How Social Media platforms drive cryptocurrencies to succeed

In the current digital age, it is hard for most people to imagine their lives without the use of social media, and crypto enthusiasts are no different. Since the first cryptocurrency was launched, the crypto industry has thrived on social media platforms, as they allow people to connect and share ideas. Furthermore, the emergence of the idea of cryptocurrencies and blockchain technology can be largely attributed to social networking platforms.

To promote Bitcoin, its founder Nakamoto built an email list of 2,000 subscribers and became very active at promoting it on forums like Bitcoin Talk. After some time and efforts, the first-ever Bitcoin transaction happened in 2010 via Bitcoin Talk, when one user bought 2 pizzas for 10,000 bitcoins. Now, that would be worth around 80 million dollars.

The relationship between social media, cryptocurrency, and blockchain technology continues to evolve in new and exciting ways. One of the biggest hurdles that cryptocurrencies and blockchain technology face is educating potential customers. Companies like Traxalt, a global payment network, has launched a social media campaign #LearningWithTraxalt to educate all crypto enthusiast about blockchain technology, commonly used terms and real-life examples of how blockchain technology is impacting and changing industries around the world. Blockchain and cryptocurrency aren’t the easiest concepts to grasp, therefore education has played a major role in how these companies market themselves on social media.

Cryptocurrency value has been dramatically shaped by the influence of social media. Popular publications, industry influencers, and the currencies themselves play a major role in the online hype. Cryptocurrencies are volatile and things like popularity and becoming viral can have a huge impact on its performance and even its value. To strengthen its community and followers, Traxalt launched an Airdrop Giveaway last month, allowing all users to like and follow their social media platforms in exchange for a chance to receive a reward.

Another newly launched social media platform for crypto enthusiasts that claims to improve on the Steemit idea is Narrative. This social media platform was only launched in April 2019, yet it has become a go-to platform for crypto bloggers looking for a more centralized alternative. On Narrative, communities are grouped into particular niches, or tags, that users create. Those who own the most active tags are rewarded by receiving the right to elect moderators, allowing interactions, and to form communities between them.

As blockchain technology grows and as social media increasingly becomes part of our daily lives, innovations will follow, leading to the emergence of value-based social media platforms and the mass adoption of cryptocurrencies.