Social Media to Help the Crypto Space Flourish

Despite the buzz cryptocurrencies created in the past decade, most average internet users are still unaware of the world of digital cash. Based on 2019 studies, for example, 60% of Americans are still oblivious about what cryptocurrency is.

Many involved in the crypto industry see this as an opportunity to reach out to more people via the internet, and a group of crypto education advocates has created a measure on how to spread awareness about cryptocurrency on social media and Youtube channels.

After all, the ultimate goal of the crypto industry and blockchain technologies is to promote mass adoption. Although there are 300 million crypto users, this number indicates only a small portion globally, so there is still a long way to go. Many factors deter the global mass adoption of cryptocurrency, including a lack of understanding of the technology itself, government regulations and risk factors. Thus, although the industry has been in existence for more than a decade, its innovations and advancements may not be enough to make people transition to decentralised payment networks.

The introduction of digital currencies through social media may help the industry flourish as more people may get to know what it is all about. Because this might help us pave a better financial future! As stated on this crypto platform that helps people enter the crypto market: “Social turmoil, health crisis, global food shortages, extreme weather… We need… Decentralised financial markets, of course! Bitcoin and other cryptocurrencies - with a global market cap of over $1.9T - are here to secure a better financial future and equal access to potentially lucrative trading opportunities.” If this platform got your interest, you can learn more by reading their terms and conditions.

FaceBook/Meta Hand in Hand with Blockchain Technology

Facebook is known as one of the most popular social media sites today. In 2021 alone, there was an estimated number of over 2.89 billion users. And now, along with its recent transition to Meta, introducing crypto to nearly 3 billion users is made possible.

Most experts say that the transition that occurred is a blessing in disguise since blockchain is essential in the operation of the metaverse.

Moreover, recently, Facebook expressed its intent to consider the use of cryptocurrency for business opportunities. In essence, if this happens, it may lead to the awaited mass adoption of cryptocurrency.

Social Media Platforms as Conveyors of Information

There are various social media sites that have already gained popularity. These include Facebook, Twitter and Reddit, which are known to be knowledge conveyors. For instance, Ripple has created educational content that pertains to blockchain and cryptocurrency; webinars have been shared on Twitter with over one million followers worldwide. Billions of people rely on social media sites as conveyors of news.

Although crypto is considered a relatively new trend, social networks and cryptocurrency have always been connected. In fact, if you are familiar with the first real-world trade in crypto history, you must know that the first BTC transaction was done via a social network forum. This unique event is also known as Bitcoin Pizza Day, or when 10,000 BTC got traded for two boxes of Papa John's pizza.

Source: Pexels

The relationship between social networks and cryptocurrency is continuously evolving, bringing new innovations in fun and exciting ways. They actually grow together and remain in a mutual relationship.

But What Will Happen When Blockchain and Social Media Continue to Merge?

Since social media is the main source of news for nearly 3 million users, the scope of the crypto space is expected to widen over time. News, articles and ads about cryptocurrency continue to dominate social media, causing price fluctuations, whether positive or negative. For example, just a single tweet by Elon Musk can make cryptos skyrocket in value. Remember the sudden popularity of Dogecoin?

But it is not only about trading! A blockchain-based social media may lead to social content that is decentralised. This will give users and creators total control of the content posted - no more censorship!

Such adoption may also lead to more secure networks. Enhanced security is just one of the features that users would genuinely benefit from.

Source: Pixabay

In the end, social media will continue to influence people. Its impact on industries globally is so profound - and the world of cryptocurrency can benefit from and contribute to the area all at the same time.