Growing a cryptocurrency through community
Have you ever heard about the first Bitcoin purchase? On 2010, someone bought 2 large Papa John’s pizzas for 10,000 Bitcoins, which at the time was worth 30 USD. Today, 10,000 Bitcoins seem like a ridiculous amount, but back when Bitcoin was barely starting, the transaction was made out of trust and hope for what Bitcoin could become one day. 10 years after the first transactions and all the other transactions that were made on the lower end of the Bitcoin price, those who invested early on and joined the community at the start have seen growth in their investment beyond any predictions they could have had at the beginning.
Community is always an important factor for growth and support. Not only in cryptocurrencies but in all aspects of life. Bitcoin has seen some dark days. Cryptocurrencies have gone through rough patches and difficult moments. Crypto and Bitcoin also have lots of detractors, but no event, mishap, or person has been able to stop the community. Crypto communities are even more powerful because they convey online from all parts of the world. If something is clear about Bitcoin is that to get to where they are today, they built a strong and loyal community that remains present even through the lowest lows.
When a new cryptocurrency is created the price is set by the creators, and they usually are not listed in Exchanges at first. The creators have the task of building a community first and they do so by demonstrating their strength with investors, partnerships, and by building trust. It is also very common that they distribute currencies through giveaways and airdrops. Getting the digital currency to as many people as possible is vital to the building and strengthening of the community.
Because most currencies work by offer and demand, many members of a community are worried that the price could drop too low. But, offer and demand are just a consequence of the strength of the community. All currencies have highs and lows, but communities are the ones that keep a cryptocurrency on the market. The strength of a crypto can be measured by the strength of its community. Just like with Bitcoin, a community can build and strengthen a cryptocurrency. We have many examples of this with the post-Bitcoin altcoins that have become just as popular and indispensable as Bitcoin. Though, this journey takes time and work, but most importantly discernment to choose the right currency to invest.
