10 July 2020
“Social media replaces nothing but compliments everything”,
as quoted by Neal Schaffer.
Social media has the ability to make the news or break news as it has proven to be the fastest source of technology to spread any given content in seconds! Most of the industries are a part of social media for various reasons such as to stay connected to its customers, for marketing purposes, for educating potentials and many other such things. Cryptocurrency has been in light-spot ever since it was introduced and with time it has gained major popularity especially for its underlying technology called Blockchain Technology. Oberlo in its statistics stated that Facebook has approximately 2.45 active billion users, also Facebook has shown its interest in the world of cryptocurrency with the introduction of Facebook Libra.
Social Media and Cryptocurrency together can boost the industry in a revolutionized edge.
The first purchase that had occurred through a social media forum was known with the name of BitcoinTalk. It was with the initiation of ordering 2 pizzas with the billing paid by 10,000 bitcoins. Bitcoin was the first cryptocurrency introduced and has been a growingly expensive worth value cryptocurrency. It has added up to the success of the crypto-trading and has an assured social validation by only adding more buzz to the industry.
Be it any trend, news, updates or articles with regards to cryptocurrency, the content spreads like some speed of light. Facebook, Twitter, LinkedIn, Telegram, Reddit, Instagram and many more social media platforms are a part of the cryptocurrency world. Various companies facilitate cryptocurrency-related content along with transactions with their respective websites or apps and are also a part of the social media platform to not only promote but to form a baseline of their crypto-trading business.
Cryptocurrency and Blockchain Technology can be too techy for non-technical or non-commerce users to understand, however, with the help of social media, educating people about the subject through forums, videos on Youtube, blogs on various platform such as Medium or even us “CoinsCapture” as a matter of fact and articles can be an amazing source of information and knowledge.
Creating communities can bring the large world into a much more connected world with the interest of the same purpose. It could consist of chatrooms, subreddits, forums, slack channels and so forth creating an engagement of the users of cryptocurrencies.
Various other facilities can be provided through social media such as customer support, news and updates, hiring individuals to be a part of their company, updating about the discounts and offers, influencing people and so forth.
Also Read, All About Facebook's Libra Coin
The way the news spreads faster, it also has a negative effect on the escalation of false or manipulative news.
The crypto-price can be inevitable and unpredictable but it is also partially affected by social media. As one single news on the platform can drop the users of the cryptocurrency and can lead to more abrupt changes leading uncertain changes for crypto-traders.
So basically the crypto price also fluctuates due to the hype of cryptocurrencies on social media.
Bitcoinist had stated, “Experts all across the board have been concluding that more than technical analysis, social sentiment is one of the most powerful indicators of crypto market price.”
Every concept of the technology industry will always have a good and a bad impact being the same with social media and cryptocurrency too. It is always going to be uncalled with the intertwined relationship between the two along so many factors that may affect such as people in general, regulations, blockchain technology, the future aspects and so forth.
However, there are various social media sites that could help you earn cryptocurrency such as Steemit, Mamby, Sola, Indorse, APPICS and so forth.
Google’s parent company Alphabet has initiated by investing in crypto-startups and fintech. GV, Alphabet’s venture capital fund has said to be invested almost $25 million for a cross-border payment based in London facilitated by Currencycloud. While, Twitter’s chief executive, Jack Dorsey, has invested in Lightning Labs, it is building a version of its own blockchain.
Clement Thibault, a senior analyst at investing.com, said, “Facebook, with over two billion monthly active users, can basically drive the mass adoption of anything.”
This quote was stated just for only one social media platform, we could only imagine the impact of all the social media platform together, thus it makes it certain that Social Media and Cryptocurrency will keep evolving with time!