4 Ways Social Media Is Affecting the Cryptocurrency Market

We live in a digital age, where most of our work is based online, and at the speed technology advances, it seems that this trend is not going to end any time soon. Phones, tablets, laptops, iPods, no matter the device, we all use at least one of these things, and in most cases, we use it to check, look, or post something on some social media platform. It all started from Friendster, and when Facebook arrived, we were ready to embrace this new way of communicating and sharing an opinion. But, everything evolves, and with time, social media platforms became an excellent way for promoting all kinds of businesses, and they also became a significant part of digital marketing.

Today, no matter if someone uses Instagram, Snapchat, TikTok, Facebook, or even blog, what we can all see and what we cannot avoid are numerous ads. No matter the topic, there is an ad for everything, and since every platform keeps track of what we search for, they offer the ads based on precisely that, our search. But all that was possible solely because of one single fact, and that’s the time we spend online. Various studies on this topic confirm that an average person spends around 3 hours per day online. Sounds like too much? Well, just ask yourselves how much of your free time, or while waiting in line in a bank or a restaurant, you spend browsing and checking what’s new?

The influencer has become the most popular job, and even though the term is only been active for a couple of years, there are thousands and thousands of influencers. Liking, commenting, sharing, and, of course, subscribing are all the terms that today have a much different meaning than just a couple of decades ago. Nevertheless, the impact social media platforms have on the global market and our society overall is immeasurable, which is why it’s nothing strange that they also have a tremendous impact on the cryptocurrency market. Wonder how social media is affecting cryptocurrencies? Keep reading as we will further discuss this topic.

1. Simpler payments

Source: Cryptocurrency Hub

A social network started as something where we can share our photos or opinions with friends and family, but it becomes much more today. As it was improving, it became necessary to add payment methods for many reasons, and probably the most important one is promotions that social media offers to us. That means promoting our posts so more people can see them, which can be significant for those who are running some business or simply want to attract more followers. In the beginning, these payments were complicated, and it was necessary to find a better solution and add more payment methods so every person can find the one that suits them the most. Adding the possibility to make a transaction by using cryptocurrencies was a great improvement of social media since many people use cryptos on a daily basis and find them much safer and easier to use than using fiat money.

2. Better security

Source: Open Access Government

It is well-known that cryptocurrencies use blockchain technology, but many are still not sure if it is secure or not. Well, if we think a little about that, we will see that many social media accounts are often hacked, while our crypto wallets are much harder to hack, so it can tell us that blockchain technology is much safer than other technologies used for social media. It is also the fact that social media collect data and information about their users and sell them to the company that offers the highest bid. Many people are not familiar with sharing their personal information, but if we read the terms and regulations carefully, we will see that we agreed on it when we created the account. The situation with crypto-based social media is different, and our data are safe with them. Because of that, many people are switching to crypto-based channels and use them without fear that someone will know everything about them and their habits.

3. Popularization

Source: BTCManager

With the advent of the Internet, people created forums where they can share their opinions and debate about different things. Today, we do not use forums that much as we did before, but we are doing the same thing on every social network, which is almost the same. Each opinion counts, and it is affecting the price of cryptocurrencies since positive critics are raising their prices while the negative ones lower them. Social media has a huge impact on creating public opinion and can change it by telling people what to think. Since many people are using these media, cryptocurrencies must have a good reputation to survive in the market.

4. Education

Source: B&T

We already saw how big is the impact of social media on people around the world and how it can change the price of cryptocurrencies, but we will now focus on one big benefit. A social network can also be a perfect place to share news and stories from the crypto world, which can be helpful for those people who are still not familiar with them. In that way, they can educate themselves and learn more about the subject they are interested in, but they are maybe too shy to ask someone. The information is crucial and having the right one can help us a lot to navigate the crypto market, and social media can give us that.

Final thoughts

Well, even if you haven’t believed us before, now you understand just how great of an impact social media has on the crypto market. When we take a look at the facts, we can see that the number of social media users and people who are involved in crypto trading, especially Bitcoin trading, is vast, and it makes perfect sense that people on these platforms set trends that can affect even the largest global issues and topics. Trading BTC via renowned and popular trading platforms like immediatebitcoin, has for some time been the best way to make the most out of your investment, and with predictions that its value will only go up, this trend will last for quite some time.