How Reddit Has Contributed To The Growth Of Bitcoin

Why crypto discussions are thriving on Reddit

31May

Facebook may have the largest number of users but not many social platforms can command respect like Reddit.

This site is the hotspot for all the trending topics, perhaps one of the reasons why it’s branded the “front page of the Internet”. Its all-inclusive nature means you can open a subreddit (something like a group) for any event, product or anything worth discussing provided you’re an active member of the community.

There are stern rules on Reddit to make sure all discussions follow decorum. This isn’t Disqus, Twitter, or any other site where anyone can post “what’s on your mind.” You take the rules for granted and moderators will end the life of your comment pronto and your account will possibly be throttled. While this platform houses discussions of all manner, cryptocurrencies seem to thrive well there.

Research conducted by CrowdTangle last year indicated that a lot of conversations on Reddit revolved mostly around blockchain projects. Even forex markets, stocks, and Wallstreetbets, in all their glory, could not catch up.

The intense conversation led to cryptocurrency detractors like JP Morgan’s boss openly expressing that these overly hyped currencies are nothing but a Ponzi scheme and a bubble about to burst.

Truthfully, there is usually too much chatter on Reddit but if you look closely, it's mostly experts and people who have a solid finger on the pulse of their niches are the ones who post often. Dimwit and low-quality content hardly gets homage on this site. If the moderators fail to catch a glimpse of it then the users themselves will downvote it to oblivion. Therefore, being a platform for experts who value quality, we can all agree that only fruitful projects and ideas can be found there.

Who is behind this massive growth?

Perhaps you maybe wondering how Reddit has contributed to the growth of Bitcoin and other cryptocurrencies.

Well, to begin with, it’s a loud corner where financial advisers crowd at for informative chitchat. Most of the contributors are between the ages of 18-30; with all their energy and enthusiasm about Bitcoin and other cryptocurrencies, you can expect them to go rowdy for months without stopping.

One thing you will love about Reddit users is their ability to provide proof of their claims. One millennial by the name of “Y-O-F**KING-LO” flaunted his trading statements after racking in 55k in merely 12 days. Obviously, this kind of showiness, albeit uncalled for makes other traders want to know what he invested in and what strategies were employed. There is also someone by the name of “Cryptoguru” who has been educating people about Bitcoin for a while now. The list of Bitcoin proponents on Reddit is a huge one.

Reddit influencers and financial experts who are responsible for the proliferation of crypto projects could actually be the people we know in real life. The power of monikers make them invisible so they can express themselves freely without too much media coverage. Imagine them to be another form of Satoshi only that their frequent posting makes them available to answer some of our queries.

Evolution of the cryptocurrency subreddits

Almost all cryptocurrencies have a subreddit section, with others having more than one. Let’s take a look at some of the most common cryptocurrency subreddits ranked by the number of participants.

  1. r/bitcoin-over 700,000 subscribers

As always, Bitcoin is still the most cherished cryptocurrency even in chat forums despite its scaling issues. r/bitcoin is the place to be if you want to learn about Bitcoin, watch market trends, check out popular bitcoin price predictions and interact with miners, traders and watch BTC enthusiasts. Often, subscribers do share links to articles from some of the most popular news outlet sites.

1. r/cryptocurrency- over 600,000 subscribers

This subreddit comes next after r/bitcoin and has over 600,000 subscribers. Since it bears the name of all blockchain projects, conversations in this forum can be about any cryptocurrency from Bitcoin, Ethereum, Dash, Monero, Ripple to unknown characters like Mooncoin (there are funnier names than this by the way!).

As usual, every comment you post here gets upvoted or downvoted (to oblivion) so make sure your post has pizzazz and can generate valuable discussion strings.

2. r/ethereum- over 300,000 subscribers

As the second largest cryptocurrency project by market cap and one of the few go-to smart contract blockchains, the Ethereum subreddit has over 300,000 subscribers. Discussions here revolve around cryptocurrency markets in general, ethereum prices, news, and nascent blockchain inventions.

3. r/BTC- over 190,000 subscribers

r/BTC was created to advocate for and honor the freedom and spirit of Bitcoin. Its creators appear to have been censored from the main forum r/Bitcoin and decided to bring their discussions to a newly born r/BTC. This subreddit is a home to free and open discussions, news, and alerts about this almighty cryptocurrency. “Ask Me Anything” (AMA) interviews from top industry players happens here as well.

4. r/Litecoin- over 190,000 subscribers

Litecoin is a top ten contender with a massive number of followers rallying behind it. Its Reddit section has over 190,000 subscribers who discuss issues regarding it with some exceptions for broader topics as long as they touch on blockchain projects.

As said earlier on, there are countless subreddits that deal with crypto coins. Each coin strives to get itself to this traffic-rich site to attract folks who are still looking for promising cryptocurrency ventures to invest in. Other categories you should check out include r/Dogecoin, r/Ripple, r/Darknetmarkets, to name a few.

Wrap up

Reddit is arguably the best social platform for Bitcoin and cryptocurrency enthusiasts and has contributed a lot to the growth of this asset class. Anyone in need of trading advice, beginner’s tips, news, forecasting and pretty much anything about cryptocurrencies can rely on this social platform. But like Facebook, Instagram, Twitter and other social forums, it too has dark corners you should avoid.

Ai

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