Social Media Cryptocurrency Investing – Should You Listen To Others?

Nearly every aspect of the society is victim to the ongoing cryptocurrency mania, social media included. Lots of information is flying all over these platforms, as more people try to understand the digital currency industry and how it works. For a novice, identifying the appropriate medium from which to learn the nitty-gritties may be a challenging task. A majority hop from one site to another, hoping to find something useful.

Should You Listen to CryptoCurrency Advice on Social Media?

While this might be effective for collecting different thoughts, it is often a tedious and time-consuming process. After a thorough analysis of the various social media platforms, we summarized the findings as outlined below:

Facebook

This is the world's most popular social platform, and is thus flooded with crypto-related groups. The information here is somewhat scanty and hard to come by, due to the high number of groups. Moreover, the probability of a query being answered is next to zero, since most users are probably fellow greenhorns.

YouTube

Undoubtedly, videos have the upper hand over text when it comes to presenting an idea. This is YouTube's main advantage over other media. Moreover, viewers can compare info shared on different channels and also ask questions directly to the youtubers. Chances of being answered are higher, since the channel owners want to keep hold of subscribers.

Twitter

If you prefer concision and brevity, Twitter is your go-to social media. With a tweet limit of 280 characters, posts on this network go straight to the point. On Twitter, users are privy to live updates to the constantly changing market trends. Furthermore, you can keep tabs on the virtual currency market by following verified authorities from the industry, such as blockchain experts and CEOs of leading crypto firms.

Reddit

This is populous forum where members deliberate on various specific topics on dedicated subchannels. Besides regular updates, members also learn a lot from the rich discussions within this site. The upside of Reddit is that most of its members have genuine interest as well as knowledge of the subject under discussion, which in this case is cryptocurrency. Information is, therefore, precise.

Steemit

This is a new entrant in to the game, and is based on blockchain technology. For this reason, it is the favored place for numerous cryptocurrency maniacs. Hence, it is a great place to get invaluable knowledge on digital currencies. Moreover, content creators on this platform are rewarded with Steem cryptos as a symbol of appreciation.

Slack

A significant proportion of cryptocurrency firms have groups on Slack, through which they interact with investors and other interested parties. Those who desire to directly contact the influencers of the virtual currency world should join this platform. Additionally, Slack is an excellent source for technical information.

Telegram

Like Slack, Telegram's core is made of discussion groups. Here, users can learn from discussions either by participating actively or passively.

Social Media Cryptocurrency Investing Conclusion

For starters, YouTube is the best, as it has extensive coverage, suitable even to beginners. If you are interested in trading your virtual coins, Twitter and Telegram are the go-to platforms. Finally, if you intend to delve into cryptocurrency as a long-term investment, Reddit and Slack are your best bets. Facebook is time-consuming, but you may bump into a useful post every now and then.