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The Intricate Relationship Between Digital Media and Cryptocurrency

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Digital media has helped shape the future of cryptocurrency in a way that might not have been possible without its presence. Speaking of digital media, social media deserves a special mention when it comes to discussing the popularity of cryptocurrency. We live in a world where it is impossible to evade the tabs that social media (or any form of digital media) keeps on us. When you think about it, we are entirely exposed with our personal life and confidential data, given the kind of control social media has on our collective lives. While the result of this exposure worked well in several scenarios, like raising awareness and bringing new concepts and ideas to the fore, not always has the scene panned out well. However, that is a debate that we can keep for later.

 

                            

 

The article that we have put together aims at shedding light on how digital media has helped further the cause of cryptocurrency and elevated it to monumental heights of success. Cryptocurrency and the blockchain technology are no longer new terms. However, for the ones who have not yet been oriented with the concepts, here is a bit of information for you. A cryptocurrency is a form of digital currency which eases massive financial transactions and transfers, at a significantly lower transaction fee and a lightning speed. The data related to all the transactions involving cryptocurrency goes into a digital ledger known as the blockchain network. The blockchain network is as secure and safe as it could be since data that flows through it is set in stone and is immutable to their last algorithm. Visit the site https://www.forex.academy to find more information about the blockchain network. Now that we have provided you with a framework of cryptocurrency and the blockchain network, we shall now see what role digital media played in bringing these marvels of technology to the limelight.

Social Media Has Given Cryptocurrency All The Exposure It Needs:

Like we already mentioned, we are digital beings, and we live on our screens more than anywhere else. Therefore, the best way to promote or advertise the features and utilities of any new idea or project is by using the boon of social media optimally. Cryptocurrency and the blockchain technology also enjoyed such massive popularity due to the exposure it received from social media ever since its inception. Take, for example, Facebook’s very own cryptocurrency Libra in this scenario. Libra is all set to be launched in the next year. But, people already know all about it, the assets it is backed by and the ways in which it aims to penetrate into the mainstream financial transactions. Therefore, when the time really comes for Facebook to launch the currency, there shall be no element of surprise in it. It shall directly go on to enjoy immense popularity, or so analysts say.

                    

Believe It Or Not, But Social Media Determines The Value Of Cryptocurrency:

Social media is a platform that connects people all over the world. Distance and topographical impediments cease to matter when it comes to social media. People discuss several vital issues over social media and cryptocurrency is just one of those. You would be surprised to know that the value of cryptocurrencies is also dependent on the way people interact on social media. If people start putting more faith in this form of digital currency and share their opinions about the same over social media, the value of cryptocurrency would rise. However, if that is not the case, the value of cryptocurrency might also fall.

Conclusion:

There is no way to ignore the effects social media, or any form of digital media has on cryptocurrency and the blockchain technology. They are intricately and intimately related, and things have worked well so far for both the parties. Things look pretty decent in the next year for cryptocurrency too. All that remains for us to do now is wait and see how the year plays out for cryptocurrency and the blockchain technology.

 

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