The impact of social networks in our daily lives is undeniable. According to various reports, more than half of the world’s population use at least one social media platform. Cryptocurrencies have the closest relationship to such networks, as the entire industry constantly thrives or declines based on interactions from websites such as Reddit and Twitter.
Moreover, social networks can also provide invaluable content knowledge and entertainment. Best of all, most of this information comes at no cost, and you usually don’t need some specialist comprehension to apply it.
It’s a no-brainer that any serious crypto investor will be part of at least one social network. Therefore, this article will cover the best social media networking services and what makes them distinct from their competitors.
Reddit has long described itself as ‘the front page of the internet,’ and rightfully so. The platform is one of the most visited websites and popular social media sites on the planet. It was founded in June 2005 by Steve Huffman, Alexis Ohanian, and Aaron Swartz, who were roommates at the University of Virginia.
Reddit is one of the really unique social networks for several reasons. Nicheness is perhaps the platform’s defining feature, which isn’t found on many other sites.
You can find a subreddit on a seemingly unpopular topic with immense devotion on Reddit. Alternatively, you can join some of the most popular crypto forums with hundreds of thousands or millions of subscribers like r/Cryptocurrency, r/Bitcoin, and r/SatoshiStreetBets.
Another defining feature of Reddit is the strong volunteer-led moderation, a quality that is lacking on other platforms like Twitter and Facebook. ‘Mods’ ensure the quality posted on a particular subreddit is of the highest standard, strictly aligns with the purpose of a specific group, and removes as much spam as possible.
Moreover, Reddit is far less ads-driven than other websites, another element making the site more pleasant to navigate.
Medium is less of a community-based network like Reddit but more of a blog publishing platform. Still, it deserves a place on this list as it has many social networking elements you’d expect elsewhere.
Medium was founded in August 2012 by Evan Williams, a successful internet entrepreneur most popularly known as Twitter’s co-founder.
While not nearly as popular as other so-called social networks, Medium is a jewel for high-quality long-form content on virtually any topic you can imagine, including cryptocurrencies. The platform consists of primarily user-generated blogs where you dive into the most dynamic opinions and knowledge.
Most writers on the site participate in the Medium Partner Program, which rewards them based on the engagement generated by their readers. This alone provides enough incentive to ensure their writing is impeccable.
Secondly, there are no ads on Medium, allowing the platform to focus strictly on journalism. While you only pay $5 monthly to have unlimited access to Medium’s stories, this social network is a gem and well worth the subscription.
When it comes to online video sharing and streaming, YouTube is king. The platform is currently the second-most visited website after Google. It was founded in February 2005 by Steve Chen, Jawed Karim, and Chad Hurley.
Whether you’re a beginner in cryptocurrencies or a highly knowledgeable person, you will have watched one YouTube channel at some point. The main reason to be on YouTube is a given: video content is more engaging, rich, and memorable than text-driven content.
You can find both short and long-form user-created material ranging from breaking news to doccie-like video clips. As with most social networks, the content on YouTube can be highly educational and amusing.
Like Medium, creators also have a monetary incentive to publish the best possible information that viewers will find insightful and applicable to their crypto investing journeys.
Since its official launch in July 2006, Twitter has become the mainstay of social networks globally. The innovative service was created by several co-founders, namely Biz Stone, Evan Williams (who we mentioned with Medium), Noah Glass, and Jack Dorsey.
Dorsey is the most well-known of the lot and a strong crypto advocate, meaning that the relationship between Twitter and digital currencies is inseparable. Twitter is a pioneer in microblogging, making it arguably the best for finding the most viral breaking or trending news in virtually all industries.
Because tweets are limited to 280 characters, the information is more quickly disseminated where users need to powerfully deliver their message using the least amount of words.
With the recent acquisition of the brand by Elon Musk (another massive supporter of cryptocurrency technology and one of the most followed influencers on the site), Twitter will become even more impactful in this industry.
Quora is rarely a name mentioned in the top social networks, but this doesn’t diminish its dominance and usefulness. This American-based networking service was launched in July 2010 and founded by Adam D’Angelo and Charlie Cheever.
Quora is a Q&A website described by many experts as an online knowledge market. While Quora recently introduced Quora+ (a paywall-style, ad-free blogging platform similar to Medium), the site is largely still focused on posts generated by questions and answers anyone can view and comment on for free.
This quality makes Quora different from other social networks as it’s a hub where you can ask a question and, nine times out of ten, have someone answer it for you. Such answers come from personal experiences and expert knowledge and can be pretty short or long.
Thus, Quora is perfectly built for knowledge sharing with many dedicated groups across a wide selection of topics in the crypto industry.
The GameStop short squeeze was instigated by traders on the WallStreetBets subreddit. Elon Musk posted several tweets in 2021 that influenced the price of Bitcoin. Moreover, indicators like the Crypto Fear & Greed Index consider mentions platforms like Reddit and Twitter to compute their readings.
Ultimately, these are some examples illustrating the unquestionable impact of social media on cryptocurrencies, meaning you should be part of at least one of the platforms discussed in this article.