Social Media’s Role in Popularizing Cryptocurrency in the Future
If you have an internet connection, enjoy watching The Big Bang Theory or have a friend in tech, then you have probably heard about cryptocurrencies. You don’t need to be a finance maestro investing in cryptos or own a Luno Bitcoin Wallet to know that digital currencies are surging and more people and businesses are getting involved.
The reason you know about it could be many, but it is possibly social media, a Facebook post, a trending Twitter story or something similar has contributed to your crypto knowledge to date. That is because social media is helping cryptos become mainstream. It has even been considered that social media posts about crypto contribute to their fluctuation in value.
Facebook to Create Its Own Crypto
One of the most valuable ways that social media is supporting crypto is in Facebooks’ announcement of its own digital currency, Libra. Although the details of this crypto remain somewhat unknown, Facebook has said they are creating it with altruistic motivations and to help unbanked populations around the globe. Such direct links between a giant like Facebook and cryptocurrency can only do great things in promoting it especially when the intentions behind it are to the benefit of mankind.
Although there are people who suggest Libra won’t help unbanked populations. Yet, this just shows another example of how it gets more people talking about cryptos.
Ways that Social Media Helps Crypto Go Mainstream
More Communities Connecting Together
Creating Facebook groups is easy, and more people are coming together on the platform to find joy and have discussions about their passions. Bitcoin and cryptocurrency are no different with many fan groups popping up facilitate people to discuss crypto and share current stories from the industry.
Crypto Stories Become Exposed
Social media also influences what we read because of trending functions. Something we may have never considered reading may be put in front of us because it was trending and change the way we think about something. This can also apply to crypto news stories that may be trending and may just grab someone’s attention and cause them to learn more about crypto – and become a fan.
Crypto Businesses Advertising on Social Media
Not to leave out that social media has become a weapon in marketing the size of a nuclear bomb. More fintech companies and businesses accepting crypto are marketing their services with crypto as a USP – and you will hear about them on social media.
Beware When using Social Media as a Crypto Fan
Social media can be a first-rate place to put cryptos into the mainstream and in view of populations that would usually not give them a second thought. If you are already involved with cryptos, it is recommended that you do not give any details or too much information about your holdings away. This is because hackers monitor social media to find targets. Declaring you have a lot of Bitcoin on a social media group could lead you to becoming their next victim.