The Relationship between social media and Bitcoin

[SatoPrincess]

Social media are full of scammers, even in a legit cryptocurrency group, scammers can't be avoided especially if your post obviously says you're a newbie that need a guide in cryptocurrency, trust me, your DM will be flooded by fake accounts who are offering you "help". Lot of people in social media always fall to ponzi schemes, or pyramiding investment, in short, those too good to be true kind of investment.

That’s just one of the cons of using social media, if you really look at it from an all round perspective you’d find the pros surpass the cons. Scammers are both online and offline, social media only enhances the ability of people to connect and increases one’s reach. Social media did not make scammers. I think it’s dumb to join a cryptocurrency group and make such posts without expecting scammers to dm you. People fall for ponzis and scams because of greed.

So in my opinion, social media is not the right place for someone to look for cryptocurrency tutorial, unless you know someone who'll guide you through it, and don't forget to be always cautious.

I disagree. In today’s world, you can learn a lot from the internet if you know where to look and are able to discern the real information from the bs. You can source information from YouTube videos and other websites like github and yours truly bitcointalk.

[CryptSafe]

Social media is full of scammers for which we all know. Before the advent of social media, scammers do exist and dey do that face to face with their victims years before now not to talk of now when is some worth manipulative by them to get what they want without meeting with their victims face to face. Before one does anything financially related online one needs to be very sure and must have done his/ her own research before engaging so as not to cry foul in the entire end of it.
This makes social media two sided known for the good and the bad with advise of being careful on how you deal with strangers online.

To be fair, there are still locals around my area that uses social media to do some crypto transaction since not everyone here knows that this forum exists anyway. Considering that you can create so many accounts in social media sites like Facebook with fair interval without getting questioned, it's far more prone to scammers recurring over and over again.

Here in the forum, you cannot just make a new account and expect to victimize or scam people that easily considering that there are ranks and reputation system in here although I know that there were still reputated members in here that just went dark to leave other users to dust. You can't just really trust anyone online.

No doubt their are many locals that do use social media to do their business publicity and it has been helpful to them in one way or the other and you can not trust anyone online and that calls for more caution when dealing with people online when it gets to do  business. One thing i like more of this platform is the safety one gets when dealing, scrutiny, and other exercise  that follows before one gets involved in deals or looking for services here. There is always open room for members to conduct their due diligence before getting  engaged with any vendor. That makes this platform very much unique and still to that extent there still scammers so one need to be extremely careful who they deal with here.

[darkv0rt3x]

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.

Elon Musk is not to blaim for his power. We are. All the ones following him are empowering him. He's just another retard regarding his crypto delusions. A guy that one day supports Bitcoin and accepts Bitcoin for purchasing his products and in the next day supports Doge or whatever he did, is just possible in a retarded person.
I unfollowed him since those times! If millions of people do the same, his power over Bitcoin will be zero, nil...

[Smartvirus]

Elon Musk is not to blaim for his power. We are. All the ones following him are empowering him. He's just another retard regarding his crypto delusions. A guy that one day supports Bitcoin and accepts Bitcoin for purchasing his products and in the next day supports Doge or whatever he did, is just possible in a retarded person.
I unfollowed him since those times! If millions of people do the same, his power over Bitcoin will be zero, nil...

No doubt his powers with the media are as much as we have deemed it but, how could we not. I mean, his a successful person, an elite in the society and one of the very best. Most of all, he owns twitter and that’s some common grounds where the mighty and people of any status habit more often.

It’s not uncommon for people to crowd to him because, you hope to get something out of his knowledge and resource but that in turn has become more of a tool he could twist to his advantage. Make no mistakes, the masses amasses the wealth and that’s what we are, the masses.

[fuguebtc]

Social media is not only a powerful weapon, but in my opinion, it has become an indispensable part of our lives. Not only does it have a positive/negative impact on bitcoin, but it affects our daily lives, it's almost impossible for us to stop using it. Social networks are an integral part of any business or individual, apart from the elderly and disabled, I don't believe anyone can survive without social networks.

It is harmful, not helpful.

If you don use social media and read cryptocurrency news too much, you will not be panic and sale off your coin. Market sentimemt is contributed a lot by uncertain emotion and chaotic decisions of many people. They are uncertain and fearful because they read too much articles, tweets on social media.

When they turn off Internet, log out their social media accounts, they will feel better and they must watch the chart less often too.

Why are you afraid of such news if you already know how the market works and have enough faith in bitcoin? I am sure that once you fully believe in bitcoin, even if you read a lot of negative news, it will make you more excited because you will know that it is a good time for you to buy cheap bitcoins. Or you don't like buying cheap?

Do you think it's good for us to invest, but we don't keep up with the news and don't know what's happening? I'm not like you, constant news updates are a good thing because it allows me to predict where the market is going.

[adzino]

Wouldn't deny that there is a relation between social media and bitcoin. Let's be honest here, most people now received most of the information from browsing social media. Yeah, it can be a good source for gathering information, but sadly there are also information that people shouldn't buy easily. Most news there isn't "regulated" (unless it is political or someone "bought" them off with money or power), so you won't know if someone is spreading false information or not. And you know what, the social media posts likes to click bait people and attract users attention. And sadly, crypto currencies get more attention when there is something negative about it since the naysays love to say "told you so, its a scam" and it never affects the market in the long run. So yeah, there is a good and bad relation between social media and bitcoin. If someone famous tweets about a coin, very likely the price will go up or down.

[Juse14]

Can't be separated the relationship between the media and Bitcoin, learned last three season when ICO project of cryptocurrency success sold out on public sell how enthusiastic promote on social media and make investor interested for investing there. Exactly has two impact and relationship between social media and bitcoin, when bad news publishing by media without few minutes price of bitcoin going drop. But instead when media publishing with positive news about bitcoin without few second bitcoin can reach up suddenly and looks fantastic the power of social media impact for bitcoin and cryptocurrency.

Hope one day later social media has good relationship with bitcoin and consistent publishing positive side and as soon possibilities hide with bad side from bitcoin.

That's right, it cannot be denied that the reality of today's life cannot be separated from the so-called social media.

Social media users are increasing day by day, social media knows no age, old or young, entrepreneurs or ordinary people are all members of social media. this is what makes all companies inevitably have to enter social media to promote their products and including bitcoin.

And it's true that social media is very influential on everything, including the price of bitcoin.

[Wend]

Wouldn't deny that there is a relation between social media and bitcoin. Let's be honest here, most people now received most of the information from browsing social media. Yeah, it can be a good source for gathering information, but sadly there are also information that people shouldn't buy easily. Most news there isn't "regulated" (unless it is political or someone "bought" them off with money or power), so you won't know if someone is spreading false information or not. And you know what, the social media posts likes to click bait people and attract users attention. And sadly, crypto currencies get more attention when there is something negative about it since the naysays love to say "told you so, its a scam" and it never affects the market in the long run. So yeah, there is a good and bad relation between social media and bitcoin. If someone famous tweets about a coin, very likely the price will go up or down.

That's very normal, I mean, not just social media, but everything has a good side and a bad side. All are just tools to serve us, and using them for good or bad depends on each person's behavior. Like bitcoin, it is really good to use as a currency or invest in it to bring wealth to many people. But besides that, many criminals also abuse bitcoin to evade the government and cause a bad reputation for bitcoin. After all, it's all about human behavior, not bitcoin or social media's fault.

[Victorik]

For a fact, I learnt about Bitcoin from the social media, during the days of mmm, I got interested and started asking asking questions, and luckily for me a friend of mine was already into it, he guarded me and taught me how to buy and sell tokens, then and there, my crypto journey began.

So, the power and influence social media has on crypto currency can't be over emphasized.

[usekevin]

Social media had huge connections with the bitcoin and cryptocurrency now.Many good projects promoting their project in all the social media.Most probably it target the community like Twitter,Facebook in most of the well known social media.Many celebrities marketing their projects in the Twitter.Elon work on Dogecoin was huge impact on the twitter and most of the investors had some investment in the dogecoin.

[uneng]

Wouldn't deny that there is a relation between social media and bitcoin. Let's be honest here, most people now received most of the information from browsing social media. Yeah, it can be a good source for gathering information, but sadly there are also information that people shouldn't buy easily. Most news there isn't "regulated" (unless it is political or someone "bought" them off with money or power), so you won't know if someone is spreading false information or not. And you know what, the social media posts likes to click bait people and attract users attention. And sadly, crypto currencies get more attention when there is something negative about it since the naysays love to say "told you so, its a scam" and it never affects the market in the long run. So yeah, there is a good and bad relation between social media and bitcoin. If someone famous tweets about a coin, very likely the price will go up or down.

That's very normal, I mean, not just social media, but everything has a good side and a bad side. All are just tools to serve us, and using them for good or bad depends on each person's behavior. Like bitcoin, it is really good to use as a currency or invest in it to bring wealth to many people. But besides that, many criminals also abuse bitcoin to evade the government and cause a bad reputation for bitcoin. After all, it's all about human behavior, not bitcoin or social media's fault.

You said it all. Tools such as social medias are neutral tools and can be used for the good or bad, depending who is using it and what their purposes are. The bright side of the relation between social media and Bitcoin is the fact it encourages adoption of Bitcoin during bull runs, as the news get very positive and frequent on social medias, leading many potential investors to finally start investing, increasing BTC's demand, and consequently its price.

Without social medias, news regard Bitcoin would be more restrict and far from the public, because the mainstream media avoids talking about the digital currency.

[KingsDen]

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”.

It is undeniable that the internet has really helped bitcoin adoption. Bitcoin has no central authority and there is no fund being channeled for bitcoin promotion from anywhere, so the promotion of bitcoin lies in the hands of everyone. Bitcoin gains nice publicity in the internet during every bull run. This is the time that everyone and including newbies hear the testimonials of bitcoin and run into the bitcoin market.

But one funny thing is that many newbies at this period of time jump into the bitcoin market to buy the high, by the end of the cycle, bitcoin will dump on them and they will lose money.

[Franctoshi]

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.

I agree with you on this point because numerous technologies also came out alongside Bitcoin and have not gotten the popularity and adoption that today Bitcoin has because of its problem-solving. But on the other hand, we cannot dispute the fact that the existence of social media platforms has also played an important role in acting as a catalyst for the mass awareness and adoption of Bitcoin today.

[WatChe]

Can't be separated the relationship between the media and Bitcoin, learned last three season when ICO project of cryptocurrency success sold out on public sell how enthusiastic promote on social media and make investor interested for investing there. Exactly has two impact and relationship between social media and bitcoin, when bad news publishing by media without few minutes price of bitcoin going drop. But instead when media publishing with positive news about bitcoin without few second bitcoin can reach up suddenly and looks fantastic the power of social media impact for bitcoin and cryptocurrency.

Hope one day later social media has good relationship with bitcoin and consistent publishing positive side and as soon possibilities hide with bad side from bitcoin.

Both Social Media and Bitcoin are non-regulated, while the former one can be controlled up to some extent by there owners there is no way anyone can control Bitcoin. Having said that I don't think social media positive or negative news has much impact on price of Bitcoin, since we have seen many time bitcoin price going up without any specific reason and vice versa. There is a huge community of analysts and motivational speakers on social media and we cant say they all will say positive about bitcoin in future.

[erep]

It is undeniable that the internet has really helped bitcoin adoption. Bitcoin has no central authority and there is no fund being channeled for bitcoin promotion from anywhere, so the promotion of bitcoin lies in the hands of everyone. Bitcoin gains nice publicity in the internet during every bull run. This is the time that everyone and including newbies hear the testimonials of bitcoin and run into the bitcoin market.

We can conclude that social media interaction about bitcoin increases during the bullrun season because all eyes pay attention to the significant increase in the price of bitcoin, but some people like bitcoin because they understand the advantages of bitcoin and increase knowledge of crypto fundamentals without being affected by the bullrun season, so we must be enthusiastic about spreading bitcoin promotions to various social media to expand the connected crypto network to everyone in the world.

But one funny thing is that many newbies at this period of time jump into the bitcoin market to buy the high, by the end of the cycle, bitcoin will dump on them and they will lose money.

Some beginners are interested in testimonials from other people's portfolio profits without wanting to learn market analysis knowledge to buy BTC at low prices, the determination of beginners wants to get the same profit as pro traders but they don't know the strategy to buy at low prices and also don't know the high risks of investing in bitcoin

[mvdheuvel1983]

That which you wrote is accurate. The use of social media has increased global connectivity. It continues to be a tool for spreading propaganda, information, and the like. We rely on social media for the most recent and popular news and trends. That explains why we scroll endlessly on social media.

Social media has helped to grow the Bitcoin community and its user base significantly. People of different colors and socioeconomic backgrounds can be found talking about Bitcoin and sharing their individual experiences. It has been able to enhance Bitcoin usage from 2009 to 2023, which has led to a growth in market capitalization, which is one aspect of this that I appreciate.

[Ojima-ojo]

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.
 

Ico and the rest of the shit corners indeed made massive use of social media to promote their various sche and gain the attention of the mainstream populace,  that is why they spend a lot on media promotion such as Twitter Facebook and Instagram promotion.

This promotion indeed helped to promote the entire cryptocurrency market in general but also it was a tool used by many of the scam teams to get to their gullible victims who were looking for investments that give 10x profits within a short period.

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.

When it comes to Bitcoin,  the first thing that comes to mind when cryptocurrency is mentioned is Bitcoin so at that, so any promotion that involves cryptocurrency projects is also indirectly promoting Bitcoin as well.

[The Cryptovator]

Honestly, there exists a strong connection between cryptocurrency and social media. Without social media, I wouldn't have come across cryptocurrencies, and I believe that 99% of people have had a similar experience of discovering crypto through social media. The widespread adoption of cryptocurrency was primarily made possible through social media platforms. Therefore, social media plays a significant role in influencing the crypto market. It is through social media that we receive news and updates about cryptocurrencies quickly and easily.

[AmoreJaz]

Honestly, there exists a strong connection between cryptocurrency and social media. Without social media, I wouldn't have come across cryptocurrencies, and I believe that 99% of people have had a similar experience of discovering crypto through social media. The widespread adoption of cryptocurrency was primarily made possible through social media platforms. Therefore, social media plays a significant role in influencing the crypto market. It is through social media that we receive news and updates about cryptocurrencies quickly and easily.

we can't deny such fact that social media boost the scope of crypto adoption. we can't eradicate them in the continuous proliferation of news about this market, which for me, is actually good. there is good and bad publicity and we can't stop them from reading any news over these media outlets. it is now on the hands of the people how they will filter such information, if it is legit or not.
and just a very good example, when elon musk started to use twitter to say something about doge, btc or crypto in general, for sure, some of these non-crypto followers started to ask about bitcoin or doge or crypto, and eventually, some of them become crypto enthusiasts. so yeah, we can't discard the impact of social media in terms of adoption.

[CryptoHeadlineNews]

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.

Yes, I agree with you on this very statement of yours about social media playing a major role in the adoption and price movement of Bitcoin ever since it go launched in 2009, and still playing a vital role today in it's use case such as being a medium where people interact, share news, latest update or even learn about how to buy their first Bitcoin, because I'm a witness to one of those who got introduced into Bitcoin through social media many years ago, and it's been a wonderful experience ever since.