One of the foundations of cryptocurrencies are cryptocurrency communities. These communities exist on online messaging platforms and are made up of like-minded people investing in one cryptocurrency or another.
Crypto communities play an important role in promoting cryptocurrency and blockchain technology. They also play a vital role in driving mainstream cryptocurrency adoption. Here’s how they work, what they look like, and why they’re so important.
What are crypto communities?
Crypto communities are dedicated groups of people with a common interest in learning about cryptocurrencies and blockchain technology. This is aimed at building a cryptocurrency-related initiative, becoming a thought leader in the cryptocurrency industry, or investing in cryptocurrency.
These communities provide a platform where anyone can learn about cryptocurrency/blockchain, discuss the latest developments in the industry, and exchange relevant ideas or opinions. Conversations usually revolve around the latest cryptocurrencies/tokens, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and Web3.
Crypto communities can be found on popular online messaging platforms, with conversations happening 24/7 as participants come from all over the world with different time zones.
One of the first known crypto communities is bitcoin talk. It is where the acclaimed founder of Bitcoin, Satoshi Nakamoto, shared ideas with other developers on the formation of the pioneering cryptocurrency. Since then, crypto communities have evolved, with different communities available for newbies and experts in the crypto industry.
Why are crypto communities important?
In the founding days of cryptocurrencies, only a small group of people understood its concept and potential to be a revolutionary alternative to traditional financial systems. These groups of people were mainly software programmers interested in the idea of a digital currency without borders or central control.
Crypto communities have evolved since those days and now have various categories to cater to all groups of people. The most popular type of crypto community is formed around a cryptocurrency that already exists or is about to be launched.
Other communities often fall into one of these categories:
- Informational communities where anyone can learn about cryptographic/blockchain technology
- Investment communities where tips on cryptocurrencies with lucrative potential are shared
- Development communities with conversations revolving around how to improve blockchain technology
How are dedicated crypto communities formed?
Cryptocurrency can be complex and cryptocurrency communities aim to create a safe space for anyone interested in cryptocurrency. In addition, communities facilitate continued education and greater collaboration, which contributes to the general adoption of cryptocurrencies by people around the world.
Crypto communities are made up of crypto experts interested in teaching others, crypto startups looking to provide a deeper level of engagement with investors, and crypto influencers looking to provide investment opportunities. Most crypto communities typically have similar roles to help manage different aspects of community building.
Crypto communities typically have two main functions. First, the community owners create the community and have full access to all administrative aspects of the community. Community managers govern different parts of the community. These roles include moderators (mods) responsible for monitoring conversations in the community and ensuring that community members do not engage in activities outside of the community’s purpose.
Another common role in a crypto community is “Shilling”. Shillers are responsible for keeping the power in the crypto communities. They accomplish this task by creating dedicated times to promote a cryptocurrency on social media, hosting giveaways for loyal members of the community, and sharing new information.
Community members can take on these roles and can transform into entire careers in crypto. Crypto communities have guidelines for their members to uphold the essence of the community and help regulate activities in the community.
Where to find crypto communities
The three most popular online messaging platforms for crypto communities are Telegram, Discord, and Reddit. These platforms have become the preferred options for starting and maintaining vibrant crypto communities.
- ICO speaks on Telegram is a well-known crypto community that provides access to education and investment advice for crypto beginners and experts alike. The community regularly hosts “Ask Me Anything (AMA)” sessions, allowing community members to engage in conversations on cryptocurrency-related topics.
- Official WallStreet Betting is one of the largest crypto communities on Discord, with over 550,000 members. It offers discussion threads on cryptocurrency, NFTs, and other cryptocurrency-related topics.
- CryptoMoonShots is a crypto community on Reddit that has over a million members, making it one of the largest crypto communities in the world. This channel offers investment advice on newly released coins/tokens with the potential to generate profit for its members. It also offers general crypto education.
Benefits of crypto communities
The main advantage of crypto communities is to offer their members a sense of belonging. Crypto is breaking new ground in various industries, and it’s important to stay informed about the latest happenings and share ideas with like-minded people.
These communities provide crypto startups with a means for effective communication, customer service, and engagement. Members can quickly resolve their issues, share their opinions freely, and get timely feedback on any cryptocurrency-related matter.
Communities also provide investment and profit opportunities for new or existing cryptocurrencies. For example, members can benefit by gaining access to information on early coin and token launches, ICOs and airdrops, or by participating in predetermined tasks in exchange for free coins/tokens.
The influence of crypto communities
Crypto communities are influential due to their growing member base. Some communities claim to be able to influence the growth or decline of a cryptocurrency, although these claims have yet to be fully substantiated.
Communities are also spread across multiple geographic locations, allowing members who live in the same place to host physical meetings. These meetings serve as avenues to attract and educate new people interested in cryptocurrencies.
Cryptocurrency communities are important in driving cryptocurrency adoption
It is proven by science that people are more likely to use a product or service that a close friend or family has used. This is the same principle that applies to crypto communities. Each member of the crypto community usually becomes a crypto evangelist spreading information about cryptocurrencies and their benefits.
Crypto communities have become one of the biggest catalysts for the adoption of cryptocurrencies globally. These communities help people onboard to start learning and using cryptocurrency. Crypto communities will continue to grow and evolve with the sole objective of promoting cryptocurrency as part of everyday life.