Article

Nick Rojas
Nick Rojas 30 January 2018

The Close Relationship Between Cryptocurrency and Social Media

The internet has changed society as a whole in some frankly staggering ways. The means by which to share and consume information in vast quantities has never been so readily available. In contrast, it is also very easy to get caught up and distracted away from other events, for instance becoming consumed by social media.

With the ability to create and consume information so quickly through social media, advantages have arisen to those in business and finance as well. Cryptocurrency has surfaced as a constantly evolving space full of its own intricacies and nuances, but in practice it behaves similarly to stock trading for many investors.

More than the traditional investing space, those interested in cryptocurrency are learning to both adapt and concern themselves with trends flowing through the digital space. In essence, the most successful cryptocurrency holders have become social media adepts, as well as deeply versed in finance and technology.


The Rise of Dogecoin

With the rise of Bitcoin and open source blockchain coding techniques, many cryptocurrencies were started seemingly overnight. This was certainly true of Dogecoin. The cryptocurrency was first born from a meme featuring a funny looking Shiba Inu dog in 2013.

It just recently saw a peak market cap of over $1 billion, showing that the parody had become a legit contender in the alternative cryptocurrency space amongst others.

The Doge meme had taken shape on the internet and spread like wildfire across social media. As is typical with the funniest images and memes, they’re quickly spread, laughed at, improved upon, and spread again. Dogecoin shared the visage of the Doge meme, but they were completely separate entities, especially going into 2018.

cryptocurrency-physical-gold-dogecoin-money.jpg

Reddit & Other Social Media Havens

Even the savviest of cryptocurrency investors need a forum with which to share ideas and consume information. The rise of Bitcoin has given way to a multitude of cryptocurrency related scams and ponzi schemes. For instance, Reddit has a number of Subreddits devoted to Bitcoin, Cryptocurrency and Crypto Trading.

Individuals with a common goal and good will help instruct and steer others away from trendy scams and obvious ploys. After seeing the ebb and flow of threads over a matter of months, these patterns become more apparent.

Without sites like Reddit and the sharing of currently accepted cryptocurrency exchanges and vendors, it would be wholly reckless and difficult to keep involved. The benefit of social media and blockchain itself is anonymity. A decentralized currency lends itself well to an online society that is separate from our real world transparency. But still, some level of trust is necessary. Without that common trust and fact checking, many would be deceived quickly.

As Bitcoin and other cryptocurrencies continue to fluctuate in their pricing, many will turn to social media to make sense of these developments. While the rise of Dogecoin can be considered an outlier as a merger of online memes and cryptocurrency, social media is very deeply embedded in its future.

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
7 reasons why social media marketing is important for your business

7 reasons why social media marketing is important for your business

Social media is quickly becoming one of the most important aspects of digital marketing, which provides incredible benefits that help reach millions of customers worldwide. And if you are not applying this profitable...

Sharron Nelson
Sharron Nelson 6 February 2018
Read more
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
Top 10 B2B Platforms to Help your Business Grow Worldwide

Top 10 B2B Platforms to Help your Business Grow Worldwide

Although the trend of a Business to Business portal is not new but the evolution of technology has indeed changed the way they function. Additional digital trading features and branding has taken the place of...

Salman Sharif
Salman Sharif 7 July 2017
Read more
Collection Of The Best Email Testing Tools Online

Collection Of The Best Email Testing Tools Online

Don’t be afraid of email testing. There are many free or freemium tools online that can help you with testing your SPAM score, deliverability and even the rendering of your email. We feature 30 email testing tools in...

Roland Pokornyik
Roland Pokornyik 31 October 2016
Read more
What Marketing Content Do Different Age Groups like to Consume?

What Marketing Content Do Different Age Groups like to Consume?

Today marketers have a wide choice of different content types to create; from video to blogs, from memes to whitepapers. But which types of content are most suitable for different age groups?

Lisa Curry
Lisa Curry 21 October 2016
Read more