What can you say about social media that hasn’t already been said? It’s a global phenomenon that everyone appears to be a part of, with people having accounts on multiple platforms. As well as proving a hit for personal use, social media outfits such as Facebook, Twitter and Instagram have also been an effective weapon in the arsenal of businesses and trends too.
Social media has been arguably the most useful tool for the cryptocurrency scene so far, and it’s likely to be for a good while yet also. Before cryptocurrencies such as Bitcoin hit the mainstream, the whole scene remained very much underground. While there were forums which catered for the crypto community, social media also became a useful platform where discussions could take place too.
Then, cryptocurrencies cracked the mainstream and the relationship between them, and social media became even stronger. These social platforms helped the articles, stories and chat about cryptocurrencies reach massive audiences, supporting the growth of the scene organically. And now social media is used by cryptocurrencies and prominent figures within the scene as a way of reaching out to people. There are several examples of this happening and one which really stands out is Luno and its Bitcoin wallet, with more than 3 million customers in over 40 countries.
Cryptocurrencies such as Ripple, as well as influencers and businesses utilising cryptos, not only use social media platforms to promote and market, but to educate too. The latter is perhaps the driving force behind the growth in the scene, and the likes of Facebook followers and Twitter are also helping to build and establish new communities too.
Everyone will be able to recall social media posts which went viral for one reason or another, and this provides a fantastic opportunity for cryptos too. If content shared across social media is well received, be it themed on a current or new digital currency, the price will be positively affected as a result.
Social media platforms such as Facebook, Twitter and Instagram also offer users the opportunity to take advantage of their ad system, which allows them to reach out in targeted fashion. When you consider there are billions of people using social media regularly around the world, being able to get your content seen by a small portion will be enough to have a significantly positive effect.
Facebook, the world’s leading social media site, announced their plan to launch a digital currency. Libra, backed by the Libra Association which features high profile tech and payment solutions companies, is the project, and while there are still challenges to overcome, it shows another way in which social media and cryptocurrency intertwined.
Social media is beneficial for the cryptocurrency scene and in multiple ways. Not only is it the most effective vehicle for promotion and marketing, it’s also the place to be to find out the very latest news. Social media platforms are also a hub for communities too, and it’s these communities which help to drive the scene and industry as a whole forward.
