The recent launch of the Facebook Libra coin has generated a new wave of crypto adoption. Additionally, after subsiding ICO fever, the year 2019 has witnessed the latest trends in the crypto and blockchain sphere. This trend, namely Initial Exchange Offering(IEO) has now gained popularity and has further taken over the place of ICO in this market. Moreover, this year, we have also noticed an increasing number of stable coins and Centrally backed Digital Currency projects.
Throughout the various changes in all these years, the one thing that has remained the center of any crypto activity is the ‘Crypto Community’. They remain a crucial part of spreading the adoption of cryptocurrencies, promoting a new crypto project, as well as taking blockchain to the next level.
In the case of cryptocurrencies, this myriad of communities and sub-communities are distributed across multiple social media platforms, including but not limited to Twitter, Reddit, Slack, Facebook, Bitcoin Forum and most importantly Telegram.
Why is a Crypto Community Essential?
Despite its outstanding potential, the cryptocurrency and blockchain industry is suffering from a lack of professionals and well-established specialists. In the initial years, when blockchain startups and ICO projects started taking off, recruiting professionals specializing in blockchain could not be bound to geographical locations.
In such projects, building a team, with different dialects and various localities, became a substantial task. The team needed to be on the same page for product advancements. In such instances, arising modern platforms such as slack and telegram, have been extremely handy. This became the first advancement of building a strong crypto community.
Since then, the alliance has grown into a pretty big family. Now, this community is the backbone of any crypto project- big or small.
Spreading the Word Out through Crypto Community
The conventional methods of promoting a new crypto or blockchain project do not work for this industry. It is difficult to advertise or promote an ICO project on facebook when most of the audience does not even grasp what cryptocurrency is, much less ICO/IEO.
Furthermore, even the most reliable search tool (although advertising tool seems more appropriate) – Google does not work. The whole crypto niche only accounts for about 46% of the traffic from Google. While in the case of traditional saturated markets this figure comes up to be around 60%. More importantly, it is the only niche, whose primary social traffic source does not come from Facebook. Instead, Twitter and Telegram are the leading sources that drive most of the traffic for this specific niche.
The crypto association spread across the multiple platforms have proved to be an invaluable source in marketing a project, spreading brand awareness of a crypto exchange, or further promote applications of blockchain technology. The community which is spread across platforms like Reddit and Telegram is the key audience that is interested in such projects.
Naturally, the first round of advertising any new ICO/IEO involves promoting the startup or the product on such platforms. Telegram, the home to crypto-communities, is one such platform that has surpassed in bringing together individuals interested in the crypto niche across the globe. In fact, the medium absorbed nearly 350,000 users daily after its release and presently caters to more than 200 million users worldwide.
Among this tech-savvy community, it is no wonder that Telegram is one of the most effective ways to stay tuned to the crypto world. In response to the increasing number of users gaining their daily crypto dose from telegram, a number of different Telegram channels or groups have popped up. Some of the most popular channels include CoinTelegraph, IEO Pools, ICO Listing, and Coinspot. With the popularity of social communities, modern platforms, such as ICO speaks, have also evolved in an effort to connect the valuable crypto community of traders, investors, hodlers and crypto enthusiasts together.
Developments in Blockchain Eco-system Attributing to the Crypto Community
Through the years, of bitcoin and the rise of altcoins, the crypto community has played an active role in the success of the blockchain-crypto-sphere. Some of the activities and roles played by the engaging community are
- The success of any project is highly dependent on its adoption. The crypto community has directly or indirectly addressed this
- With an alignment of experts and professionals, it provides valuable feedback and critical thinking on blockchain projects.
- This association has been a vital source in promoting and marketing any crypto project.
- It has also played a crucial role in driving mass adoption in the field of cryptocurrencies by spreading awareness about blockchain and its applications.
- It becomes easier to share ideas and concepts with a group of like-minded and easy individuals, who believe in the same goals. In some instances, the community has even witnessed two unknown individuals teaming up to work on the same plan.
From our discussions, it is fairly evident that crypto groups and communities do play a huge role in the development of the blockchain ecosystem. It was said: “It is very useful to listen to the questions and comments in a Telegram chat: this is precisely the feedback you will need to help identify problems in your communication and related to technical documents.”
Whether it is discussing the pros and cons of Libra, detailing out discussions on the Tokoin project, or even helping out a developer figure out the glitch in its blockchain application- the community has engaged through all these years. It has been active in the face of cryptocurrency bans, news of frauds in crypto-exchanges, or the rise and drops in bitcoin price- this association has always vouched for crypto-adoption.
The crypto community truly is the backbone of blockchain and crypto-sphere.
Disclosure/Disclaimer: This article is paid for and produced by a third-party source and should not be viewed as an endorsement by ZyCrypto. Readers are urged to do their own research before getting involved with the company, goods and/or services mentioned in the above article.