat difficult, or could be virtually impossible through any other medium. While this has served to improve the livelihood of many different types of cryptocurrencies and the technology that they are built upon, it can also have a drastic effect on market valuation- and not always positively.
For example, following the 2016 infamous hack of Bitfinex, a massively popular exchange, bitcoin value dropped a whopping 20% in mere hours. However, this sort of valuation/information relationship has also worked in favor of many new coins and ICOs. Making the social media- crypto relationship a tumultuous one, but something we’ve all come to embrace.
Read through other articles like Moments When Using a Bitcoin Tumbler is Your Absolute Best Option and Separating Fact From Fiction When it Comes to Bitcoin Mixers.
Social Media and Cryptocurrencies: What About Security
While super speedy information sharing brings its own boon to the market, it also brings with it a few pitfalls. As adoption of bitcoin and other cryptocurrencies has spread, so too have security concerns. A subject that social media outlets are all too happy to latch onto.
Whether it’s a discussion about hackers, the best tech marketing scams, or why your government seems thrilled to discuss the illicit possibilities of the coin, social media often buzzes with the clandestine security threats, hovering silently in the dark corners of the community.
While it is realistic that illegitimate uses for bitcoin and other cryptocurrencies do indeed exist, and hacks and scams are definitely a part of the crypto way of life, there are still a number of security measures that individual users can easily take to protect their own interests. Most of which are easily carried out no matter what your budget or technical expertise is.
- Finding secure wallets
- Using bitcoin mixers
- Using CoinJoins
- Sticking to P2P networks
- Fully vetting any trader you’re dealing with
- Researching the market
These are some of the best habits a trader can indulge in to help keep their crypto safe. Best place to find out how to carry out these measures in detail, while being able to discuss any questions with experts?
You guessed it- social media. Reddit in particular has a number of different forums specific (called “subreddits”) to bitcoin and cryptocurrencies. In fact, they have subreddits that are dedicated to almost every altcoin in existence, as well as the subreddit “r/cryptocurrency” that is designed to be a bit of a catch-all and umbrella conversation for anyone interested in cryptocurrencies.
Social Media and Cryptocurrencies: The Continued Role of Social Media
While crypto has yet to fully dominate the relationship- there are still thousands of groups, communities, subreddits, influencers, tweeters… people, talking about crypto. On nearly every major social media platform known to modern man. So you could say that Social Media and Crypto are getting pretty serious about one another.
The relationship is only projected to continue to blossom over the coming years. Specifically, as information sources begin to branch out from traditional structures, providing Bitcoin and social media with the unicorn they’ve been searching for. Blog sites like Medium.com and platforms like Steemit, where you get paid in crypto for contributing- are starting to open up better channels for wider discussion and better engagement. Taking crypto out of the niche, geek only market that it was for years, and bringing it into a more user-friendly market.
Creating a healthier balance of genuine and necessary information, weighted against opponents and critics. Leaving neither crypto, nor social media struggling for dominance, but instead coexisting in their own happily ever after.