Topic: Social media has benefitted Cryptocurrency, here is how. - page 3. (Read 913 times)

Social media seems as a two-edged sword because cryptocurrency scams are spread on it in a way. This is not just happening on Telegram and X, many smart phishing attacks and fake projects are also cropping up. Crypto scams going on in the past year have accounted for more than 1 billion dollars in losses, with 50% of the victims being social media users. The real thing going on here has more to do with the awareness of the issue and the education of the people rather than the platforms per se.

Remember that social media is a big booster for the adoption of cryptocurrencies. Social media channels do a big portion of them-yes, in the case of airdrops and interactions between users in various decentralized finance (DeFi) projects. Take Telegram for example, which implemented features like crypto wallets and exchanges that help users safely transact among them in as simple a way as possible. But the whole truth is that scams, of course, are a concern, yet really, social media has been more of a help in the crypto sector. To a large extent, it's rather about the person being smart about it.

According to their own data on the telegram site they have recorded over 700 million active users with the number heavily increasing over the last three months and this can only points to one thing which is that most of the new members are there because of the raise of the tap tap airdrops on the platform. We cannot say that the whole 700 million are actually engaging into crypto but at least the number is more than 10%. There is this particular airdrop called the Hamster Kombat on telegram that actually recorded over 280 million users monthly on the airdrop, this means that even their own number of users already is above 20%.

But mind you this number to me isn’t relatively relating the actual real users there as one person can have multiple accounts mostly for farming of the airdrops and it is actually what I think is the reason for the increase in the number of downloads and register users.

You are a dreamer. 900 million users is not 900 million active users.
I'd say it's like 200 million active users. And of those a 10% might be crypto interested. Seeing the "mass" adaption of wallets more like 5% but ok.

Most of my mates who like crypto only one hunts airdrops.
he does not use telegram. 

Until now, social media is still widely used by scammers to spread phishing sites on social media, and those who are deceived are careless people who are not careful in clicking on the link...

Yeah social media is still a very good distributor of crypto news, we know any news about crypto not from television but from social media especially articles and social X is getting more and more mass adoption and now the growth is accelerating because many people are interested in crypto.

I can say that the hype in Telegram recently after the success of Notcoin and they have TON of coins as an ecosystem, now airdrop is growing rapidly in Telegram, imagine Telegram has 900 million users let's say 50% join the airdrop then this is definitely like a fast mass growth.

That's right, social media is actually a quick tool that makes information travel so fast. Taking for example, I believe we are aware of the recent case of Mark Zuckerberg in the court, repeating the judge statement,  "37% teenage girls of the age range 13-15 year old were exposed to some unwanted nude pictures on Instagram." I just opened my TikTok app yesterday and after scrolling for just a minute, the content popped up. The way the social media has the capital to spread good information faster, that's also how fast it can spread scam. No doubt.

Humans tend to trust people who are in their contact for a long time, and online, they trust people they can chat with and who follow and like their posts, so its easier to refer or recruit people in social media because of the relationships they have cultivated over the years than articles or videos, I have joined and recruited people through social media., so I consider social media as a powerful tool to disseminate information about cryptocurrency.

I was referred and also referred people using social medias like Facebook and Telegram It's much easier because of the the trust and respect that we build up and I will continue to use social medias as a tool to refer people to Cryptocurrency and maybe get me involved in some good Cryptocurrency project

To be honest I could agree with you the fake news about crypto is crazy frenn even scammer is spotted on social media like Twitter and Instagram and they buy verified accounts just to lure a user to click their phishing link and these another level of hack in my opinion.

But I also spotted a new youtube account or Instagram reels, tiktok that ask their user to play airdrop like the famous notcoin and dogs

We are in a digital age of course there will be disadvantages and advantages of a digital product to users. In one way or another most of the digital products rely on one another to excel. If there no good projects, or crypto influencers in the crypto world will there be active users in online in those social media that are following such projects? In turn, the projects rely on social media to reach out to their audience consisting of investors, advertisers etc. Social media and cryptocurrency have to work hand in hand if they want to succeed. Without social media big companies cant be able to reach out to their followers and they also cant be able to market their products. Social media has done more good than harm. In as much as it is concern it is the users that has used the social media to spread false informations, scamming people and misleading others too.

Just so you know as social media is a tool to enhance communication but when it falls into the wrong hand it might be tool for causing havoc. We humans are to be blamed for the misuse of social media and not the product itself.

I can't understand people who'll blame cryptocurrencies for being scammed. The internet is filled with scammers on all kinds of platforms, from Facebook and Instagram to Telegram and Discord, but it's certainly not limited to cryptocurrencies; it's just another method or means of payment they're using to take advantage of people. People need to distinguish the difference; scammers are the issue, not cryptocurrencies; if it weren't for them, they'd be simply using fiat money. It's not that scammers suddenly started appearing due to them.

There's no perfect balance between the benefits and the drawbacks of social media's impact on cryptocurrencies. One thing is certain: that one way or another, they're being promoted, either from companies and platforms, but also from enthusiasts as well.

Social media can benefit cryptocurrencies by enhancing awareness & engagement. It serves as a platform for real time info sharing which allows users to discuss trends, news & market movements. This instant communication helps community building & investor trust. Social media can drive viral marketing campaigns attracting new users & investors. Influencers can shape perceptions & boost adoption while user generated content can provide valuable insights & education. Social media definitely amplifies the reach & visibility of cryptocurrencies facilitating their growth & integration into mainstream finance.

It's true that social media can be a double-edged sword. On the one hand, it's a powerful tool for disseminating information and driving mass adoption. Platforms like Telegram have definitely played a role in the growth of cryptocurrencies. and facilitating transactions such as airdrops, leading to the growth and availability of digital assets.

But it is impossible to look the other way and pretend that the other, more interesting side of social media does not exist, teeming with misinformation and fraud. Admittedly, it must be said that through social media, the upside and risks of cryptocurrencies have been amplified, but at the end of the day, personal responsibility plays a leading role, and it is up to people to take care of themselves and find information to visit safely. Data and information are there to give guidance and tools. But it is not able to save users from all kinds of risks.

To sum it up briefly, though social media is full of imperfections, there is a lot of benefit in terms of information and participation regarding the crypto world. It means it is related to employees who need to be aware and receive opportunities with open eyes.


You indicate therein the important role that social media plays both in the popularity and promotion of the cryptocurrencies. As a matter of fact, social media has been employed in times to create buzz and interest in everything from Bitcoin to meme coins like SHIBA and PEPE since these coins have become more attractive and omnipresent. This often drives public interest and investment into overdrive. This gets potential beneficiaries keyed up. The whole process is influenced by the internet, in turn.

However, this form of viruses can be negative too. Since it may result in speculative bubbles or fraud on some occasions, the network keeps information moving at rapid paces-both true and misleading. Thus, it affects market performance and investor behavior greatly.

While social media, without any doubt, can increase the popularity of cryptocurrencies and their availability, it always has to be made sure that investors are well-informed and consider all necessary information carefully. Motivating one another with good research is the keyword behind having a successful crypto business.

Nowadays, social media plays an important role in the modern economy. Social media can be used to expose and promote a product. There are many stories of people becoming successful because of social media. It's the same as cryptocurrency. I think one of the things that makes cryptocurrency popular is social media. When the price of Bitcoin went up, it went viral on social media and people started trying to find out about Bitcoin. Just like when meme coins like SHIBA boomed in 2021 or PEPE went viral in 2024. Then after knowing the success of the two meme coins which could provide huge profits in a short period of time, many people were interested and tried to invest in meme projects or other cryptocurrency projects.

It's just the wrong understanding that people have lol. Even if it wasn't crypto, they would've been 100% scammed the same nonetheless. Crypto was simply used as a medium. I reckon if, say, some sort of "sale" was ongoing and they were offered a link to access, they'd still get scammed out of their money all the same.

Anw, onto social media, I highly doubt there's anything at all that has NOT benefitted from social media. This is regardless of how much negatives it has (or can spread/give). So if you were to compare everything, pretty sure in almost all cases, crypto included, social media has been more than a positive than a negative at all.

I think social media has been both a good and bad thing or cryptocurrency.  In one aspect it's create awareness that would likely have never been possible in such a short span of time, and there's something to be said for that.  It's at minimum introduced people to just hearing words like "bitcoin" which naturally leads to people being curious and to want to research. 

Then on the other hand sure, it's led to A LOT of scams, and the social media outlets have done a poor job of policing scam advertisements having to do with crypto.

Overall I think it's been a net positive.

Well most statistics forget the fact that there is no exclusive usage of social media. Even a Billion tiktok user use the internet to check webpages.
One can presume that every social media users also uses the www.

People don't go into social media to buy or take part of airdrops.

  

• As of 2024, there are approximately 5.16 billion active social media users worldwide, which is around 59.3% of the global population.
• Facebook remains the largest social media platform, with over 3.15 billion monthly active users.
• YouTube is the second-largest social media platform, with over 2.5 billion active users.
• Instagram has over 2 billion active users, making it the fourth largest social media platform.
• TikTok has surpassed 1 billion active users, becoming one of the fastest-growing social media platforms.

source: https://prioridata.com/data/social-media-usage/

Your clearly right and it's true that social media has done alot good to the crypto space possibly in so many ways and with that it has made alot of people have more trust in cryptocurrency.
It has made it easier for people to know the full content of what cryptocurrency is and how to go about it, you can imagine the widespread of information and knowledge about crypto through the help of social media platforms and alot of person's are already persuaded or seeing reasons of holding such currency's.

I enjoyed the fact that social media is one vast platforms that can spread information to a wide range of people, and just like Facebook that carries a weighty information, alot of people now get trust for crypto and want to explore around it's horizons, thus this is why like the ongoing airdrops everyone tend to participate cause they've seen the need for crypto.

Therefore, when we cannot control the content that comes, at least we must be able to coat or fortify ourselves so that in the end we are not carried away.

Most of what has happened to social media to date is that we are too carried away by the views of others because we are too swallowing what they show which makes not a few people affected by the wrong news.
This always happens a lot and indeed things like negative news about crypto, especially bitcoin, are also difficult to control because those who don't like bitcoin will always do several ways to make this look bad.

We just have to look at the news (even if it is negative news) it must be seen from several sides because in the end when we only look at the negative side it is likely to be difficult to survive here but on the other hand being too optimistic can also ultimately destroy yourself so it is important for us to continue to be able to choose and sort out what content we see on social media so that we remain subjective in assessing whether bitcoin is what those who say negative news say or just as a method to destroy beliefs about bitcon only.

This means that not always what is beneficial is not detrimental, social media makes information quickly conveyed to the corners of the world as well as the good and bad that comes with it, there are always pluses and minuses in an innovation that changes this world.

Social media will be very beneficial for people who are good at using it and he can filter all the fraud that occurs, and even become a place for people to make a living, on the other hand there are even people who fall into poverty because they are carried away by news on social media that makes them lose money, Social media brings crypto far more widely known by ordinary people in parts of the world I like it, it's just that fraud is also not small.

Social media amongst other digital media platforms are advanced communication tools that have been created to purposely aide individuals from interacting with one another in order to solve their day to day activities and problems. It is a medium that has come to ease as well as bridge the communication gap between people and help them network through the internet.

If this is  the role social media plays in the crypto world then one will be making a uninformed mistake to just go ahead and criticize the social media platforms. Rather what they would have done is to firstly critize the individuals out there with ulterior motives trying to truncate the peaceful transmission of information and communication within the cryptocurrencies space.

Most of these scammers are thieves in real life who are not able to steal physically. It is those individuals that are wrongly using the platform that create such image. So, it is good for the victims to understand this part and instead of doing the blame game, should learn harder on how to identify such crooks and shield themselves against their gimmicks and tricks.


The truth is, while it will be completely untrue to say, cryptocurrencies cannot exist without the social media platforms, it is still very important to mention the impact of the social media as a platform to the cryptocurrency. Without social media platforms, cryptocurrency would not have seen the massive growth it's recorded thus far. Today, we have seen how crypto airdrops have indirectly become like a campaign style to create awareness of people over the digital currency is unprecedented. Without social media platforms, this success won't be recorded within this short period of time .

Social media is just an instrument that is used in propagating for information regarding any digital project or coin like bitcoin, but in other way, we can say that we also have the two way benefits in which they both help or assist each other, because through the social media, we get in touch about every information needed about any cryptocurrency, while the crypto networks also help the social media with the required traffic in other for them to achieve their goal.