The Relationship between social media and Bitcoin

[alastantiger]

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.

Social media has played massive role in bitcoin adoption, price, policy changes in countries, regulation and so on. We cannot underestimate the power of social media. It has been used to spread both correct information and misinformation about bitcoin. It was through social media that we saw real example of people who make it through bitcoin. Social media has created one of the largest bitcoin communities for networking and others. And it is the best platform to catch up on the latest with bitcoin. It is very powerful. Even the government knows it.

[panganib999]

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’ve stumbled upon bitcoin not on a social media site but something that is close enough. Gathered enough information about it, and from there my cryptocurrency journey commenced. While I strongly believe that social media’s still the best avenue for people to learn about bitcoin, especially nowadays when bitcoin’s more prevalent in social media like Facebook and twitter, I believe that any other medium as long as it conveys the point across nicely will still be as effective as any other method there is.

[Ale88]

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.

For sure social media have a lot of power and influence because there are a ton of people who just blindly follow their idols, so no matter the shit they suggest, they are going to do as they say. The problem, for this kind of people, is that they can't make money out of bitcoin so usually they prefer to "suggest" some shitcoin that is clearly a scam. Very few people actually do a good job promoting bitcoin, all the others have some kind of conflict of interest and they just want to make as much money as possible.

[South Park]

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’ve stumbled upon bitcoin not on a social media site but something that is close enough. Gathered enough information about it, and from there my cryptocurrency journey commenced. While I strongly believe that social media’s still the best avenue for people to learn about bitcoin, especially nowadays when bitcoin’s more prevalent in social media like Facebook and twitter, I believe that any other medium as long as it conveys the point across nicely will still be as effective as any other method there is.

Social media could be the place where the new generations will most likely encounter some information about bitcoin, but I do not think that is the best place to learn about it, after all social media is full of misinformation about all topics and the same is true for bitcoin, while at the same time social media websites are full of scammers and bots promoting all kind of coins which could very quickly deviate a person from bitcoin into shitcoins, and make them lose a massive amount of money this way.

[ImThour]

If you follow Crypto Twitter, you will realize that the big whales and players with more followers move the market on the way they want it to be. They open short position and share it within their groups with thousands of people and each of them open position shortly after, making the OP huge profits on each trade and then they say they knew it. It's crazy. I wish I had 100k followers so I could do the same xD

[worle1bm]

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.

But in reality the most of youtubers these are getting paid and they don't actually talk about Bitcoin but the altcoins or new projects coming up they are trying to promote no matter how much people lost after that.There are some other resources to learn from instead of getting influenced by them.I would say there are knowledgeable videos also present there but you would have to filter them out and check what they are saying instead of blindly following them up.

[mindrust]

People that have business-oriented minds see social media a lot differently than the regular folks. Most people see social media as a way to make new friends… but, it is also a great way to promote sales. Having a social media account with thousands of active followers is like having a restaurant at the heart of a big city. You will simply print money. So if you have a good crypto-related product, social media is the #1 way of attracting potential customers. However, Quality don’t come cheap. You have to work real hard to build a social media account or you can pay Zuck and he will make an ad for you.

[KingsDen]

Op, if you are following this post, try to write in segments so that it will ease the eyes to read. I read your write up with scanning pattern because the formatting is not pleasant to the sight.
I have stopped seeing social media like one arbitrary or imaginary creation existing. I am now seeing social media as a house holding billions of people together and those billions of people is the market everyone seek for. If you can create an online community that believes you and your brand, that is your market.
So, social media helps bitcoin adoption, it is the highest tool bitcoin has utilized in her adoption journey.

[isaac_clarke22]

  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.

You got a point there, Bruce4, but the problem is the reaction of people to social media where they rely too much into it. Remember that everyone has their own freedom to create any sort of news around social media whether it's paid or not.

And this is why when it comes to crypto, I usually steer clear of social media sites. I still have some couple of pages related to crypto news followed there, but I almost always take it with a grain of salt.

I have stopped seeing social media like one arbitrary or imaginary creation existing. I am now seeing social media as a house holding billions of people together and those billions of people is the market everyone seek for. If you can create an online community that believes you and your brand, that is your market.
So, social media helps bitcoin adoption, it is the highest tool bitcoin has utilized in her adoption journey.

Kinda same and that's why I stopped interacting with people there. Can't relate to most of those rich guys there.

[SatoPrincess]

I have stopped seeing social media like one arbitrary or imaginary creation existing. I am now seeing social media as a house holding billions of people together and those billions of people is the market everyone seek for. If you can create an online community that believes you and your brand, that is your market.
So, social media helps bitcoin adoption, it is the highest tool bitcoin has utilized in her adoption journey.

Yeah I think social media is great tool for marketing and promoting oneself or brand. But a lot of people see social media as a place to post nice things and luxurious lifestyle, they neglect to monetize their online presence and activity. Social media has definitely helped bitcoin adoption in its own way, even if the news about bitcoin hasn’t always been positive, and the intent may have been to paint bitcoin in a bad light, bitcoin has become a household name, like they say “any publicity is good publicity”.

[Wimex]

Totally true, social networks caused a great impact on basically everything. What someone important comments or thinks influences the reaction of other people who see that publication. This is how today's society is, everything revolves around the Internet, and its use has been modernized so much that even the news that was distributed every day in what is known as a newspaper was disseminated through it. And despite the fact that it can have its disadvantages and misuse, it is not so bad, because, for example as you say, this is how bitcoin was able to reach more people and it is through this means that it continues to be discovered. ,I have been quite surprised by the amount of news that talks about the incorporation of this asset, and what happens to its value. The network reaches every corner of the world, and that must be taken advantage of, the more influences speak about this incredible currency  the more demand we will have  and therefore bitcoin will become stronger.

[goldkingcoiner]

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.

Bitcoin does not need social media but it does need the social interaction between humans, and social media is a very useful modern tool for that. So yes, the so called intrinstic properties of Bitcoin, especially its value, do get inflated thanks to social media bringing more attention to it.

I think that a combination of social media and finance is a double edged sword though. There is too much misinformation, too many scams and too much manipulation of community thought.

This is, I believe one of the many reasons why 2017 was the year when ICO scams started booming. Anyone can buy 100k followers and make it look like their company is making huge profits, just to lie to potential investors.

[serjent05]

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.

It is not news that social media is powerful.  It is the platform of where people gather online, so any promotion using social media will be easily broadcasted to all users especially if the promoter pays for exposure. Social media had already played a significant role not only in promotion but also in the marketing of the Bitcoin industry.

[CryptSafe]

Social media can not be overlooked in this modern-day world. It has played vital roles in many ways from advertising to information dissemination, makings friends and connecting worldwide, etc.  To the best of my knowledge, social media seems to be the outstanding means of promotion in this current day dispensation for instance, most projects that rose to stardom did promote their projects here, and virtually no project would testify of not using social media trying to build their product and community. Social media is the next to reaching out to the followership of every project through the constant update and also fielding questions from prospective clients and possible consumers and end users.

I am of the opinion that social media played a good role in announcing the presence of Bitcoin's inception. If a survey is to be done now on how people got to know about Bitcoin I believe the majority of the response would definitely point towards social media as their first encounter before possibly being told about it by a friend or family member. I myself am a witness to it as I had a similar experience as I initially explained. Moreover, exchanges did their promotional content on social media which also incorporates the exchange and swap of native tokens, fiat, and other currencies for bitcoin. All this awareness was done through social media. Which I believe they saw as a strategic marketing tool for letting the world know about their presence and the services they rendered which also includes bitcoin trading and storage.

Although there are other negative aspects of it too which has caused more harm than good in the society. FUDs, Scams, Hate speech, etc have been brought to the detriment of the masses through social media which has not gone down well with many. Lives were lost and properties destroyed as a result of social media hype. All these put together are also effects of social media in the world today.

[DapanasFruit]

I first heard Bitcoin in particular and cryptocurrency in general via social media or Facebook to be specific. Without the socmed, I don't think cryptocurrency will be as known as we have today. And all of these things opened up all because of the internet, of course. I am sure that social media will continue to be a big influencing factor in the march of Bitcoin into the mainstream population so that one day we can witness BTC pushed into higher heights ultimately reaching a million dollar value whenever that can be.

[xSkylarx]

I first heard Bitcoin in particular and cryptocurrency in general via social media or Facebook to be specific. Without the socmed, I don't think cryptocurrency will be as known as we have today. And all of these things opened up all because of the internet, of course. I am sure that social media will continue to be a big influencing factor in the march of Bitcoin into the mainstream population so that one day we can witness BTC pushed into higher heights ultimately reaching a million-dollar value whenever that can be.

I discovered this forum on Social media, which was posted in some groups, but with Bitcoin, I discovered it in Google searches in some website tutorials, though right now most of the new people have for sure discovered bitcoin on social media, as everywhere people are talking about it, especially when the last ATH happened, a lot of people were talking about it, which led to others discovering it. Social media is a really big factor in anything as it can make you discover things, and the adoption of bitcoin would also be bigger as it is also a source of information.

[peter0425]

The only relation of social media to bitcoin from what I have seen is the scamming part , because majority of being broadcast in social media in the past and even now are ICO,IEO and other related thing that only seen investors to be scammed.
as the legit project will use not only social media but other platform instead that will give understanding from true investors and team.\

[Captain Corporate]

I guess not having anything even remotely close to social media about bringing people together is the main drive social media has. We can talk with people who are interested in the same things as we do, doesn't have to be people who we agree with, it just has to be people who we have something in common. You could be interested in politics for example, and you could be rooting for different people but at least you can argue and talk about it, but if you have nobody around you that is interested then you can't even talk about it. Social media allows both startups and business' to reach to their customers as well after the sale, if I buy a shirt from a store, I can't just go back there and talk to them everyday, but I can tweet about any problem or like I have and they can see that. Long story short, social media brings the world together. And bitcoin is another topic in that world, just like politics, just like sports, just like movies, bitcoin is there to be talked by people and sometimes it helps, sometimes it hurts.

[Onyeeze]

From I have noticed the relationship between bitcoin and social media is strong bond and its what is making bitcoin to well known, do we know that without the knowledge or help of internet bitcoin won't have gotten population or being influence to the world, so what is making bitcoin to dominate today is as a result of internet and their nothing can not help to uplift if you make a serious campaign about the stuff on internet, right now a country that doesn't know bitcoin is a country that doesn't make internet and that means theirs no effective mobile communication in such country, myself I first heard of bitcoin through a social media and when I noticed bitcoin I started to browse about bitcoin and functions mostly the important of bitcoin

[Kakmakr]

Social media can have both "good" and "bad" influences on the Bitcoin price and it's success. It takes only one bad post from a well-known influencer for the speculators to run for the hills and to dump their coins.

We are currently seeing that with all the things that are happening with Binance and the SEC. A while ago, Elon Musk said something bad about Crypto currency investments and the price went down.

Elon Musk use social media to push his own agenda and he has been warned not to manipulate markets with his Tweets.