Social Media and Cryptocurrencies have had a long and fiery romance, but it’s one that more often than not, leaves us all enthralled.
Social media is a rather heated subject of discourse. While the importance of multiple platforms is impossible to deny- like so many love relationships, it’s got its share of poisonous tendencies. But, this knowing does nothing to prevent us from interacting and enjoying it all the same. Real and functioning Bitcoin mixer links are here. The cryptocurrency was a dark horse for a good many years, with only the specialized audiences actually understanding anything about it. Then, like Kim Kardashian’s little sister, bitcoin and other cryptos burst onto the scene- with such much popular acceptance and curiosity that it has basically become a household term. And it’s got its partner, Social Media, to thank.
Platforms like Reddit and Twitter are churning with cutting-edge information covering all types of bitcoin news, cryptocurrencies updates, and information on things like bitcoin mixers and investments. The beauty of these platforms is that they are actually emancipated from the professional constraints and timeliness of publishing. It takes 20 seconds to tweet anything or post on Reddit after you’ve had an idea strike. This is fantastic for tuning into that minute-by-minute action of the markets- but it also means that investors have to accept this advice with a degree of skepticism, and still need to perform their own study.
Social Media and Cryptocurrencies: What Does Social Media Have to Do with Bitcoin
Back in the early days of Bitcoin, what was termed social media then was tremendously responsible for what Bitcoin is today. Without these historic underpinnings of social media, there’s a fair possibility that the widespread acceptance that Bitcoin enjoys now may have taken another 10 years to build- or may never have taken off at all.
In the early days of crypto, ranging from 2009-2015, Satoshi Nakamoto, a Bitcoin creator utilized a variety of forums to promote the usage and acceptance of Bitcoin. At this time, however, it was very improbable that the typical person would be on these sites, therefore the message was largely heard by the IT geek community. Forums like the Linux Foundation and bitcointalk.org were established and filled with technical knowledge in mind. Consisting of large developers and hobbyist cryptographers.
Today, bitcoin articles, debates, exchange platforms, trade information, and industry updates can be found just about everywhere. Ever-increasing popularity, familiarity, and general understanding surrounding cryptocurrency. The core function of bitcoins and digital money makes social media platforms necessary in order for interested parties to keep adequately informed with information. This is primarily due to the pace at which technology improves in combination with the inherent volatility of the market itself.
Race to the Top
Using social media as a marketing and teaching technique is nothing new, in fact, in 2017, the Pew Research Center reported that ⅔ of US consumers acquire their news largely from social media sources. Where a 2019 survey indicated that 80% of marketers interviewed regarded influencer marketing to be a successful business tactic. Which readily shows the interaction between social media and any sort of knowledge. What truly tailors social media to Bitcoin is how rapidly knowledge can be distributed. The digital currency market evolves very rapidly, from price to improvements in technology, keeping interested parties in the know without falling behind trends is really rather challenging, or might be nearly impossible via any other means. While this has worked to better the lives of many various kinds of cryptocurrencies and the technology that they are founded upon, it may also have a huge influence on market valuation- and not always favorably. For example, after the 2016 notorious breach of Bitfinex, a widely popular exchange, bitcoin value plunged a stunning 20% in a few hours. However, this type of valuation/information connection has also worked in favor of numerous new currencies and ICOs. Making the social media-crypto connection a difficult one, but one we’ve all come to embrace.
Social Media and Cryptocurrencies: What about Security
While ultra-rapid information exchange provides its own advantage to the market, it also carries with it a few drawbacks. As the usage of Bitcoin and other cryptocurrencies has expanded, so too have security worries. An issue that social media sites are all too willing to grasp.
Whether it’s a conversation about hackers, the biggest tech marketing frauds, or why your government appears excited to explore the criminal potential of the currency, social media frequently buzzes with hidden security dangers, hanging quietly in the dark corners of the community. Also, the dark web is a huge venue to sell and purchase Bitcoin. While it is true that illegal applications for Bitcoin and other cryptocurrencies do actually exist, and hacks and scams are clearly a part of the crypto way of life, there are still a variety of security steps that individual users may readily adopt to safeguard their own interests. Most of these are readily carried out no matter what your budget or technical competence is.
- Finding safe wallets
- Using bitcoin mixers
- Using Conjoins
- Sticking to P2P networks
- Fully vetting any dealer you’re interacting with
- Researching the market
These are some of the better practices a trader may partake in to help keep your crypto secure. Best location to find out how to carry out these actions in detail, while being able to address any questions with experts? You guessed it- social media. Reddit in particular includes a variety of separate forums devoted (called “subreddits”) to bitcoin and cryptocurrencies. In fact, they have subreddits that are devoted to practically every altcoin in existence, as well as the subreddit “r/cryptocurrency” which is supposed to be a sort of a catch-all and umbrella topic for anybody interested in cryptocurrencies.
Social Media and Cryptocurrencies: The Continued Role of Social Media
While bitcoin has yet to entirely rule the relationship- there are still dozens of organizations, communities, subreddits, influencers, tweeters… individuals, talking about crypto. On practically every major social networking channel known to contemporary man. So you could say that Social Media and Crypto are becoming fairly serious about one another. The connection is only anticipated to continue to bloom over the following years. Specifically, information sources begin to break out from established institutions, giving Bitcoin and social media the unicorn they’ve been yearning for. Blog sites like Medium.com and platforms like Steemit, where you are paid in Bitcoin for contributing- are beginning to offer up better avenues for larger conversation and higher participation. Taking crypto out of the esoteric, geek-only market that it was for years, and putting it into a more user-friendly market.
Creating a healthy mix of authentic and required information, weighted towards opponents and critics. Leaving neither crypto, nor social media battling for domination, but instead living in their own happily ever after.