Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
Social media is among the most revolutionary technologies of the 21st century. For example, networks like Facebook, Instagram, Twitter, Telegram have been affecting the lives of many globally. A social network can influence politics, sports, finance, marketing, and many more.
Crypto is one of the industries receiving the impact of social media influence. Since the launch of the first asset in 2009, social media has been driving the popularity of crypto. Assets like Bitcoin, Cardano, Ethereum, and Dogecoin have been thriving so much in social networks.
Social media also has a very high impact on the sentiments in crypto projects. But, which social networking platform has a profound effect on crypto? This guide looks into four major social media projects with the most decisive influence in the crypto world, including Reddit, Twitter, Quora, and Telegram.
Reddit takes the first spot as the social network with the most significant influence on crypto. It’s easily the network that can change anyone’s opinion on crypto. But how?
The basic idea of Reddit’s creation was a social network with high-quality discussions. It takes a forum format, where Redditors discuss using questions and answers. Its forum nature makes it a perfect tool for crypto-related discussions.
Reddit’s most popular tool is the subreddit. A subreddit is a page or section created to discuss a specific subject. It’s pretty similar to a telegram group or Twitter page. Many crypto projects today have their subreddits. Thus, when you want to find info on a particular exchange, you can visit its subreddit. You can also search up your topic in the search icon and get information relevant to the topic.
Reddit as a platform is quite opinionated. Yet, in most cases, people share opinions but include hard evidence of the same. Redditors not only praise the good but also deeply criticize the bad. Generally, if you want reviews of crypto exchange, wallets, etc., then use Reddit. Redditors can easily change anyone’s opinions on any subject.
Reddit as a network also allows users to post long articles. Lengthy articles are good since they explore a topic more widely. The forum form and lengthy discussions can easily change anyone’s opinion on crypto. Thus, Reddit stands as a social network with the highest sentimental value.
Twitter is another network with a very high sentimental value to crypto. A large chunk of crypto users shares their opinions on Twitter. Thus, Twitter is the social network with the highest number of crypto users. So, how can Twitter change crypto opinions?
This social network has a vast collection of features that make it suitable for crypto. Among the most relevant features include;
- Post and comment features. Generally, like in Reddit, Twitter users can post questions and await responses.
- Hashtag feature. The most common tool in Twitter is the Hashtag. There are thousands of hashtags used when commenting on crypto. Every day you see hashtags like #dogetothemoon, #Bitcoin, and many more.
Due to Twitter’s relevance in crypto, almost all crypto projects introduce twitter pages at launch. Projects like Bitcoin, Ethereum, and Dogecoin have attracted followers of millions on Twitter.
Although Twitter has a significant influence on crypto, discussions often involve more emotions than facts. Some opinions against projects are often campaigns against one project to promote another. Thus, getting quality discussions on Twitter is hard.
Another social network is Quora, which features quality discussions in crypto. This network is quite similar to Reddit since it’s also a forums tool. Quora takes a discussion form, where many people are involved in the project. Here are Quora’s best features;
- All discussions take a question and answer format. Quora users have answers to many crypto-related questions.
- Ability to write long-form articles. Quora allows users to write long essays. Thus, they can explore a crypto project deeply.
Like Reddit, Quora is a place where you can get information that is often backed by facts. Thus, these will usually have a more enormous impact on you and your investment decisions. Furthermore, unlike Twitter, Quora allows people to post long articles. So, they can explore a topic more deeply and make better conclusions.
Therefore, when using Quora, you can learn a lot about crypto. Similarly, your understanding or opinions in crypto could change when using Quora.
Telegram is another social network platform with a high impact on the crypto world. This platform requires users to subscribe to a channel to get information therein. Almost all projects in the crypto world have a Telegram account to attract a community.
In the telegram pages, users ask questions and receive responses from the community members. Although the discussions therein could be good, it doesn’t affect the crypto world vastly. Only people on the page can view the information.
Final Word – Social Network & Crypto
This guide has been looking at the impact of social media in the crypto world. It has essentially discussed the social networking platforms which have a tremendous sentimental value on crypto. Using such platforms can easily change your understanding and opinions on crypto.
Many might think it’s Twitter. However, The platform with the highest sentimental value on crypto is Reddit. Reddit has in-depth discussions concerning the crypto space. In fact, Redditors use facts and experiences to explore a crypto project or coin.
Twitter comes second due to its massive use in the crypto space. Most crypto projects have Twitter and Telegram pages where they share information. You can follow crypto-related pages on social media and see what people say about crypto.