Social media has become a valuable influencer in blockchain and cryptocurrency tech. Platforms like social forums have been instrumental in its growth. And the relationship appears to be in a promising cycle. Let’s take a closer look at the evolving relationship between social media and cryptocurrency and what it means to the future.
Social Media Introduced The Bitcoin Transaction
The very first cryptocurrency trade was negotiated on a forum. But it would be years before the market took it seriously.
The big guns like Microsoft, Overstock.com, and JPMorgan wouldn’t dip their toes in the water until bitcoin’s popularity became unavoidable. You can’t blame them. In that first transaction, the currency was traded for 0.06 cents. Today, buying Bitcoin on a cryptocurrency exchange like OKEx will cost you in the low five figures.
How The Relationship Works
Cryptocurrency is trending. And social media is how. Digital channels have no choice but to use their platforms to follow. Facebook, Instagram, Twitter, Pinterest, none of them want to be left on the side of the road while the world scrambles to understand how this new form of money affects us. Facebook is even considering cryptocurrency for its business growth.
This shouldn’t surprise anyone. Social media has become the most powerful marketing tool in the world. Anyone not on board is left in the dust.
Proof is in The Social Pudding
There’s no greater evidence that the relationship between social media and cryptocurrency are forever entwined. For all that’s it worth, social media platforms have influenced cryptocurrency price fluctuations. When Bitfinex, a Hong Kong-based exchange, was hacked, bitcoin value fell 26%.
The Current Situation
Those ingrained in digital currency and blockchain tech see how essential social media is. For the most updated news, both the investor and the curious turn to forums and social media.
The social growth of bitcoin can be linked to Reddit. Even before the detailed information found on Bitcoin subreddit, the platform provided insight to analysts and enthusiasts. This has led to significant influencers like Ethereum, DarkNetMarket, CryptoCurrency and CryptoMarkets.
Even cryptojournalists use Reddit, Telegram and Slack to organize and share information regarding trends in digital currency and blockchain news. In fact, it’s been noted Reddit is responsible for the majority of trending cryptocurrency and blockchain revelations hitting social media and other communication networks.
The Future of the Relationship
While social media is influencing bitcoin and blockchain movement, the reverse is also true. A platform like Steemit proves this. Content creators on Steemit get paid on the social platform, not from advertisements. Users pay out a fraction for content they like and it goes to the author.
Anyone can use Steemit and everyone has the opportunity to create a stream of income while connecting and without being tied down by PPCs or ads.
The balance continues to shift. Crypto social platforms are growing, adapting to and elevating traditional social network mores for both users and businesses. The social media, cryptocurrency and blockchain relationship is moving at lightning speed.