Discord, Telegram, Reddit & Memes In Crypto
Oct 13, 2021
The proliferation and growth of online channels and communities has played a deeply influential role in the evolution of cryptocurrency and blockchain technologies. MultiBank io outlines their role in building and expanding the world of cryptocurrency.
What is Discord?
Discord started out in 2015 as a free voice and chat app. Nowadays, you can also use video messages. The initial design was set up for gamers and developers. It has become very popular with blockchain and crypto communities due to its unique setup. You join a group, known as a server, and each server has many subgroups or channels. Having an active server on Discord improves your crypto name recognition. Discord is free to use, but server owners can charge for access to the server or a channel.
What is Telegram?
Telegram, a messaging application with state-of-the-art encryption, is a favourite amongst the Crypto communities. Crypto projects with ICOs coming up, have groups here where you can ask the project team questions and find out about the project’s white paper. Telegram also allows for 2 GB file attachments. Cloud storage allows for stored messages and files to be easily accessed and retrieved. You can create an anonymous username without revealing a phone number and use private channels. With 400 million monthly users, it is a popular choice for crypto and blockchain projects.
What is Reddit?
Reddit is a big collection of online discussion boards, which are called subreddits. This forum is among the majorworldwide players and has attracted a significant crypto community. Pretty much any topic can be discussed, and users can upvote or downvote posts. Being the self-acclaimed ‘Front page of the internet’, viral videos and stories often originate on Reddit. Part of Reddit is built on Ethereum, and they also have their own cryptocurrency, Moon and Brick. Moon is used in the r/CryptoCurrency subreddit with 1 million users. Brick is used in the r/FortniteBR subreddit.
What are memes?
In essence, meme crypto coins are tokens inspired by jokes (known as memes) on the internet and social media. They don’t have any utility, like crypto coins, that try to solve real-world problems. Back in 2013, the first and currently the most popular meme coin was created, Dogecoin (DOGE). It started out as a parody but has become one of the most successful cryptocurrencies to date. Typically, they gain popularity in a short amount of time, most likely because of influencers promoting them. There are currently hundreds of meme coins in existence, which is why it’s so important to do your own research and not get caught up in hype. Check out this post we did about scams here.
Why are these three things so embedded into the crypto community?
Discord, Telegram, and Reddit have become staples of the crypto community because they all have specific features that appeal to this kind of market. Part of the reason is the specialization into specific cryptocurrencies, which you can’t find on Facebook or WhatsApp. These three communication channels offer privacy and security that most crypto project managers, groups and/or influencers seek.
Reddit and Gamestop
In January 2021, the subreddit r/WallStreetBets (WSB), managed to increase the value of GameStop shares by 2000%. An army of amateur traders managed to outsmart hedge funds who were planning on shorting GameStop shares. That’s another example of just how influential online communities and channels can be in the world of finance.
Telegram and its ICO
Telegram became so popular among crypto enthusiasts that the company actually started its very own ICO (initial coin offering) back in 2017/18. They raised almost $1 billion due to the support base of such a large crypto community already using the platform, and were then fined by the USA’s SEC to the tune of $18.5 million. Their token is still an ongoing issue due to the regulatory nature of the offering, but it just goes to show how entwined Telegram is with the crypto community.
Discord and Turley Cooper
Crypto millionaire Turley Cooper made headlines recently when he revealed he had made his fortune thanks to scouring through Discord. The chat platform originally designed for gamers has become a firm favourite among crypto traders, because projects can split up the categories of their chats. In addition, they can even automate certain aspects of their channel with price updates and even trades. This is how Cooper spotted exciting projects, by reading these communities carefully, and spotting good opportunities.
In conclusion, it just goes to show how we’re living in a truly social age. It has even affected our finances! Cryptocurrency brings finance into the tech age, and these platforms and memes are the crossover of our financial world into the social one.
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