Post
Topic
Board Economics
Re: Social media has benefitted Cryptocurrency, here is how.
by
icalical
on 08/09/2024, 04:27:48 UTC
I've seen people argue about how social media has been used to spread fake news about Cryptocurrency and someone even said it's killing Crypto cause lots of people have been scammed of their Cryptocurrency through links they come across on the media well my thought to that statement is that the media didn't force them to click on those links and they fell victim to scammers on the media due to ignorance or greed. Well even though the first statement might be right cause paid actors use the media to deceive people into wrong choices of crypto investments, however everything got it's disadvantage and benefits too.

 Well, humans are prone to react negatively to certain things especially when they're the victims and some have even blamed the media for their carelessness, however it may be, the media has it's benefits to Cryptocurrency and has caused a recent mass adoption of Cryptocurrencies be it Bitcoin or Altcoins. For instance, Cryptocurrency is the new trend when it comes to finance and one the fastest ways to know about new trends is the social media.

 Another instance is the airdrop fever, the airdrop have been ongoing for years now but social media through telegram and Ton blockchain has caused a mass participation of airdrops lately compared to previous times and to crown it all, telegram which is one of the biggest social media platform have even got their own exchange and wallet where it's users can easily purchase Bitcoin and other cryptocurrencies.

Social media seems as a two-edged sword because cryptocurrency scams are spread on it in a way. This is not just happening on Telegram and X; many smart phishing attacks and fake projects are also cropping up. Crypto scams going on in the past year have accounted for more than 1 billion dollars in losses, with 50% of the victims being social media users. The real thing going on here has more to do with the awareness of the issue and the education of the people rather than the platforms per se.

Remember that social media is a big booster for the adoption of cryptocurrencies. Social media channels do a big portion of them-yes, in the case of airdrops and interactions between users in various decentralized finance (DeFi) projects. Take Telegram for example, which implemented features like crypto wallets and exchanges that help users safely transact among them in as simple a way as possible. But the whole truth is that scams, of course, are a concern, yet really, social media has been more of a help in the crypto sector. To a large extent, it's rather about the person being smart about it.