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Social Media And Crypto: Friends Or Foes?

Social Media And Crypto: Friends Or Foes? Blockchain, Blockchain PlatoAiStream PlatoAiStream. Data Intelligence. Vertical Search. Ai.

Social media has become a major factor in modern society. What is the relation between them and the cryptocurrency world?

In 2018, this topic became popular due to the announcement of Facebook‘s own stablecoin, Libra, causing a lot of controversies. However, the relation between cryptocurrencies and social media goes beyond Zuckerberg’s approach to the fintech world.

Facebook: the great unknown

We have written enough about Libra on since the announcement of this cryptocurrency in the middle of 2018. And even if Facebook’s recent approach to cryptocurrency is most often reviewed in this context, the story of their relationship is a bit older. Before Libra, the social media giant wasn’t favorable to decentralized assets. And in fact, it still isn’t.

Along with the development of the cryptocurrency industry and the growing popularity of Bitcoin, many new entrepreneurs became eager to try their hand in that field. Some of them were honest developers, while others tried to use the new trend to gather money through initial coin offerings (ICO). Facebook apparently didn’t want to have anything to do with such initiatives, so it strictly banned any form of advertisement related to cryptocurrencies.

This gave Zuckerberg the reputation of being a crypto opponent who fights with the ongoing blockchain revolution. Now, this opinion is a bit forgotten due to his efforts to release Libra. The advertising ban, however, is still in force. Is it effective? Looking at various crypto pyramid schemes organized through Facebook groups, or the mass of Bitcoin princes willing to offer amazing deals to innocent people – I rather doubt it.

Twitter: a place for crypto influencers

A completely different approach might be seen on Twitter, which is a commonly visited place for various crypto enthusiasts: from low tier crypto influencer to the CEO of the leading corporation. All of them use it to comment on current events, share the news, or communicate with each other. In contrast to Facebook, Twitter has no problem being a safe space for fans of decentralized money.

And no wonder, since the character of Twitter is quite different from Mark Zuckerberg’s platform. Rather than being a place of maintaining social connections and bonds, it is, from the very beginning, dedicated to business, economy, and policy. This makes it a natural platform for the cryptocurrency industry, and it is likely to stay that way.

It is also the only place where we can witness the discussion between various personalities from the crypto world. As in other industries, various entrepreneurs, influencers, and other “crypto celebrities” frequently get into a discussion. And sometimes, such interaction may even affect the market situation (just like it did when two Bitcoin whales had bet on Twitter).

Telegram: encrypted communication for encrypted technology

Another popular social media channel for the blockchain industry is the one closest to it in terms of technological aspects. Telegram is a messaging service providing encrypted communication. And even if the way the app does so is in some way criticized by cryptography experts, it still matches the nature of the cryptocurrency world.

Telegram allows creating thematic groups and channels for their users. They are, of course, very popular among cryptocurrency enthusiasts who are looking for a place to talk about the new events or share their opinions. However, the encrypted platform still falls behind the real leader in the field of online groups and forums.

Reddit: a voice of people

This platform, together with Bitcointalk and similar forums, has been a cradle of the crypto community since its very beginning. Reddit, in its very nature, is a place of free discussion, allowing users to create various subgroups (subreddits) for separate topics. At first, blockchain enthusiasts gathered in such a group strictly dedicated to Bitcoin.

But with the ongoing development of the crypto industry, various new cryptocurrencies have  appeared. They were often associated with splits in a once consistent community. Divided groups find their place on Reddit, by founding related subreddits dedicated to separate projects. And to this day, this platform remains the one which is seen as the first step to create a community around a newly developed cryptocurrency.

Medium: communication for a corporation

This particular example is quite different from previous ones due to its nature. Rather than being an example of traditional social media, it is a social journalism platform, allowing various people to publish their content. While Twitter is a versatile channel of communication, Medium is mainly used as a blog service for corporations, enabling them to share news about their activity. It may be used for giving updates about new projects, informing about airdrops, or simply posting PR articles. 

Such an outline fits perfectly into the world of crypto-related corporations. They find Medium as a flexible tool of communication, which helps them to create a consistent vision of professional companies specialized in the high tech sector. But this does not end with the use of Medium for cryptography – there are plenty of bloggers specialized in the topic of blockchain who are eager to publish on Medium

Honorable mentions: Linkedin and Instagram

The list is quite long already, and there are still some examples worth mentioning. The first one is LinkedIn – a commonly used social platform focused on business relations, which allows for creating a network of contacts. The popularity of the blockchain industry has also reached here. Various entrepreneurs are proud to enclose crypto-related experience in their bios, and the blockchain technology itself is the most popular hard skill on the platform.

The last example might be surprising. Instagram, although now being used to a somewhat limited extent for crypto promotion, has enormous, dormant potential for the industry. It’s not only because of the great influence which the platform has over young generations (especially millennials and gen Z, which are promising targets for cryptocurrencies). The real power of Instagram lies in the potential for developing trends and lifestyles. In the world ruled by feelings and emotions, it might be crucial for the blockchain technology to use this power.

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