Whether you are a newbie or an expert crypto trader, you need shared knowledge from other people of like minds. Wherein, one of the best ways to obtain relevant knowledge and be informed about digital currency trends is by joining a crypto community.
Crypto communities are characterized by groups of crypto traders or enthusiasts gathering in one space or platform to share crypto-related news. These communities provide support and guidance for one another, especially for individuals seeking to know more about the market system.
Knowing what a crypto community is, what are the features and benefits of joining one? This guide is complete information on all you need to know, including the thriving crypto communities to look forward to.
How it Started
Crypto communities started as global events, where the key crypto players dialogue with one another as companies showcase their offerings. These events are often held annually, hosting about 20 to thousands of people. Blockchain summits and consensus are two popular events that are hosted in top cities worldwide.
Crypto communities have evolved as they are no longer geographically bound. These days, we have several platforms in the digital space, especially social media pages. Twitter, Reddit, Telegram, and Discord are popular cryptocurrency communities. With the evolution of these online events, people initially discouraged by geographical distances can now belong to a community.
Impact of Communities on a Crypto Project
“Having a strong community is paramount to the success of a project, especially in cryptocurrency. They are the most important part of a cryptocurrency’s lifespan and the use case. Without a use case, a cryptocurrency has no reason to exist.”
Rick Howe, founder and technical project manager of ZERO.
Ideally, no crypto project can thrive within the blockchain ecosystem without communities. With crypto communities, people can interact with the founders of blockchain projects. When skilled builders or developers realize a project has a great prospect within the crypto space, they may choose to participate in the cause. This may include building new decentralized exchanges (DEXs), decentralized applications (dApps), and decentralized finance (DeFi) tools.
Benefits of Engaging in Crypto Communities
If you don’t belong to a crypto community, you might get lost in the web of information being passed across the internet. You may find it difficult to filter the information you get, primarily when it influences your trading decisions. Based on this and other reasons further discussed below, crypto experts and developers encourage every crypto trader to belong to a community. Thus, developers introduced the Decentralized Autonomous Organization (DAO), as a community where users can learn more about certain crypto projects.
Getting Access to Resources
Belonging to a crypto community gives you access to resources that may contain helpful information. This will give you an edge as you develop insight into implementing a suitable trading or investment strategy. Some resources you may have access to include news sites, technical analyses, and white papers.
Sense of Belonging
Crypto communities provide a sense of belonging as you connect with experts within the industry. You also get to meet experts ready to mentor newbies like you. For instance, if you have a favorite NFT artist, a crypto community is the best platform to reach out to them.
If you are building a cryptocurrency brand, community events are for you. For instance, being an active member and eventually becoming a community leader helps you to reach out to more people about your services. Sharing business insights and quality opinions may also attract business partners or investors to your brand.
How to Join a Crypto Community
Even though several crypto communities exist in the digital space today, you can’t jump into one without prior research. Thus, below are the factors involved in joining a crypto community, especially if you want to make the best out of it.
Research New Projects and Forums
New projects always seek investors and users participation to boost their popularity in crypto. You can check Facebook, Discord, or Twitter for people’s views about the community and its impact on their decision-making process. If you have no community in mind, you can start by researching Reddit or Discord communities.
Enroll in Classes
With the ongoing internet transition from web2 to web3, many enthusiasts are organizing classes for the right target audience. You can join any Web3 classes online while forming meaningful connections.
Join a Collaborative Community
Many blockchain projects convey their decentralized properties. Thus, the projects are usually open-source, allowing the public to review the testnets. As a result, it’s much easier to proffer a solution to any existing challenge or problem. Platforms like GitHub are a perfect example of an open-source community. Here, developers can share codes and ideas on an open project.
Challenges of Crypto Communities
Since most crypto communities are unrestricted and open to the public, it increases the possibility of being attacked by cybercriminals. For instance, you may receive a message from a scammer pretending to be the group admin and asking for your personal information. Thus, it’s highly recommended to be security conscious, which includes verifying the authenticity of links sent to social platforms. This is because scammers may not come directly to your DM but rather deceive you through an insecure link.
Based on past and present scam experiences, crypto experts fear crypto communities may lack creditable purpose. Some organizers use the platform to promote token presales (which is sometimes considered a selfish interest). This may lead to greed within the community, making it difficult for investors looking for genuine investment opportunities.
Building and Nurturing a Crypto Community
This section is for individuals interested in building a crypto community. Foremost, ensure your goals are centered around community members and not for personal gain.
- Identify your target audience: Even though crypto communities are open to everyone, having a target audience helps to communicate the expected values. For instance, you could create a community solely for NFT creators to ensure everyone is on the same page.
- Boost your online visibility: People can only trust your platform if you have a good online reputation. One of the best ways to boost your online visibility is to employ an SEO strategy and optimize your content. This includes using a relevant keyword, which potential member may use when searching for a community.
- Collaborate with influencers: Influencers have a strong voice, especially in convincing and selling products to the online audience. According to Influencer Marketing Hub, influencer marketing grew from almost $2 billion in 2016 to over $16 billion in 2022. Nevertheless, endeavor to build authentic partnerships with your preferred social media influencer.
- Provide educational content: Providing educational content will help nurture the crypto community without overspending on marketing. However, make sure the content is insightful and of high quality. This will result in the community members trusting you better. Examples of content you can publish include market reports, blog posts, tutorials, infographics, reviews, case studies, and web3 marketing newsletters.
- Give incentives and rewards: Humans are often willing to engage or finish a task when a reward is attached. Thus, promising and fulfilling incentives can create a vibrant community where everyone is ready to make an impact. In most cases, members demand tokens as rewards. However, we encourage you to explore other options such as special discounts, staking and voting rewards, exclusive product access, and featuring members ideas or works.
Case Studies: Successful Crypto Communities
Several crypto communities are known for hosting like-minded crypto players within a group where they share vital knowledge. These communities are further highlighted below.
The Reddit community covers several aspects of cryptocurrencies, with thousands of information available. There are certain subreddits with a large number of users. For instance, Ripple and Cryptomarket have about 350,000 and 801,000 members, respectively. Other subreddits are Binance, Altcoin, DeFi, BitcoinBeginners, Ethereum, Bitcoin, and Litecoin.
Discord is another community that has evolved over the years. It was initially designed only as a chat app for gamers. Today, Discord hosts several interactive sessions for crypto traders. Communities like Axion discuss market trends and investment opportunities with one another. Other communities on the Discord platform are Cryptohub, Cracking Crypto, Elite Crypto Signal, Larva Labs, Spacestation, Cryptex Commonwealth, Mega Signal, and Wallstreetbets.
Telegram is a social application that allows users to send personalized messages to one another. It could be in text, images, video, or voicenote format. The DeFi Million Community is among the popular ones on Telegram. Other Telegram communities are Minter Network, BTC Champ, ICO Speaks, Margin Whales, Wall Street Gems, DeCenter, Bitcoin Bullets, and Altchica. Meanwhile, some communities are known for participating in pump and dump. This means they inflate cryptocurrency prices by sending misleading information to the public.
Kindly bear in mind that we encourage doing your own research before joining any of the crypto communities mentioned above. This is because you need to confirm the current credibility state of the community before joining.
The best way to benefit from crypto communities is to be an active member. This implies that every crypto community member is responsible for its growth and development. Being vocal about your opinions and interests will help bring new ideas on board.