Crypto communities are associations of people with a common interest in cryptocurrencies. Often an online forum where investors share news, discuss issues and pose queries. They are typically created and maintained through well-known online messaging platforms.
Without Crypto community support, EOS would not have raised $4 billion, Ethereum would not have survived the DAO scandal, and it is uncertain if Bitcoin would still exist.
The cryptocurrency community is not a uniform group that unites behind a single cryptocurrency. In actuality, it consists of individual groups that support numerous projects, making it highly fractured. It should be no surprise that the most prominent communities come from the major cryptocurrencies on the market, such as the communities for Bitcoin, Ethereum, and XRP. When someone tries to undermine the integrity or reputation of the projects they support, the members of these groups are fiercely passionate and persistent in their defense.
t is impossible to exaggerate the significance of crypto communities. Nicolas Dorier, a Bitcoin Core Developer, says, "There is no cryptocurrency unless people build on top of it or use it." In addition to being the primary source of a project's demand, word-of-mouth, and social media marketing, it offers a ton of free advertising. Additionally, knowledgeable community members offer free first-line support to novices and first-time cryptocurrency users. If a project is open-source, highly educated community members frequently contribute as community developers. People often think that the importance of crypto communities exceeds that of the project's underlying technology.
Importance of Crypto Community
Below are the importance of the crypto community
1. A Feeling of Belonging
You will have the chance to communicate with various like-minded people in a crypto community, including newcomers, traders, and platform owners.
2. Successful Communication
For a novice, the world of cryptocurrency might be intimidating. Through communities, people with similar interests from across the globe may exchange ideas and be up to date. For instance, having an online community makes cryptocurrency markets available. Someone is always available to assist if you have any queries about the services offered.
3. Increased Possibilities for Earning
When people become a part of a community, their chances of learning something new increase; they can have a specific coin, item, or service in mind. As more people engage in online crypto groups, networking opportunities grow.
4. Fostering participation and support from the community
The crypto industry is undergoing several improvements that are never-ending. Most exchanges use communities to announce new product releases and developments and address potential issues.
A crypto community allows for open interaction where anyone may share their knowledge and communicate with others, and for connecting for technical support. A highly engaged online community may enhance a company's capacity to grow its user base further.
5. Changing how customers are treated
Imagine receiving immediate feedback and acknowledgment for your comments; this is a prime example of superb customer service that results in a five-star user experience.
Community members come from various backgrounds with varying experiences, which can be considered when developing your following product or marketing strategies. Fintech businesses can establish deep and enduring business relationships with their users by becoming active in online forums and consistently interacting with the participants.
Having now been enlightened on the need for a crypto community, we will take you through the process of developing one.
You should follow the steps in developing a community for your crypto projects.
Developing a Crypto Community
1. Develop a detailed narrative for the project.
Create a captivating story about your project's motivations, ultimately explaining why it is necessary. The project's colossal value and utility should be instilled in the new and seasoned community members utilizing your story. It should also titillate their imaginations. The community members should be exposed to the team's values, concepts, and attitudes early in the project. Naturally, this story should be detailed concisely. It should accurately explain the reason for the project's existence.
Bitcoin is an excellent illustration of a cryptocurrency that has developed an engaging backstory for its existence. It describes a new asset type that will free people from the unfair and entrenched monetary system intended to marginalize the poor and benefit the rich. It ensures that no one party can use it as a financial retribution or oppression tool. Even today, the influence of this story has persuaded many doubters to change their minds.
2. Employ social media advertising
Every digital marketing campaign now must include social media marketing. Therefore, any cryptocurrency project looking to expand its community should be active on social media to raise awareness of the project. The Crypto community is also a fantastic place to develop the brand's story. Growing their network may be a powerful and affordable marketing tactic for many cryptocurrency projects. Social media users number in the billions and will only increase as the globe becomes more digitized and interconnected.
The most popular platforms for communication among cryptocurrency initiatives are Medium, LinkedIn, Telegram, Facebook, and Twitter. YouTube is also on the list, but its usefulness is doubtful because of its continuous crackdown on cryptocurrencies. In contrast, Twitter is the most popular social media platform for communicating about crypto projects. Some of the most successful projects have used Twitter as a low-cost yet powerful marketing tool to enroll new people into their initiatives.
The Tron Project (Network) creator, Justin Sun, is one of the most active Twitter users. He has more than 2 million followers, making his social media account one of the biggest in the world for cryptocurrency.
3. Motivate your community
One of the essential components for maintaining community involvement and activity is engagement. Offering incentives to do so is one of the finest strategies to maintain their current behavior. There are numerous ways to accomplish this, including referral programs, AMA events, social media competitions, trade competitions, meme competitions, incentivized social media tasks, airdrops, freebies, and so on. Some initiatives start comprehensive bounty programs where participants are required to do various tasks, from social media activity to content development.
4. Manage your community
Proper community management is also essential to maintain the community's alignment with the project's goals and to assure its continuing growth. It is crucial to have someone in charge of the community if you want to be able to accomplish this. Larger crypto communities have hired community administrators or rely on volunteers to maintain order. A notable illustration of a crypto-related company that employs community managers to handle its social media presence on Telegram is Binance. Additionally, the CEO of Binance, Changpeng Zhao, or "CZ," regularly interacts with the cryptocurrency community on Twitter.
5. Get Assistance from experts
It is sometimes preferable to leave the development of the crypto community to experts. Many of them are equipped with the skills, connections, and experience needed to quickly and effectively create a community, raise awareness of the project, and boost the project's value through the network effect. Many offer a wide range of marketing-related services, including copywriting services, community creation, and management, social media marketing, SEO services, etc.
A successful startup is built on a solid community. You'll lose the race without people using and supporting your fantastic product or technology. Technology is one aspect of starting a firm; dealing with people is another.