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.

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