There’s loads of hype around cryptocurrency these days. Back in 2016, the only friends I had that talked about it were developers. And suddenly, it seems like almost overnight, everyone is talking about Bitcoin and crypto. The link between cryptocurrency and social media has had much to do with the rise in popularity, and probably price, of cryptocurrencies.
In this post, we’re going to cover why social media has played such a huge role in the success of crypto ' and which particular aspects of social media are responsible for a lot of this newfound popularity.
What is cryptocurrency?
Cryptocurrency is an encrypted, digital, and decentralized currency that uses blockchain technology. What that means in layman’s terms is:
It’s impossible to hack because blockchain technology is incredibly secure. Learn more about it in this video.It’s decentralized and individual units of currency are controlled by the people that own it.You can imagine the benefits of this type of money ' something that isn’t controlled by banks or inflation. It’s controlled by the peers that own it.
The rise of cryptocurrency
So how did this crypto thing come to be? Bitcoin (the first, and probably most important cryptocurrency) was invented by a person or group that goes by the alias Satoshi Nakamoto. Throughout the 1990s, there had been past attempts at creating a digital cash system, but none took off. In 2008, Nakamoto published a paper outlining how Bitcoin could work as a decentralized digital currency. This included concepts that are still hot topics in crypto today, including the idea of a supply determined by digitally 'mining' new coins, and the secure blockchain.
It all started on forums and email lists
To promote Bitcoin at its start, Nakamoto built an email list of 2,000 subscribers and became active on forums like Bitcoin Talk. The first ever bitcoin transaction happened in 2010 via Bitcoin Talk, when one user bought 2 pizzas for 10,000 bitcoins.
Those bitcoins are worth 67 million dollars as I’m writing this article. At the recent peak of Bitcoin’s value, they were worth around 200 million dollars.
How cryptocurrencies are using social channels
Educating buyers
One of the biggest hurdles cryptocurrencies and other blockchain technologies face is educating potential customers. Blockchain and cryptocurrency aren’t the easiest concepts to grasp, and so, video (like the blockchain explanation video we shared with you before) has played a major role in how these companies market themselves on social media.
Take Ripple, a blockchain for global payments, for example. With nearly a million followers on Twitter, they’re constantly sharing educational webinars with their audiences and even launched their own TV show.
Check out Episode 4 of The Ripple Drop! @CoryTV on #XRP markets, @Marcosf0401 on xRapid partners, and @wsculley on RippleNet. Watch the full episode: https://t.co/ayefHcxAxH pic.twitter.com/yOYWO7FUlE
— Ripple (@Ripple) August 21, 2018
Social media serves as a powerful catalyst for connecting users with cryptocurrency brands, amplifying security consciousness and investment opportunities in an era of digital innovation.
A vital medium that supports connection between users and brands, social media accelerates the adoption of cryptocurrencies through tailored promotions & engagement.
