Social Media and Cryptocurrency are both disruptive innovations, changing the way we view finance and digest information.
Social media has changed the way we consume information, instead of reading a newspaper, watching TV or listening to the radio most people nowadays turn to the internet for their information needs. On the internet you not only get news faster than with traditional media but you also have access to a wider variety of subjects. On top of that social media has made it possible to get information about very specific topics usually not covered by traditional media.
Because of this people are able to focus on their niche interests and get informed by their peers in a way that was not possible before.
Cryptocurrency is changing the financial world by introducing peer-to-peer tokenized payment solutions. It is safe to say that cryptocurrency has a lot of untapped potential that will only grow over time. We are still discovering new ways of implementation for this technology every day.
But Blockchain technology and cryptocurrency have the disadvantage that they are considered a threat by traditional institutions including traditional media.
When you want to learn things about cryptocurrency you will soon discover that traditional media has little information to offer when it comes to fintech. And if there are any newsworthy fact at all, they tend to be negative and/or a wrong misinterpretation of facts.
That is why the best sources about cryptocurrency are found in social media. Blogs, forums, podcast, online videos are the best sources for your cryptocurrency needs. You can find enormous amounts of info about any coin available on sites like youtube and Facebook. But if you really want the best info you will need to visit social media Platforms that have a special relation with cryptocurrency.
Like with everything in life, everything is subject to change and this also applies to social media. What started out as a means to reach out online to your friends (remember Myspace) has turned into something where professionals and amateur enthusiast display their skills online. Facebook, Twitter and Youtube are some of the biggest social media platforms at the moment catering to a broad audience. But there are a lot of “new” sites and companies trying become the next big thing.
One of the biggest challenges comes from the decentralized social media sites and sites that want to reward their users for their content. Patreon, Steemit and Channels.cc are some examples of sites rewarding authors for posting content instead of reaping the rewards of the posters’ hard work like Facebook and Youtube are doing.
Cryptocurrency projects recognize the importance of social media. Just take a look on any cryptocurrency site and you will see links to a wide variety of social media platforms used to keep interested parties informed.
ICOs also use social media as a advertising tool, they often encourage bloggers to write about their upcoming coins. Everyone can take part in bounty programs where promoting a cryptocurrency or just mentioning the coin is rewarded.
It is a great way for the project to get some spotlight and earn some community support. Bounty programs have become an almost compulsory part of an ICO.
Cryptocurrency companies tend to favor certain social media sites, of course there are the more recognized ones like Twitter and Facebook but the companies also recognize that those interested in cryptocurrency like to visit other sources for their crypto info. Reddit, Medium and Steemit are popular sources for cryptocurrency tidbits.
These sites are not only used as a means to distribute information about ICOs or updates, in fact the authors on these site are also encouraged to promote the cryptocurrencies among their followers.
This is not surprising. Sites like Facebook and Youtube are run by companies who want to appeal to a mainstream audience and like to avoid touchy subjects. But people on Steemit, Medium and Reddit tend to be more outspoken and have no problems speaking what’s on their minds.
Facebook, Youtube and Twitter need to keep their advertisers happy and can not afford to have content on their sites that is “inappropriate”. In order to maintain a wholesome image they remove content that they feel is not up to their standards causing a lot of authors to search for other platforms where they are not censored.
Decentralized social media sites are a safe haven for those looking for freedom of speech. On the decentralized sites authors can discuss any subject they want without the fear of being silenced by an overbearing moderator who is afraid of losing business because of controversial topics.
That is one of the reasons why cryptocurrency is a more discussed topic on sites like Steemit, Medium, Patreon and Channels.cc. These sites have a close relationship with blockchain technology and alternative ways of rewarding authors. Another thing of course is that cryptocurrency tends to be an important posting subject on a crypto powered social media site.
Having multiple social media accounts and being an influencer is a big plus when it comes to participating in ICOs and bounty programs. The people behind the crypto coins need to get their message broadcasted to potential backers and they need social media channels for this. On the other hand decentralized blockchain technology is important for uncensored media platforms. Together these two innovations can bring about great change.
Cryptocurrency and Social Media need each other. The fintech companies need bloggers and social media sites to spread information and news about their innovations. Social Media sites need the blockchain technology to pave the way forward for Social Media innovations.
