FROM BITCOINS TO RETWEETS - THE DYNAMISM BETWEEN SOCIAL MEDIA AND THE NEW MOVE OF CURRENCY

Introduction

Over the years, Social media and cryptocurrency have been together like peanut butter and jelly. It is a dynamic duo that has revolutionized how we communicate, access information, and even handle our finances. The vision of a world where you could not only connect with friends and share memes, but also invest in cutting-edge digital currencies with a few taps on your phone, is now a reality. This is made possible? by the power of this dynamic relationship. The Internet being the central means of quick communication in this digital era has aided in projecting the becoming of cryptocurrency.?

As social media evolves into a monetary platform, the integration of decentralized finance (DeFi) elements has given rise to SocialFi (Social Finance). SocialFi leverages blockchain technology to allow users to interact, share, and engage in financial activities within social platforms. This new financial ecosystem encourages user participation through token rewards and decentralized governance, further bridging the gap between social media and cryptocurrency.

Social media platforms like Twitter, Facebook, Reddit, the latest, being Telegram have become the virtual market squares and junctions where the crypto community gathers. It is where developers meet investors, and where enthusiasts come together to discuss, analyze, and speculate on the future value of cryptocurrencies like Bitcoin, Ethereum, and the latest tapping games.?

Cryptocurrencies have also breathed new life into social media platforms, providing a constant river of engaging content and activity. Discussions, debates, and even memes about the latest crypto trends, next tap to earn program, keep users glued to their screens, driving engagement and revenue for these social networks.

?Cryptocurrency? From Where?

Cryptocurrency is a digital currency designed to work as a medium of exchange through a decentralized computer network. It is operated without any reliance on central authorities like governments or banks, using technologies like blockchain for decentralization. Cryptocurrency came into existence in the early 1980s when American cryptographer David Chaum introduced the idea of anonymous electronic money called eCash which was used as a micropayment in a US bank from 1995 to 1998. Following the creation of the eCash was the introduction of the? Wei Dai's b-money and Nick Szabo's bit gold in the 1990s.?

The limitations with the eCash, b-money and bit gold were their inability to solve the double-spending problem inherent in digital cash. While? eCash relied on a centralized authority, B-money and bit gold aimed to be decentralized, but never materialized into working prototypes. The early digital currencies were limited by the computing power and cryptographic techniques available at the time. These limitations in the early digital currency paved the way for the creation of Bitcoin in 2008 as the first decentralized, stable and long-lasting digital currency.???

Bitcoin was officially launched on January 3, 2009, when Nakamoto mined the genesis block of bitcoin, which had a reward of 50 bitcoins. The first open source bitcoin client was released on January 9, 2009, hosted at SourceForge. In the early days, Nakamoto is estimated to have mined 1 million bitcoins. Before disappearing from any involvement in bitcoin, Nakamoto handed over the reins to developer Gavin Andersen, who then became the bitcoin lead developer at the Bitcoin Foundation.?

Since the evolution of Bitcoin, other digital currencies such as Ethereum, Tether, Dogecoin, Ton have evolved with new innovations, thereby posing as competitors to Bitcoin, at the same time revealing the dynamism of Cryptocurrency.

Social Media and Digital Currency

? A decade ago, Social Media platforms were used to communicate with others, share ideas, create and build relationship. However, the tide has changed with social media emerging as a monetary platform, educating people about cryptocurrency by showing the latest trends in the digital market, as well as being the grand foundation where cryptocurrency exists. Cryptocurrency, as a component of web3, gives a decentralized platform where there is transparent interaction and transaction without the imposition of third party authorities like government or bank. With this decentralized feature, cryptocurrency can not exist in isolation, it needs the social media as its backup and carrier of its components. In fact, When it comes to cryptocurrency growth and popularity, social media has the most accolades.?

Social media is crucial for the development of Blockchain technology, as there is a daily increase in the number of people and businesses who are ready to invest in it. To fuel their interests, they use the social media to find the most crypto-news. With the latest SocialFi which represents the future of how we interact, earn, and invest within our digital communities, thereby creating more bonds between social media and blockchain technology.

Reddit, a social forum and one of the largest social media influencer networks, has been largely responsible for the major growth of Bitcoin. Crypto-analysts and experts are also found on the platforms, as they provide guidance and give up-to-date information to users.

Discord, another social media platform, has become a community for cryptocurrency lovers where users can engage in live discussions, ask questions and receive immediate feedbacks. There are also numerous discord servers dedicated to various cryptocurrencies, such as the r/cryptocurrency discord server, 58+Discord cryptocurrencies and crypto links. These servers serve as a wealth of resources where users find educational guides, market updates and trading signals from experts.

Yes, Discord truly brought the crypto community together, but X has greatly influenced the way we experience and interact with the world of digital currencies. X is like a digital town square for the crypto community, where everyone gathers to share their thoughts, opinions about cryptocurrencies. For example, the whole becoming and fame of Dogecoin starts from Twitter with the frequent tweets of X’s owner, Elon Musk which highly influenced the price movements and engagements.?

The most alarming of the social media platform is Telegram, at its creation, telegram appeared to be an inclusive messaging app where you want to have a secluded conversation. However, it is currently the trending platform for cryptocurrency with the Telegram Wallet and the recent tap-to-earn cryptocurrency games, like Blum, Hamster, Tapswap etc. Telegram also has its own blockchain project known as Telegram Open Network (TON) which aims to provide faster and more scalable cryptocurrency transactions.

So what extra does “crypto-social media” platform offer?

• Widespread Awareness: Social media platforms have played a crucial role in increasing global awareness and interest in cryptocurrencies. The quick sharing of information, news, and updates about crypto projects has helped onboard millions of new users.
• Community Building: Crypto-focused social media communities on platforms like Telegram, Reddit, and Twitter have fostered a sense of belonging and engagement among cryptocurrency enthusiasts.?
• Direct Communication: The interactive nature of social media allows crypto projects to communicate directly with their users, gather feedback, and address concerns in real-time especially in platforms like Discord and Reddit.?
• Crowdfunding and Fundraising: Social media has enabled crypto projects to raise funds through Initial Coin Offerings (ICOs) and other token sales by reaching a global investor base. Telegram is a perfect example for these fundraising activities.
• Adoption and Integration: The integration of cryptocurrencies and blockchain technology into social media platforms, such as Telegram's TON network, has the potential to drive further adoption by making crypto more accessible and user-friendly for the mainstream.

So, what is the take home?

Social media has been a powerful catalyst for the growth and mainstream adoption of cryptocurrencies by facilitating awareness, community building, marketing, communication. Although it has its limitations as? some also use the same media space for fraudulent activities and misinformation. Despite this shortcoming, one can not underrate its huge significance in the rapid growth of cryptocurrency.