The Relationship between social media and Bitcoin - page 5.

serjent05

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Basically, what I'm trying to say is that social media is powerful,and its high time we understand that no matter how good or bad a post is,it has the potential to affect the market. Possibly, I believe social Media will play a significant role in Bitcoin's promotion, indulgence, maturation and exposure because of it's educational power.

It is not news that social media is powerful. It is the platform of where people gather online, so any promotion using social media will be easily broadcasted to all users especially if the promoter pays for exposure. Social media had already played a significant role not only in promotion but also in the marketing of the Bitcoin industry.

goldkingcoiner

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Quote from: Bruce4 on June 28, 2023, 10:39:29 AM

Social media affects our lives in massive ways,in how we connect with our friends,the news we get,the interest we all share and possibly to actually kill time.so it's not surprising that the things people share on social media can affect the way things happen in the real world.
However,social media impacts has reached greater heights by the massive and increasing influence that it has on digital currencies like bitcoin.
The relationship between social media and bitcoin is expanding in exciting ways in terms of adoption,position,price/value and even the popularity.it is used to convey information about the crypto world,as well as to promote the content about cryptocurrency.What people are saying on social media can trigger or encourage someone to participate by wanting to trade,mine, or invest in bitcoin.
It started from the forums that discussed cryptocurrency’s humble beginnings. Now, it makes headlines on our favorite social media apps. With popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) reaching all-time highs on a regular basis, it isn’t at all hard to believe that these digital currencies are trending. Trends on social platforms can influence investor behavior, leading to price rises or perhaps drops. For example,an announcement from Elon Musk that Tesla had bought $1.5 billion of bitcoin and that they would be accepting bitcoin for purchases caused the price of the currency to hit an all-time high.
Social media has the potential to affect bitcoin positively, but it can also have negative consequences, causing both large rises and falls in price.Perhaps,it is the first place people go to when they want the latest news on bitcoin;you see them in places like Twitter,Reddit and Youtube.They want to know what people are talking about and what the next big thing is.
Basically, what I'm trying to say is that social media is powerful,and its high time we understand that no matter how good or bad a post is,it has the potential to affect the market. Possibly, I believe social Media will play a significant role in Bitcoin's promotion, indulgence, maturation and exposure because of it's educational power.

Bitcoin does not need social media but it does need the social interaction between humans, and social media is a very useful modern tool for that. So yes, the so called intrinstic properties of Bitcoin, especially its value, do get inflated thanks to social media bringing more attention to it.

I think that a combination of social media and finance is a double edged sword though. There is too much misinformation, too many scams and too much manipulation of community thought.

This is, I believe one of the many reasons why 2017 was the year when ICO scams started booming. Anyone can buy 100k followers and make it look like their company is making huge profits, just to lie to potential investors.

Wimex

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Totally true, social networks caused a great impact on basically everything. What someone important comments or thinks influences the reaction of other people who see that publication. This is how today's society is, everything revolves around the Internet, and its use has been modernized so much that even the news that was distributed every day in what is known as a newspaper was disseminated through it. And despite the fact that it can have its disadvantages and misuse, it is not so bad, because, for example as you say, this is how bitcoin was able to reach more people and it is through this means that it continues to be discovered. ,I have been quite surprised by the amount of news that talks about the incorporation of this asset, and what happens to its value. The network reaches every corner of the world, and that must be taken advantage of, the more influences speak about this incredible currency the more demand we will have and therefore bitcoin will become stronger.

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Quote from: KingsDen on June 29, 2023, 05:18:23 AM

I have stopped seeing social media like one arbitrary or imaginary creation existing. I am now seeing social media as a house holding billions of people together and those billions of people is the market everyone seek for. If you can create an online community that believes you and your brand, that is your market.
So, social media helps bitcoin adoption, it is the highest tool bitcoin has utilized in her adoption journey.

Yeah I think social media is great tool for marketing and promoting oneself or brand. But a lot of people see social media as a place to post nice things and luxurious lifestyle, they neglect to monetize their online presence and activity. Social media has definitely helped bitcoin adoption in its own way, even if the news about bitcoin hasn’t always been positive, and the intent may have been to paint bitcoin in a bad light, bitcoin has become a household name, like they say “any publicity is good publicity”.

isaac_clarke22

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Quote from: Bruce4 on June 28, 2023, 10:39:29 AM

Social media has the potential to affect bitcoin positively, but it can also have negative consequences, causing both large rises and falls in price.Perhaps,it is the first place people go to when they want the latest news on bitcoin;you see them in places like Twitter,Reddit and Youtube.They want to know what people are talking about and what the next big thing is.
Basically, what I'm trying to say is that social media is powerful,and its high time we understand that no matter how good or bad a post is,it has the potential to affect the market. Possibly, I believe social Media will play a significant role in Bitcoin's promotion, indulgence, maturation and exposure because of it's educational power.

You got a point there, Bruce4, but the problem is the reaction of people to social media where they rely too much into it. Remember that everyone has their own freedom to create any sort of news around social media whether it's paid or not.

And this is why when it comes to crypto, I usually steer clear of social media sites. I still have some couple of pages related to crypto news followed there, but I almost always take it with a grain of salt.

Quote from: KingsDen on June 29, 2023, 05:18:23 AM

I have stopped seeing social media like one arbitrary or imaginary creation existing. I am now seeing social media as a house holding billions of people together and those billions of people is the market everyone seek for. If you can create an online community that believes you and your brand, that is your market.
So, social media helps bitcoin adoption, it is the highest tool bitcoin has utilized in her adoption journey.

Kinda same and that's why I stopped interacting with people there. Can't relate to most of those rich guys there. Cheesy

KingsDen

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Op, if you are following this post, try to write in segments so that it will ease the eyes to read. I read your write up with scanning pattern because the formatting is not pleasant to the sight.

I have stopped seeing social media like one arbitrary or imaginary creation existing. I am now seeing social media as a house holding billions of people together and those billions of people is the market everyone seek for. If you can create an online community that believes you and your brand, that is your market.
So, social media helps bitcoin adoption, it is the highest tool bitcoin has utilized in her adoption journey.

mindrust

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People that have business-oriented minds see social media a lot differently than the regular folks. Most people see social media as a way to make new friends… but, it is also a great way to promote sales. Having a social media account with thousands of active followers is like having a restaurant at the heart of a big city. You will simply print money. So if you have a good crypto-related product, social media is the #1 way of attracting potential customers. However, Quality don’t come cheap. You have to work real hard to build a social media account or you can pay Zuck and he will make an ad for you.

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Quote from: Fiatless on June 28, 2023, 11:09:27 AM

Social media have been a channel for the advertisement of bitcoin and other crypto. This is why the majority of people involved in crypto are mostly youth. The youths are very active on social media and they are more open to new ideas. We are aware social media is used to spread the good and bad. It has also been a platform for the spread of FUD and scam projects. Hackers use social media to spread viruses and other harmful applications. But we can not deny that the social media have been very helpful to the industry.

One area that social media have affected the industry positively is the area of Bitcoin education. YouTube is now a center to get quality information about Bitcoin and other coins. There are also good classes or lectures on other social media platforms. We also have different helpful forums and communities that have also contributed to the growth and development of the industry. But we should always verify the information we get from these platforms because some of them are highly deceitful.

But in reality the most of youtubers these are getting paid and they don't actually talk about Bitcoin but the altcoins or new projects coming up they are trying to promote no matter how much people lost after that.There are some other resources to learn from instead of getting influenced by them.I would say there are knowledgeable videos also present there but you would have to filter them out and check what they are saying instead of blindly following them up.

ImThour

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If you follow Crypto Twitter, you will realize that the big whales and players with more followers move the market on the way they want it to be. They open short position and share it within their groups with thousands of people and each of them open position shortly after, making the OP huge profits on each trade and then they say they knew it. It's crazy. I wish I had 100k followers so I could do the same xD

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Quote from: panganib999 on June 28, 2023, 06:42:39 PM

Quote from: bittraffic on June 28, 2023, 10:52:05 AM

The ICO guys learned all these a long time ago and they have been promoting new projects on social media sites. It's only now that regular people heard of BTC on mainstream media where BTC is now validated as a real investment. Social media serves as a platform for marketing projects.

Most probably most people heard BTC for the first time on social media, not on TV or radio. The generation today doesn't even watch or read news on news sites but on social media.

I’ve stumbled upon bitcoin not on a social media site but something that is close enough. Gathered enough information about it, and from there my cryptocurrency journey commenced. While I strongly believe that social media’s still the best avenue for people to learn about bitcoin, especially nowadays when bitcoin’s more prevalent in social media like Facebook and twitter, I believe that any other medium as long as it conveys the point across nicely will still be as effective as any other method there is.

Social media could be the place where the new generations will most likely encounter some information about bitcoin, but I do not think that is the best place to learn about it, after all social media is full of misinformation about all topics and the same is true for bitcoin, while at the same time social media websites are full of scammers and bots promoting all kind of coins which could very quickly deviate a person from bitcoin into shitcoins, and make them lose a massive amount of money this way.

Ale88

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Quote from: Bruce4 on June 28, 2023, 10:39:29 AM

Basically, what I'm trying to say is that social media is powerful,and its high time we understand that no matter how good or bad a post is,it has the potential to affect the market. Possibly, I believe social Media will play a significant role in Bitcoin's promotion, indulgence, maturation and exposure because of it's educational power.

For sure social media have a lot of power and influence because there are a ton of people who just blindly follow their idols, so no matter the shit they suggest, they are going to do as they say. The problem, for this kind of people, is that they can't make money out of bitcoin so usually they prefer to "suggest" some shitcoin that is clearly a scam. Very few people actually do a good job promoting bitcoin, all the others have some kind of conflict of interest and they just want to make as much money as possible.

panganib999

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Quote from: bittraffic on June 28, 2023, 10:52:05 AM

The ICO guys learned all these a long time ago and they have been promoting new projects on social media sites. It's only now that regular people heard of BTC on mainstream media where BTC is now validated as a real investment. Social media serves as a platform for marketing projects.

Most probably most people heard BTC for the first time on social media, not on TV or radio. The generation today doesn't even watch or read news on news sites but on social media.

I’ve stumbled upon bitcoin not on a social media site but something that is close enough. Gathered enough information about it, and from there my cryptocurrency journey commenced. While I strongly believe that social media’s still the best avenue for people to learn about bitcoin, especially nowadays when bitcoin’s more prevalent in social media like Facebook and twitter, I believe that any other medium as long as it conveys the point across nicely will still be as effective as any other method there is.

alastantiger

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Quote from: bittraffic on June 28, 2023, 10:52:05 AM

Most probably most people heard BTC for the first time on social media, not on TV or radio. The generation today doesn't even watch or read news on news sites but on social media.

Social media has played massive role in bitcoin adoption, price, policy changes in countries, regulation and so on. We cannot underestimate the power of social media. It has been used to spread both correct information and misinformation about bitcoin. It was through social media that we saw real example of people who make it through bitcoin. Social media has created one of the largest bitcoin communities for networking and others. And it is the best platform to catch up on the latest with bitcoin. It is very powerful. Even the government knows it.

Asiska02

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Your points are valid and I agree with all what you’ve said about the relationship between social media and Bitcoin. In this 21st century, no business have thrive and gone far beyond imagination without the help of the social media platforms. It has create a more enabling environment for people to advertise and sell their products instead of being dependent on mainstream media outlets.

The level of dissemination of news on social media has gone far that it reaches millions of people more in seconds and can be directed to a particular demography through sponsored posts on those social media platforms. The disadvantage still remains that it can also be used as a tool to spread incorrect and misleading news where those platforms cannot authenticate how genuine the news are before allowing them to go viral.

ChiBitCTy

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Social media is both a blessing and a curse when it comes to cryptocurrency. I'm not sure which it's more of though, however. It's great because it's how word spreads, and how so many people simply first heard about "bitcoin/crypto". That said, most of the information out on social media about bitcoin and crypto is straight trash. I can't imagine having educated myself about bitcoin through Twitter or Facebook. This is where all that bullshit like bitconnect gets built up.

It's a catch 22 I suppose.

mendace

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I absolutely agree, without social media Bitcoin and all other Cryptos in general would be short-lived. Do you think that to make Bitcoin known, we moved from a mailing list to a forum to expand the public, then there was the advent of Telegram and Twitter, Reddit, Instagram... social media have contributed and will continue to contribute to growth of Bitcoin on the other hand is the only way of communication to the mass.

RewFrew

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There are big relationship between social media and Bitcoin i believe it.Because i think social media is strong part for Bitcoins rise up. Not only Bitcoin all cryptocurrency spread world wide speedy for social media. Cryptocurrency companies are promoting currency on social media. We know Bitcoin has been promoted in many social media so many people knows about bitcoin and they investing on Bitcoin. Twitter and Instagram are mostly using to promote Bitcoin. Many big big influencer are promoting Bitcoin and other currency on their social media platform so Bitcoin and other cryptocurrency begin popular speedly

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Quote from: bittraffic on June 28, 2023, 10:52:05 AM

The ICO guys learned all these a long time ago and they have been promoting new projects on social media sites. It's only now that regular people heard of BTC on mainstream media where BTC is now validated as a real investment. Social media serves as a platform for marketing projects.

Most probably most people heard BTC for the first time on social media, not on TV or radio. The generation today doesn't even watch or read news on news sites but on social media.

I think they're still utilising social media like Twitter to shill tokens, but what marvels me is the activities happening on the accounts. They run bots on their tweets, you can see an account of 9k followers hitting 100k likes in almost every tweet. They've taken over the #bitcoin. When I looked up bitcoin on the search bar all I could see was tweets with massive impressions, looked them up and found the accounts were fake and bots, I don't think Elon musk is eradicating bots in any way. It marvels me how these crypto projects manipulate twitter to con naive people.

rachael9385

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Quote from: Fiatless on June 28, 2023, 11:09:27 AM

Social media have been a channel for the advertisement of bitcoin and other crypto. This is why the majority of people involved in crypto are mostly youth. The youths are very active on social media and they are more open to new ideas. We are aware social media is used to spread the good and bad. It has also been a platform for the spread of FUD and scam projects. Hackers use social media to spread viruses and other harmful applications. But we can not deny that the social media have been very helpful to the industry.

One area that social media have affected the industry positively is the area of Bitcoin education. YouTube is now a center to get quality information about Bitcoin and other coins. There are also good classes or lectures on other social media platforms. We also have different helpful forums and communities that have also contributed to the growth and development of the industry. But we should always verify the information we get from these platforms because some of them are highly deceitful.

Yes you are correct mate, social media is the most easiest place to learn about Bitcoin and other things, platforms like YouTube, Instagram, tiktok, and a lot more talking about YouTube, many things are been learnt over that social media platform you can learn how to cook, watch football highlights, watch how to buy Bitcoin and other crypto currencies, a thousand of people recently know about Bitcoin through advertisement from social media, if we observe very well, we will know that those places were people doesn't know about Bitcoin are the locality that does not have a good network system and this is make Bitcoin to spread slowly is those areas.

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Quote from: SmartGold01 on June 28, 2023, 12:01:38 PM

Social media also affects newbie's investors meaning they might get a fake news on media thinking it's an automatic information, like for an example, a famous influencer tweets about a particular coin and tokens people might rush to buy such token or coin without knowing that it was just a trap planned for people to fall prey, after they might have invested heavily the project may end up sinking leaving people with regret.

Exactly social media is a place where scams are spread easily because if the gen z are lazy to actually varify anything and the problem is they idolizes this so called investors and once a promotion is spread through it, they accept it just like that. I would say social media has help the circulation of news or growth of technology but one area it is hurt is the area where new generation are becoming more lazy for research which makes it easier for Ponzi schemes to grow.

Quote from: KiaKia on June 28, 2023, 12:03:19 PM

Instead of doing your own research on anything you decide to listen to people and make decision on what you are been told, it's the same way the media is brainwashing the masses, it's the same way religions are use to put millions of people in sleeping state where they don't know what's going on and yet same religion is the cause of major wars happening in the world since years ago.

I don’t blame social media base on this effect but rather the people that fall into this trap. Even when it wasn’t rampant scam projects or Ponzi schemes where spread because people are just greedy to get rich quick not that they don’t varify information but they just want to try them out and that is why there various crypto scam projects are continuing to be developed and still get investors. Take this forum for example upon all the efforts spread for people not to engage in deals with some forum members you still find people being scammed by those users simply because of greed.

Quote from: Bruce4 on June 28, 2023, 10:39:29 AM

However,social media impacts has reached greater heights by the massive and increasing influence that it has on digital currencies like bitcoin.

I would say social media has had great impact on just spreading awareness of cryptocurrency and has impact on Altcoins because of the Airdrops, ICO news spread there but as for bitcoin they certainly do not have any impact rather it spreads just short term FOMO or FUD. The likes of Musk can’t impact a bull run on market just like you started this things they do is just FOMO. Most of these social media influencers buy bitcoin during halving period because they know it is going to pump and most people think it is them impacting the price.

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