Social media is a big part of our lives, and the existence of these platforms has bolstered cryptocurrency in a unique way. A lot of Bitcoin’s value derives from how we envision it within the depths of the internet. The advent of social media has pushed this value further with forums, Facebook, Twitter, Internet Relay Chat (IRC),Telegram, Slack and many more. Also read: SatoshiLabs Shows Off Trezor 2 Prototype
The Early Days
When Bitcoin first appeared, many people talked about it in IRCs, mailing lists and forums like Bitcointalk.org. These online meetups were often where people first heard about digital money in the early days.Satoshi Nakamotoused these forums to spread the first adoption and discuss how to manage the network. These social media hotspots became the first breeding grounds for Bitcoin.
Satoshi used forums such as the P2P Foundation , Bitcointalk.org and Linux Foundation lists to discuss his new idea. The first “sale” — two pizzas delivered for 10,000 BTC — happened on a forum. These sites often saw people trading bitcoin for the first time, implementing new ideas, and spreading the technological innovations further.
Another extensive directory of computer activists was the Cypherpunks Mailing List . The list of associated members began in 1992 discussing computer science, the advantages of cryptography and software use-cases. By 1997, over 2,000 subscribers read the list regularly, discussing various ideas, including encrypted chat and electronic currencies .
Today’s Social Media Influence
Today, Bitcoin is a global phenomenon and you can track its exponential rise on several more social media platforms. Now, users on Facebook, Twitter and Reddit discuss cryptocurrency on a daily basis. Significant announcements and discussions take place in these online forums. As a result, the value of cryptocurrency solutions is way more prominent.
Even development teams and cryptocurrency projects operate their platforms around social media. Bitcoin developers, altcoin teams, Bitcoin businesses and news outlets, to name a few, run their organizations with Slack and Telegram . This environment has created a different kind of atmosphere, with teams working from around the globe remotely. Many of these crypto-workgroups are working in a holocratic fashion, and this atmosphere has changed how businesses operate.
Reddithas been a huge platform for the cryptocurrency crowd for quite some time. While visiting subreddits, users see daily news concerning virtual monies and blockchains. From mainstream news to crypto-specific publications , there’s always a steady stream of stories about the industry. Lots of these articles find their way throughout the hallways of many other social media platforms as stories get shared.
Social Media Pushes Initial Value, But in Time These Forums Will Change Too