Crypto market is not looking good at the moment; it does not mean that the technology backing the Cryptocurrencies is coming to an end. The real reaction is one of the distrust but still, new blockchain based ideas are springing forth. “We just need to get the public behind us”.
There are chances of having an uphill battle on the cards when it comes to gaining trust back of the mainstream but the current landscape of blockchain communities’ look to be a building in a solid formation and here is the reason for it:
Finding a place to fit in
Blockchain has super fans where communities primarily live within themselves after all most successful cryptocurrency or blockchain startup had an effective community of evangelists which not only believed in their project but were actually engaged in promoting. The drawback is that a lot of cryptocurrencies live in Telegram channels which Discord forums, groups, and subreddits with the places that can become a echo-chambers of the same talk. Identifying and developing a community that could breach the mainstream became the global formula for every startup is looking for.
The reason behind community development for blockchain companies being so difficult is been figured out and the usage of the medium is of what purpose is been figured. For example, out of 11most popular social media platforms banned for a variety of Crypto and ICO a project that is mainly due to fraud reasons.
In response to it, the crypto community returned back to its apps and forum to device strategies on building an audience on social based leadership thought, relevant news and even educational content. Things are done in an old-fashioned way where recommendations count for a lot in the human psyche which became crypto’s biggest weakness that is being turned into its biggest strength.
It is noted by Business of Apps that Telegram is seeing an average of over 220,000 new signups per day in which a significant level of users are coming for crypto groups where a lot of them flocked specifically to Telegram due to its privacy and the idea of having a more intimate platform where people where people who were serious about blockchain seemed ideal. However, the cycle eventually had to become unconventional with their practices to try and recruit more on mainstream platforms such as Twitter and Instagram. Advertising is banned in many platforms where a lot of blockchain companies have to start getting crafty with their paid efforts. They circumnavigated using engagement tools to gain likes and followers.
Building for long-term trust
PWC in a survey of 600 executives across different sectors of business where 84% stated that they have invested in the blockchain with nearly 27% of the respondents who were stating they believed regulations which would be the largest hurdle. When we look at this case it comes under a few different factors that include uncertainty for investors/buyers/developers and the language used in adoption
How crypto companies are able to fundraise?
The silver lining which is a little regulation that might be the best thing to happen in the sector.
As consumers started to understand the industry in a better way and are used to its regulations more and more people are involved in buying which although have to hope that the decentralized army does not sell up and the strength of the blockchain community is based upon the number of people involved in the project.
2018 was not a rocky year for the main street crypto investors but the overall industry has been relatively stable in which a fact is noted where the venture capital investments in blockchain startups soared by 280% since 2017 showing that the traditional investment in the sector is not slowing down. It seems that we in the race field chasing the monster Crypto –Wave. So the final thought is that even blockchain might not be seeing the massive hits of 2017 but the industry is on the steady line where the narrative needs to be pushed through blockchain communities if the mainstream opportunities are to raise in 2019.