Social media can not be overlooked in this modern-day world. It has played vital roles in many ways from advertising to information dissemination, makings friends and connecting worldwide, etc. To the best of my knowledge, social media seems to be the outstanding means of promotion in this current day dispensation for instance, most projects that rose to stardom did promote their projects here, and virtually no project would testify of not using social media trying to build their product and community. Social media is the next to reaching out to the followership of every project through the constant update and also fielding questions from prospective clients and possible consumers and end users.
I am of the opinion that social media played a good role in announcing the presence of Bitcoin's inception. If a survey is to be done now on how people got to know about Bitcoin I believe the majority of the response would definitely point towards social media as their first encounter before possibly being told about it by a friend or family member. I myself am a witness to it as I had a similar experience as I initially explained. Moreover, exchanges did their promotional content on social media which also incorporates the exchange and swap of native tokens, fiat, and other currencies for bitcoin. All this awareness was done through social media. Which I believe they saw as a strategic marketing tool for letting the world know about their presence and the services they rendered which also includes bitcoin trading and storage.
Although there are other negative aspects of it too which has caused more harm than good in the society. FUDs, Scams, Hate speech, etc have been brought to the detriment of the masses through social media which has not gone down well with many. Lives were lost and properties destroyed as a result of social media hype. All these put together are also effects of social media in the world today.
Indeed, social media has been a key player, but let's not forget the transformative tech at Bitcoin's heart – blockchain. Its potential stretches far beyond just digital money. Like social media, Bitcoin democratizes power and nurtures worldwide links, painting a picture of our interconnected digital age.
Exchanges smartly utilized social media's broad reach, enticed by Bitcoin's glittering prospects and the exciting rush of trade. The blend of high-tech and easy access was too alluring to resist.
However, every silver lining has a cloud. The negative aspects you've pointed out are the unfortunate flip side of social media. These challenges arent exclusive to Bitcoin or blockchain. They mirror wider societal issues. Lets not let these cloud the hopeful future that Bitcoin and blockchain herald.