Social media plays a huge role in our lives. Cryptocurrency is also influenced by various popular platforms. Read how they affect altcoins such as DasCoin.
The Affect of Social Media on Altcoins like DasCoin
In the recent years,engaging with social media has become a daily event. A study conducted in 2017 gave a surprising insight, stating that the average teen now spends five years and four months of their life on social media platforms.
It is no surprise that the crypto world has also joined in on the social bandwagon. Bitcoin was made popular in the cyber world by forums and platforms like Bitcointalk.org, P2P foundation, and IRCs. Satoshi Nakamoto gave his first insights and even promoted the first sale of bitcoin through those channels.
Social Media Platforms for DasCoin and other Altcoins
Having a good social media presence is essential for cryptocurrency projects. Various online social media platforms like Facebook, Twitter, Reddit, Slack, and Telegram serve as an entry point for altcoin organizations to connect with and engage with their audiences. New crypto projects use platforms like Slack and Telegram to ask their followers for answers. These platforms also serve as an entry point for the Initial Coin Offerings (ICO) of many new projects.
The Reddit forums have been highly influential in the success and failure of several altcoins. Many tech experts scrutinize a coin after its release. This has led development teams to rely on social influencers to promote their coins.Several altcoins, like Dogecoin, are the perfect example of development team which fully utilize a social media platform.
Online Forums and Interactions between Community Members
Online forums and discussion groups are the perfect places for getting key insights on the coins you are looking to get involved with. When there is a good amount of activity happening on a forum regarding a particular altcoin, it is most probably on a bull run. Hence, social media can be used to predict the future market value of altcoins such as DasCoin.
Have you ever seen a coin’s value decrease as soon as negative news hits it? Since spreading information makes the coin’s value very volatile, some social media applications try to use cryptocurrencies to reward people for spreading information. New cryptocurrency projects always use influencers to portray a sense of trust for their coins.
Blockchains for Social Media
The blockchain is being tested for use in almost every industry. It is currently being tested to replace centralized platforms, like WhatsApp and Facebook, with networks that are very secure and decentralized. Steemit is one particular platform that is built on a blockchain. It is possible to create online communities on Steemit. Steemit users get rewarded for posting information. The amount of steem power tokens received is based on the number of up votes the post receives. Synereo is another social media platform which rewards its users for sharing and posting information.
Social media has a heavy influence on altcoins like DasCoin. This trend is not going to stop, as many upcoming projects and blockchains aim to use social media as a channel for connection and engagement. Online discussion forums always play an important role in increasing a coin’s initial value. It sets up an ecosystem for the coin users to interact with one another and the development team. In the near future, platforms which run on blockchain technology might inherit Facebook’s popularity and gain a strong user base.