The Impact of Social Media on The Crypto Trends

The Impact of Social Media on The Crypto Trends

The Crypto Trends  

There is no question that the impact of social media on cryptocurrencies and the blockchain as a whole is undeniable. Some say that a big part of the reason why cryptocurrencies are as popular as they are is due in large part to the popularity of social media. Check out Zenfinex for more information.

Many social forums helped get cryptocurrencies off the ground running. Many people wanted to share their thoughts about what the blockchain could be and about the future of these various currencies. They found a place to do so on social media, and social media has been instrumental in building up the space ever since.

The First Cryptocurrency Exchange on a Bitcoin Forum

One of the earliest Bitcoin exchanges was negotiated on a Bitcoin forum. At the time, the most famous cryptocurrency in the world was worth only about $0.06 per coin! These days, a single Bitcoin goes for tens of thousands of dollars.

Many of the largest banks in the world are starting to look at Bitcoin and other cryptocurrencies as a part of the mainstream financial system, and they have gained legitimacy within the financial world that they did not always enjoy. How did all of this happen? A lot of the credit has to go to social media and the role it played in spurring people into action and get them interested in cryptocurrencies in the first place.

It is important to remember that not everyone understands cryptocurrencies when they first hear about them. They are an interesting concept to many people, but they can definitely feel abstract to a lot of individuals as well. Thus, it is often the case that many users don’t quite understand it until they start to read more about it on social media.

Bitcoin for Pizza

An early real-world transaction of cryptocurrency for a tangible good occurred on a Bitcoin forum. A user negotiated a deal whereby he would trade 10,000 bitcoins for 2 large Papa John’s Pizzas. In today’s economy, those 10,000 bitcoins would literally be worth millions of dollars. However, at the time, they were seen as holding very little value. The person that made the exchange for pizza likely thought that they were making a reasonable deal for themselves. It was only later, when it came to pass, that Bitcoin became worth as much as it is today, that people would see the error in judgment that this person had made.

The Relationship Between Forums, Social Media, and Cryptocurrency

More than two-thirds of Americans get their news from social media, and that means that there are a lot of people who consume the kind of news that other social media users are putting out there. They might not even have those views challenged by any other source of news. Instead, they are simply offered the information that is available to them via social media, and they choose to accept the pieces of it that make sense to them. They might disregard other bits that get in there from time to time, but most social media users are willing to give other posters the benefit of the doubt when it comes to what they are sharing online.

This means that many people leverage social media as a place to provide information about their favorite cryptocurrencies. After all, if they can just get to a point where people are listening to them and taking their advice about these currencies, then it will likely pan out pretty well for them. However, all users of social media and forums should be wary of those who are merely trying to promote something that is clearly only in their own self-interest. There are people out there who will pull these kinds of stunts, and you don’t want to get absorbed by their message so much that you miss the fact that they are only self-serving.

People who are advocating for legitimate cryptocurrencies and for the industry as a whole will tell you that Facebook is a major player in all of this. With more than 2 billion users globally, Facebook is the place to start if you seek the mass adoption of some idea or product. Cryptocurrency still relies on getting people to understand and accept it. Thus, there are a lot of people on social media websites like Facebook that can do a lot to promote the idea that cryptocurrency is the way of the future.

Many users feel that this is the case, and it is only fair that they have an opportunity to share their point of view on the largest social media platform on the planet.

The crypto world has undoubtedly played a big role in funding social media with advertisements and the like as well. Thus, it is quite clear that this is something that benefits both sides and makes it easier for cryptocurrency enthusiasts and social media players to all do the same thing and pull together with a common interest to benefit both industries.


Like what you're reading? Subscribe to our top stories.

We are continuously putting out relevant content. If you have any questions or suggestions, please contact us!

Follow us on Twitter, Facebook, Instagram, YouTube

Ready to dominate social media?

Get started now.

Image Description