The Relationship between social media and Bitcoin

[Bruce4]

Social media affects our lives in massive ways,in how we connect with our friends,the news we get,the interest we all share and possibly to actually kill time.so it's not surprising that the things people share on social media can affect the way things happen in the real world.
However,social media impacts has reached greater heights by the massive and increasing influence that it  has on digital currencies like bitcoin.
 The relationship between social media and bitcoin is expanding in exciting ways in terms of adoption,position,price/value and even the popularity.it is used to convey information about the crypto world,as well as to promote the content about cryptocurrency.What people are saying on social media can trigger or encourage someone to participate by wanting to trade,mine, or invest in bitcoin.
It started from the forums that discussed cryptocurrency’s humble beginnings. Now, it makes headlines on our favorite social media apps. With popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) reaching all-time highs on a regular basis, it isn’t at all hard to believe that these digital currencies are trending. Trends on social platforms can influence investor behavior, leading to price rises or perhaps drops. For example,an announcement from Elon Musk that Tesla had bought $1.5 billion of bitcoin and that they would be accepting bitcoin for purchases caused the price of the currency to hit an all-time high.
  Social media has the potential to affect bitcoin positively, but it can also have negative consequences, causing both large rises and falls in price.Perhaps,it is the first place people go to when they want the latest news on bitcoin;you see them in places like Twitter,Reddit and Youtube.They want to know what people are talking about and what the next big thing is.
Basically, what I'm trying to say is that social media is powerful,and its high time we understand that no matter how good or bad a post is,it has the potential to affect the market. Possibly, I believe social Media will play a significant role in Bitcoin's promotion, indulgence, maturation and exposure because of it's educational power.

[bittraffic]

The ICO guys learned all these a long time ago and they have been promoting new projects on social media sites. It's only now that regular people heard of BTC on mainstream media where BTC is now validated as a real investment. Social media serves as a platform for marketing projects.

Most probably most people heard BTC for the first time on social media, not on TV or radio. The generation today doesn't even watch or read news on news sites but on social media.

[BIT-BENDER]

Firstly mate I advice you make you post by trying to and paragraphs and some spacing, it's all clustered together and can be irritating to read

It's true that social media has had a role to play in the evolvement of crypto-currency, it has also had it's positive impact and also it's negative impact on crypto-currency. Social media platform like telegram has been used to carry out various crypto-currency activities. Project owners has created communities on telegram, also those who render there service that's crypto based has also used this platform. Let's not forget that scammers has also made use of this platform to carry out their own activities.

Many crypto-currency influencers are seen on social media platform like Twitter, Facebook and even YouTube some has caused FOMO, FUD, Panic, also some has been able to share knowledge that was very helpful to people.

The bottom line is that we are in a world that is technically advancing and technology is changing the world so social media would always be relevant but it's time we also build up characters and habits that would also protect ourselves from the vices on the social media.

[Fiatless]

Social media have been a channel for the advertisement of bitcoin and other crypto. This is why the majority of people involved in crypto are mostly youth. The youths are very active on social media and they are more open to new ideas. We are aware social media is used to spread the good and bad. It has also been a platform for the spread of FUD and scam projects. Hackers use social media to spread viruses and other harmful applications. But we can not deny that the social media have been very helpful to the industry.

One area that social media have affected the industry positively is the area of Bitcoin education. YouTube is now a center to get quality information about Bitcoin and other coins. There are also good classes or lectures on other social media platforms. We also have different helpful forums and communities that have also contributed to the growth and development of the industry. But we should always verify the information we get from these platforms because some of them are highly deceitful.

[hd49728]

However,social media impacts has reached greater heights by the massive and increasing influence that it  has on digital currencies like bitcoin.
 The relationship between social media and bitcoin is expanding in exciting ways in terms of adoption,position,price/value and even the popularity

Social media costs us more time every day and it is social media addiction that is popular.

With cryptocurrency, social media helps to spread news very quickly on Twitter. It's hard for newbies to control their emotion and actions when they read good and bad news. They even don't have enough time to sit down, calm down and analyze news they read are true or fake.

I think I am not wrong to say most of them are altcoin investors, altcoin traders or Bitcoin traders. If you are Bitcoin investor, you will not care too much about news and social media. Being a holder will not require you to use social media like Twitter too much.

If you are wise, you can use social media to assess market sentiment and plan to enter or exit the market.

Be fearful when others are greedy, and greedy when others are fearful

[Faisal2202]

Internet is being revolutionized from state to state. For example, first it was pre-internet (human to human) then it became internet of content then internet of services then internet of social media and now it is revolutionizing to internet of things. The point is, social media is one of the main source for every ordinary and obscure person, project and service of a person to become famous. Mean social media is all about advertising and main purpose of it has become to lure users to something attractive (like money, girls, or any kind of phishing scam attempt).

There comes BTC too, news are mostly observed and shared through Social media where many influencers try to manipulate the market with there pessimistic and optimistic opinions. Which put positive and negative impact. But, i did not see bad impact of fake news on BTC in compare to other alts. No doubt BTC is not fud proof but it has lesser impact from social media in terms of negativity.

[SmartGold01]

There's no doubt that social media plays essential roles in our lives and to the entire cryptocurrency market but we also have forgotten the negative implications of it and how it has damaged many home and relationship, people lost their investment due to inappropriate detailing of information and to get it from a reliable source had made many peoples lifes in a living hell. For instance, you might be active on social media while having important thing to doing inside instead of to focused one might end up being distracted.

Social media also affects newbie's investors meaning they might get a fake news on media thinking it's an automatic information, like for an example, a famous influencer tweets about a particular coin and tokens people might rush to buy such token or coin without knowing that it was just a trap planned for people to fall prey, after they might have invested heavily the project may end up sinking leaving people with regret.

Sometimes there are fake news flying all over that may cause you to panic and sell or even making bitcoin price to soar or dip. Media is something we can't do away from our lives because it's an important part of our living but in as much as that we should be able to simplify and scale out the weaning parts of it otherwise we might ends up witness the bad parts of it.

[KiaKia]

You are absolutely correct but let's not forget that what people are saying on the social media also have other hurtful agenda, if we can use social media to spread news about how wonderful Bitcoin investment can be, then we can also use this same social media to lure people into money traps and steal from them.

Instead of doing your own research on anything you decide to listen to people and make decision on what you are been told, it's the same way the media is brainwashing the masses, it's the same way religions are use to put millions of people in sleeping state where they don't know what's going on and yet same religion is the cause of major wars happening in the world since years ago.

The best advice I can give anyone is never make investment decisions based on what you are been told, learn to do your own research on your own, and remember that it's easier for bad actors to teach, they are doing it because it's favoring them one way or the other.

It's possible that they plan to use you.

[Ucy]

It's about Power. You need a lot of it to influence the price of Bitcoin thesedays.

It's not really the social media. It's actually about a person or people with sufficient Power to influence the price of Bitcoin/crypto. They are the people you need to watch or observe to see how their words, deeds, mood, etc can actually influence price. How many of such people are active or popular on social media? Most likely zero. The owners of the social media wouldn't like them as they are typically independent minded, do not speak like the crowd, have high knowledge and understanding, hence could be suppressed, suspended or banned. The media owners could only give them that privilege in order to take advantage of their Powers.

If the media owner hope to utilize the power of Bitcoin/crypto users to power up the price, it will need just one or few people with sufficient power. The powers of the collective or a majority of Bitcoin/crypto people with little to no power won't be sufficient. They probably need to be trillions × trillions in number to be enough.  It requires enormous amount of Power that can only be found in people you could consider the real Heads who are gifted with really high IQ. They are incredibly few in number and are people with gift of light from the CREATOR of the Universe... The brighter their lights the higher the Power

[Lorence.xD]

You are absolutely correct but let's not forget that what people are saying on the social media also have other hurtful agenda, if we can use social media to spread news about how wonderful Bitcoin investment can be, then we can also use this same social media to lure people into money traps and steal from them.

Instead of doing your own research on anything you decide to listen to people and make decision on what you are been told, it's the same way the media is brainwashing the masses, it's the same way religions are use to put millions of people in sleeping state where they don't know what's going on and yet same religion is the cause of major wars happening in the world since years ago.

The best advice I can give anyone is never make investment decisions based on what you are been told, learn to do your own research on your own, and remember that it's easier for bad actors to teach, they are doing it because it's favoring them one way or the other.

It's possible that they plan to use you.

Exactly, social media could be a good thing to spread news worldwide for everyone to get information. But it doesn't mean it would only aim for the good thing, of course there would be a negative effects as you've mentioned like scams. Plus if we could look into the new generation nowadays where they are already connected to media, I have observed their behavior which most of them are from the social media, it influence them to do things despite the age. It's the same way from the Bitcoin, if you're gonna follow something online despite the there's no fact check and having a background check then probably you could get scam. Good thing to do in situation like this is to invest to yourself with knowledge, we're knowledgeable enough to differentiate fake information by just the sources.

[Yatsan]

You are absolutely correct but let's not forget that what people are saying on the social media also have other hurtful agenda, if we can use social media to spread news about how wonderful Bitcoin investment can be, then we can also use this same social media to lure people into money traps and steal from them.

Instead of doing your own research on anything you decide to listen to people and make decision on what you are been told, it's the same way the media is brainwashing the masses, it's the same way religions are use to put millions of people in sleeping state where they don't know what's going on and yet same religion is the cause of major wars happening in the world since years ago.

The best advice I can give anyone is never make investment decisions based on what you are been told, learn to do your own research on your own, and remember that it's easier for bad actors to teach, they are doing it because it's favoring them one way or the other.

It's possible that they plan to use you.

Exactly, social media could be a good thing to spread news worldwide for everyone to get information. But it doesn't mean it would only aim for the good thing, of course there would be a negative effects as you've mentioned like scams. Plus if we could look into the new generation nowadays where they are already connected to media, I have observed their behavior which most of them are from the social media, it influence them to do things despite the age. It's the same way from the Bitcoin, if you're gonna follow something online despite the there's no fact check and having a background check then probably you could get scam. Good thing to do in situation like this is to invest to yourself with knowledge, we're knowledgeable enough to differentiate fake information by just the sources.

Social media has no direct responsibility of those scam instances but bad people's intention. Ofcourse it would be hard to determine which one but social media is jist a platform. Messages or contents running through it depends on who creates it and who reads or absorbs it. Scams would remain accusation until it really happened. Generalization and stereotype on the other hand are things which are not tolerated in any field of investment. If Social media is being used to take advantage of those who are naive of this industry, then people should be the one to make an adjustment. Indeed if one is equipped with knowledge, no matter what platform that is  unfortunate events of such won't have any room to take place.

[Husires]

Bitcoin did not spread because of social media, but rather because it provided a solution to an economic problem, whose features began to appear in the year 2008 accompanying the mortgage crisis, urging that Satoshi did not pay much to promote this technology, unlike what is happening now, for example, TikTok paid more than a billion dollars in one year To promote and advertise, something that has not happened in the history of Bitcoin.
If your service is good and solves a problem, it will be lucky to spread for free.

[John Abraham]

Bitcoin did not spread because of social media, but rather because it provided a solution to an economic problem, whose features began to appear in the year 2008 accompanying the mortgage crisis, urging that Satoshi did not pay much to promote this technology, unlike what is happening now, for example, TikTok paid more than a billion dollars in one year To promote and advertise, something that has not happened in the history of Bitcoin.
If your service is good and solves a problem, it will be lucky to spread for free.

Social media was not popular back then. People used to use email and forums for discussion. Nowadays, everyone uses social media and can use Bitcoin easily. But old timers had to understand many things to run Bitcoin Node to use Bitcoin. I believe they adopted Bitcoin because they understand the importance of privacy. Now most newcomers use Bitcoin to make money only.

[Zaguru12]

Social media also affects newbie's investors meaning they might get a fake news on media thinking it's an automatic information, like for an example, a famous influencer tweets about a particular coin and tokens people might rush to buy such token or coin without knowing that it was just a trap planned for people to fall prey, after they might have invested heavily the project may end up sinking leaving people with regret.

Exactly social media is a place where scams are spread easily because if the gen z are lazy to actually varify anything and the problem is they idolizes this so called investors and once a promotion is spread through it, they accept it just like that. I would say social media has help the circulation of news or growth of technology but one area it is hurt is the area where new generation are becoming more lazy for research which makes it easier for Ponzi schemes to grow.

Instead of doing your own research on anything you decide to listen to people and make decision on what you are been told, it's the same way the media is brainwashing the masses, it's the same way religions are use to put millions of people in sleeping state where they don't know what's going on and yet same religion is the cause of major wars happening in the world since years ago.

I don’t blame social media base on this effect but rather the people that fall into this trap. Even when it wasn’t rampant scam projects or Ponzi schemes where spread because people are just greedy to get rich quick not that they don’t varify information but they just want to try them out and that is why there various crypto scam projects are continuing to be developed and still get investors. Take this forum for example upon all the efforts spread for people not to engage in deals with some forum members you still find people being scammed by those users simply because of greed.

However,social media impacts has reached greater heights by the massive and increasing influence that it  has on digital currencies like bitcoin.

I would say social media has had great impact on just spreading awareness of cryptocurrency and has impact on Altcoins because of the Airdrops, ICO news spread there but as for bitcoin they certainly do not have any impact rather it spreads just short term FOMO or FUD. The likes of Musk can’t impact a bull run on market just like you started this things they do is just FOMO. Most of these social media influencers buy bitcoin during halving period because they know it is going to pump and most people think it is them impacting the price.

[rachael9385]

Social media have been a channel for the advertisement of bitcoin and other crypto. This is why the majority of people involved in crypto are mostly youth. The youths are very active on social media and they are more open to new ideas. We are aware social media is used to spread the good and bad. It has also been a platform for the spread of FUD and scam projects. Hackers use social media to spread viruses and other harmful applications. But we can not deny that the social media have been very helpful to the industry.

One area that social media have affected the industry positively is the area of Bitcoin education. YouTube is now a center to get quality information about Bitcoin and other coins. There are also good classes or lectures on other social media platforms. We also have different helpful forums and communities that have also contributed to the growth and development of the industry. But we should always verify the information we get from these platforms because some of them are highly deceitful.

Yes you are correct mate, social media is the most easiest place to learn about Bitcoin and other things, platforms like YouTube, Instagram, tiktok, and a lot more talking about YouTube, many things are been learnt over that social media platform you can learn how to cook, watch football highlights, watch how to buy Bitcoin and other crypto currencies, a thousand of people recently know about Bitcoin through advertisement from social media, if we observe very well, we will know that those places were people doesn't know about Bitcoin are the locality that does not have a good network system and this is make Bitcoin to spread slowly is those areas.

[Accardo]

The ICO guys learned all these a long time ago and they have been promoting new projects on social media sites. It's only now that regular people heard of BTC on mainstream media where BTC is now validated as a real investment. Social media serves as a platform for marketing projects.

Most probably most people heard BTC for the first time on social media, not on TV or radio. The generation today doesn't even watch or read news on news sites but on social media.

I think they're still utilising social media like Twitter to shill tokens, but what marvels me is the activities happening on the accounts. They run bots on their tweets, you can see an account of 9k followers hitting 100k likes in almost every tweet. They've taken over the #bitcoin. When I looked up bitcoin on the search bar all I could see was tweets with massive impressions, looked them up and found the accounts were fake and bots, I don't think Elon musk is eradicating bots in any way. It marvels me how these crypto projects manipulate twitter to con naive people.

[RewFrew]

There are big relationship between social media and Bitcoin i believe it.Because i think social media is strong part for Bitcoins rise up. Not only Bitcoin all cryptocurrency spread world wide speedy for social media. Cryptocurrency companies are promoting currency on social media. We know Bitcoin has been promoted in many social media so many people knows about bitcoin and they investing on Bitcoin. Twitter and Instagram are mostly using to promote Bitcoin. Many big big influencer are promoting Bitcoin and other currency on their social media platform so Bitcoin and other cryptocurrency begin popular speedly

[mendace]

I absolutely agree, without social media Bitcoin and all other Cryptos in general would be short-lived.  Do you think that to make Bitcoin known, we moved from a mailing list to a forum to expand the public, then there was the advent of Telegram and Twitter, Reddit, Instagram... social media have contributed and will continue to contribute to growth of Bitcoin on the other hand is the only way of communication to the mass.

[ChiBitCTy]

Social media is both a blessing and a curse when it comes to cryptocurrency.  I'm not sure which it's more of though, however.  It's great because it's how word spreads, and how so many people simply first heard about "bitcoin/crypto".  That said, most of the information out on social media about bitcoin and crypto is straight trash.  I can't imagine having educated myself about bitcoin through Twitter or Facebook.  This is where all that bullshit like bitconnect gets built up.

It's a catch 22 I suppose.

[Asiska02]

Your points are valid and I agree with all what you’ve said about the relationship between social media and Bitcoin. In this 21st century, no business have thrive and gone far beyond imagination without the help of the social media platforms. It has create a more enabling environment for people to advertise and sell their products instead of being dependent on mainstream media outlets.

The level of dissemination of news on social media has gone far that it reaches millions of people more in seconds and can be directed to a particular demography through sponsored posts on those social media platforms. The disadvantage still remains that it can also be used as a tool to spread incorrect and misleading news where those platforms cannot authenticate how genuine the news are before allowing them to go viral.