Social media's impact to the growth of crypto currency

[Markinzo]

It's fundamental to note that one can't take cryto currency away from the world of social media. For social media is essential for the growth of digital currency and block chain technology. Generally, forums to mainstream social media platforms such as Twitter, Instagram, Facebook and others alike has been and still a source where most people world over get the most updated crpto news (Bitcoin).

It's undeniable that much of the crypto currency  (Bitcoin) growth, popularity and strength can be ascribed to social media, and this relationship between the two platforms has continuously evoled in new, vast and exciting ways. And the influence of one on the other can not be overemphasized as it is keeps on flourishing. History and articles holds it that the value and popularity of crypto currency as an industry over the past few years has been through the social media.

In my very opinion and in addition to personal observations and research lately, as far as cryto currency updates, articles and news continue to command a dominant position on social media news feeds I believe that in the future the relationship and the impact of social media on crypto currency can only keep getting better. Although this impact seems to be vice versa.

[Pmalek]

Social media has a strong impact on all spheres of life and Bitcoin and crypto have also been marked by it. It's easier to share content and news via social media because most people spend a lot of time there anyway doing other things. If that's the case, then why not learn about crypto as well? It's easier to follow the people and projects you are interested all in one location instead of having to browse, bookmark, and remember various websites, forums, and news aggregators to get your daily dose of crypto.

Many Bitcoiners are against social media because of the amount of spam these platforms generate or due to the fact that you lose your anonymity and trade your privacy for likes and fake stardom. But the reality is that probably 8/10 people would say they have a Facebook or Instagram account and those numbers will only keep rising with the next generations.     

[lovesmayfamilis]

The social networks you mentioned are often famous for news that is far from reality. How much deception has gone through with cryptocurrencies through Telegram, Twitter, and Facebook? I can agree that they support conversations about cryptocurrencies, but I disagree that they have a positive effect on development and popularization. How many scammers live on social networks trying to cash in on cryptocurrencies, inviting people to invest in certain scam projects. So yes, social media is evil. And I don't trust them.

[Rikafip]

I can agree that they support conversations about cryptocurrencies, but I disagree that they have a positive effect on development and popularization. How many scammers live on social networks trying to cash in on cryptocurrencies, inviting people to invest in certain scam projects. So yes, social media is evil. And I don't trust them.

But how else do you expect for crypto to spread other than through social media? Only via word of mouth? It's true that signal to noise ratio is bad (some say the same thing about bitcointalk) and that there is shit load of scam, but that's how it goes. Its a trade off needed for crypto to enter the mainstream, genie is out of the bottle and there is no turning back.

[tranthidung]

There are many things can be discussed on social media and cryptocurrency is one of such.

It is a mutual relationship between social media platforms and cryptocurrency and each of them can survive well without the another.

Cryptocurrency won't die because social media platforms die or disappear. Social media platforms need to have traffics and cryptocurrency give them huge traffics. They need each other to grow up together.

[mk4]

I mean, how do you even grow literally almost anything to high adoption rates today without social media. It's literally the same with almost every other business-to-consumer(B2C) platform. This shouldn't even be unexpected in the slightest.

[vv181]

The social networks you mentioned are often famous for news that is far from reality. How much deception has gone through with cryptocurrencies through Telegram, Twitter, and Facebook? I can agree that they support conversations about cryptocurrencies, but I disagree that they have a positive effect on development and popularization. ~snip

I think it's just mainly a piece of news that spread on those social media is biased or click-baiting, or deceptive as you may call it, it's just the term/norm on there I suppose. But I believe the growth effect of cryptocurrencies by social media are for the very least helps the adoption.

We can't know for sure on those social media does the good outweigh the bad things, but it truly helps the popularization. On other hand, I'm sure it doesn't affect the developments.

[WePiggy]

Social Media will probably create their own coins eventually. DIEM is one example, and others will probably follow. Reddit coin is an example of how coins are used within a site by tipping great posts, even if it isn't a cryptocurrency. Rather than using someone else's coin it is more profitable for them to create their own. Small sites might use doge etc. while bigger social media giants will create e.g. snapchatcoin

[joniboini]

Rather than using someone else's coin it is more profitable for them to create their own. Small sites might use doge etc. while bigger social media giants will create e.g. snapchatcoin

I don't think that is a problem though. Not the point of the thread either. Even if Twitter and the rest use their own coin, it won't stop people to talk about other stuff. They don't really need to prevent it anyway, since it takes a lot of time and effort, with little to no effect. It's probably better if they just let people talk whatever they wanted so more and more people will use their platform. Just take a look at Twitter, you can see either daily or weekly trend news related to crypto with numbers of mentions ranging from 10k to more than 100k easily.

[Coyster]

Social Media will probably create their own coins eventually. DIEM is one example, and others will probably follow. Reddit coin is an example of how coins are used within a site by tipping great posts, even if it isn't a cryptocurrency. Rather than using someone else's coin it is more profitable for them to create their own. Small sites might use doge etc. while bigger social media giants will create e.g. snapchatcoin

Mind you that no matter how many social media websites decide to create their coins, the products/coins will be more or less shitcoins, I know social media platforms somewhat help in promoting Bitcoin, but that doesn't mean their very own coins will be successful, Bitcoin itself is sustainable for the long period and has a great use case, social media sites can only assist it to mainstream adoption, but their own coins I'm afraid will find it pretty hard to succeed.

[Kontibruno]

Social media is a vehicle that can be used to reach out to a larger audience or market. That is why it has been very useful in growing the popularity and acceptance of BTC and other cryptocurrencies around the world. Paradoxically, it has also been the reason why BTC is being slowed down in its march towards achieving the full potentials it has.

But IMO, if you can avoid greed, educate yourself by reading widely, and doing proper research, social media will be of great benefit to you in your crypto business.

[TheNineClub]

I'd say their simultaneous growth is just a result of circumstances than anything else. Both technologies emerged or gained popularity at the same time (roughly from 2004-2010), and it was crucial for crypto that it came later than the social platforms I mentioned because they were just getting global acceptance and were an ideal breeding ground for spreading new ideas. It's hard to imagine crypto gaining that much traction as it did without social media.

[DooMAD]

My experience of attempting to run a social media presence for an educational Bitcoin page hasn't been great, to be honest.  My advice?  Stay the absolute fuck away from Facebook.  It's horrific.  99.9% of the posts in the comments are from fake accounts suggesting to contact a "professional trader" via whatsapp/discord/skype/etc and claiming some outrageous percent daily profit.  I'm not engaging with any real people.  All I do is ban scammers over and over.  It's just a disgusting horde of opportunistic and morally bankrupt vultures. 

I thought reddit was a cesspit, but somehow Facebook is actually worse.

[finaleshot2016]

In my very opinion and in addition to personal observations and research lately, as far as cryto currency updates, articles and news continue to command a dominant position on social media news feeds I believe that in the future the relationship and the impact of social media on crypto currency can only keep getting better. Although this impact seems to be vice versa.

Yes, it's true, because I've noticed that as long as the community is discussing cryptocurrency on a social media platform, it grows. The two best cryptocurrency social media platforms on the internet are, of course, Twitter and Telegram. People are very active on Twitter, and I'm pretty sure that some crypto users created accounts solely to keep up with the whales in the crypto market, such as Elon Musk, who recently pumped Doge by tweeting and the reason why the BTC market crashed. Social media platforms are one of the main reasons why some shitcoins are still pumping; if the developers know how to market their shitcoin, it will grow many times over. Sometimes, hidden gems are also being discovered through social media platforms so I think it's a great help for crypto community.

Fun fact: Jack Dorsey says bitcoin will be a big part of Twitter’s future

[Darker45]

I guess Bitcoin would have grown much slower if social media weren't part of it. So thanks to social media for serving as a vehicle or a platform for quickly spreading Bitcoin. However, it is also true that social media has also damaged the image of Bitcoin to a certain extent. For the past years, Bitcoin has been attached to investment scams thanks to social media as well. The convenience of social media has become a double-edged sword. It could educate people on Bitcoin as well as mislead them. So individuals should also be critical of social media. Verification is always necessary.

[cryptoaddictchie]

Social media is a power tool cause evreyone or majority of populations depend on it or into it. Everyone are watching and checking news on social media and crypto is very eady to promote and share to different social media platform. It is proven how strong it is as the majority of social media platforms are used as medium to these. Twitter, facebook, reddit, medium, instagram, tiktok, telegram and many more. Once crypto projects has been exposed to this then surely there are lots of audience can viewed it. The impact of it is far greater than some of traditional way or method to expose a project.

[Pokapoka124]

We live in an age where everything is digital, our kids are always on their phones 24/7, the internet is now the real world. Social media has a strong impact in influencing decisions, through advertising. YouTube has been used a lot in the past to promote pump and dump schemes. I think social media has done more harm than good in crypto space, every social media platform is owned by someone. That "someone" influences the propaganda of the platform  and everything that's against the ideas of the owner is censored. Censorship is one of the problem of social media. It kills freedom of speech recently Tiktok banned crypto ads. This shows how social media is manipulative.

[AniviaBtc]

Social media greatly affects the price and popularity of bitcoin because it made cryptocurrency become the trend and topic of most gossips and news.

For example, twitter, when Elon tweets, people are hyped and panicking which made me have a bad impression for Elon musk.

But overall, social media is really powerful when it comes to spreading thoughts, news, knowledge, and etc., especially in terms of investment and money.

[hugeblack]

Social media may have the ability to influence in the currencies with small trading volumes, but I do not think its impact on the adoption of bitcoin or popular increase.
It is true that there are a lot of accounts that are tweeting about crypto but bitcoin price and technology is what make people invest in bitcoin.
The impact of social media is the agent used by whales to collect more liquidity by creating fake news and raising the price of buying or selling. Or try to give some strength for some "analysts"

[YOSHIE]

Social media networks that advertise with crypto are basically good for attracting more investors as seen so far many media applications featuring crypto.

Actually there are positive and negative impacts in this case, the negative regulation of crypto on social media can be manipulation, bad actors or fraud, which is done by irresponsible people, this will make it easier for some people to facilitate manipulation of certain cryptos.

From the positive side of course many, such as companies, individuals, investors, to make it easier for them to recognize and advertise certain cryptos, social media is one of the easiest applications to introduce digital currency in the wider community by using technology such as social media.

In essence: social media has both good and bad effects for advertising crypto, it all depends on each individual to respond to crypto in the social media network itself, if taken to the positive of course it will lead well and vice versa.