There’s a lot of chatter and buzz around cryptocurrencies nowadays. Just three years ago crypto seemed to be something only developers knew or talked about. And now, the internet is flooded with crypto news, analysis, predictions, and products. In reality, the link between cryptocurrency and social media has a lot to do with how popular social media is, and most likely the price of cryptocurrencies.
With this article, we’ll take you behind the trends and let you know exactly why social media has such an effect on the advancement of crypto.
Back to Basics: What is cryptocurrency?
Keep in mind that a cryptocurrency is an encrypted, digital, and decentralised currency that uses blockchain technology. To translate that sentence into plain English means:
The currency cannot be hacked because blockchain technology is very secure.
By being decentralised, the individual units of currency are controlled by users who own it (as opposed to fiat currencies such as USD, EUR, or RUB that are controlled by the respective governments that back them.)
Imagine a currency that is not controlled by central banks or inflation. The key with crypto is that it is controlled by the people (sometimes referred to as ‘peers’) who own it.
Cryptocurrency Gains Momentum
In the 1990s, several attempts had been made to establish a digital cash system, but no one really succeeded until 2008, when Satoshi Nakamoto created Bitcoin. Bitcoin has since become probably the most recognisable household name among cryptos and gave way for a whole slew of digital assets to be created. In fact, there are over 1,600 cryptos registered today, each with its own niche, purpose, and target. In fact, there is a category of cryptos that were created specifically based on the fact that they are each backed by a social network.
Mutually Beneficial Relationships Between Cryptocurrencies & Social Channels
One of the reasons we hear talk of platforms such Telegram and even Facebook developing their own cryptocurrency is because both cryptos and social networks have certain characteristics and strengths that have the potential of complementing each other’s weaknesses. Take for instance the problem crypto has. Even a decade after the invention of the first crypto, none of them have become a mainstream method of payment.
Basically, as long as a very large number of people don’t start using cryptocurrencies, they have very little chance of emerging from their niche and will remain at the mercy of governments, financial institutions and the subsequently imposed ethical and technical challenges. Meanwhile, social media has entered the home of nearly everyone who has internet access. And herein lies the solution…
Social media networks with large user bases fulfil the most important requirement of cryptocurrencies: a large user base! Facebook has over 1 billion monthly active users (MAU). The same statistic is true of Facebook Messenger and WhatsApp. Telegram and Line each have over 200 million monthly active users. LinkedIn, a well-established network focusing on professional connections has over 200 million monthly active users. Both in developed and developing parts of the world, social media and messaging apps often serve as of the main mediums for daily business operations, product or service promotion, and growth.
Building on a system for cryptocurrency payments in social media apps will solve the user problem. In a hypothetical scenario, even if 10 percent of a major social media network MAUs decide to begin conducting business using the network’s respective coin or token, it would become the most popular cryptocurrency in the world.
Also, social media and messenger applications are already providing users with networking and communications infrastructure, which means users don’t need to use several different apps to conduct payments and processes are automated.
With so many users using the cryptocurrency, the need to transact with the fiat world reduces, thus overcoming another crypto hurdle. And while some mainstream socials are planning to incorporate these strategies into their business models, there are actually those who are a few steps ahead of the game, that already bring all these features together in one app.
All.me – All in One
Plain and simple all.me a new-generation social network. By analysing the trends of the past decade in social networks, e-commerce, and digital financial solutions, an app was launched that essentially combines all three aspects to eliminate any points of hassle for its users. All.me has three key features the first of which is meNetwork, a social platform that empowers active users by rewarding them with digital assets – ME Tokens. The second is meMarket, a trading platform allowing users to buy and sell products among themselves (C2C) as well as shop international brands (B2C). Finally, mePay is a payment solution that brings together digital assets, electronic money, as well as classic payment services. With the internal billing system, transfers done instantly without commissions within the platform.
What is particularly noteworthy about all.me social network that users can earn up to 50% of the advertising revenue generated by the network. Users get their earnings in ME Tokens, based on their social activity, social ranking, and content. Create your page, find people who share your hobbies and interests, and engage them with content you post.
This is all proof of the fact that the worlds of crypto and social media are merging quickly. By using apps that already provide the best of both worlds, users get an optimal experience!