The Importance of Community in Crypto
The Crypto Community
The world’s first multi-function chip card, the ‘SuperSmart card’ (not so smart now, though), was launched in Japan in 1988, whilst contactless payments launched in the UK all the way back in 2007. Yet, I think many would agree, we’ve never seen a more dedicated group of users and enthusiasts rally behind a payments system, or technology, as we have in recent years with the emergence of cryptocurrency.
What started as a niche group of hardcore computer programmers mentioning the term ‘Bitcoin’ only on secluded internet forums back in 2008, has now evolved into a global network of investors, technologists, and self declared libertarians who are utilising this emerging technology in a plethora of different ways.
The world of crypto has changed a lot since the legendary White Paper of 2008, since then the industry (and the tech) has exploded into the mainstream and it has brought with it an incredible amount of users who are the foundation of hundreds, if not thousands, of different communities.
The definition of community (erm, according to Google anyway) is…
‘the condition of sharing or having certain attitudes and interests in common’
In my experience, it goes far beyond that.
A community which has rallied around, and emerged from, a project within the cryptocurrency sphere can achieve incredible things beyond just an enjoyable conversation on a mutual interest — as much as I love them.
Two heads are better than one. Well, how about two thousand? Even better than two, right?
Communities have helped crowdfund projects they believe in, crowdsource ideas and developments which have made their way into products, and develop genuine relationships which extend beyond a particular cryptocurrency, token, or project.
Community Engagement and Growth
Both the engagement and growth of a community can be achieved through a wide variety of avenues.
Identifying the true champions within a community is crucial when it comes to nurturing a healthy relationship with the users who fly your flag the highest. This can be done through awarding those users exclusive product features, titles in a chat room, or even invitations to real world meetups. Not only do we get the opportunity to reward the most dedicated members of the community but, in return, they will often reward us. With it being possible for an estimated 67% of customer service interactions to be handled by a project’s most dedicated customers, why wouldn’t we reward them?
This is exactly what we’ve done at Plutus, we’ve recently rolled out a Discord competition which rewards users just for getting involved. As well as this, we’re awarding some of our most dedicated members 12 months of our premium services for free when we publicly roll out Plutus 2.0.
It’s estimated that more than half of customer service queries raised via social media go unacknowledged by companies. With that in mind, it’s important that we leave no stone unturned. Every comment, question, and piece of constructive criticism should be openly responded to. Not only will this contribute towards openness, it helps to show the community that you’re as much a part of it as they are.
New users should feel welcomed with open arms. At the Plutus Discord, we’ve set up an automated message system which lets users know what we’re all about. This doesn’t have to be automatic though — a personal touch can go a long way.
Crypto and blockchain based projects which seek to reap the benefits of a strong and active community should also be prepared to give back with attention, time, and tangible signs of gratitude when possible.
The Importance of a Crypto Community
A strong community can benefit a project in ways beyond what you might expect. Well fostered users can build awareness of the product, nurture brand loyalty, and provide feedback which can be the foundation for the future of any business.
Focusing on community engagement and growth is a (relatively) inexpensive method of building awareness of a product or project. People talk. A lot. If they’re passionate about your product then it’s a topic which could be raised in casual conversation, online or otherwise. These users are, often, the most loyal. In turn, these loyal customers are often the ones which provide us with the greatest amount of detailed feedback.
So, whether it’s through Telegram, Slack, or Discord (<- my personal favourite), it’s important that a community in any industry is nurtured, engaged, and encouraged to grow.
Members should feel like they’re a part of something. A bigger picture. Which, of course, they are! Often times, community members in the world of cryptocurrencies are truly at the forefront of technology, these community members are, in many ways, modern day pioneers.
A community is, more or less, an extension of the project or product at hand, and they should be treated as so . Projects should be as dedicated to their community as they are to their investors, employees, and customers.
The industry needs to show true appreciation to their communities — to those who invest their time and energy into their product. After all, it was once said that the top two skillsets for blockchain entrepreneurs are, in order:
- Technology Development
- Community Development
