How many crypto subreddits are you active on?
Beyond being a social media platform, Reddit is one of the best sources for crypto-based discussions and news. However, many are yet to understand the potentials therein, as Twitter has been the dominating platform for crypto-related news and updates, especially from the accounts of top industry figures like Elon Musk, Vitalik Buterin, etc.
Although some traditional investors might find it too easy to dismiss sites like Reddit, we have seen the kind of influence the platform yields in recent months. An example is the remarkable GameStop saga that occurred earlier this year. Also, in January 2021, Dogecoin experienced its Reddit-fuelled price bonanza. After Elon Musk expressed his support for Dogecoin on Twitter, Reddit users began discussing the altcoin’s potential to be ‘the next GameStop’. A price surge ensued, with DOGE surging by a staggering 800% in 24 hours. And r/WallStreetBets was also at the center of the event.
These examples may be rare, but they explain that Reddit is a good platform for crypto enthusiasts. Several crypto subreddits cover blockchain technology, crypto-related news, trading advice, upcoming ICOs, and more. This article will highlight some of the top crypto subreddits to help you stay updated on trends within the industry.
Top Crypto Subreddits
This is one of the biggest crypto subreddits, with over 1 million active members from different regions. Members discuss anything and everything related to cryptocurrency and blockchain.
This crypto subreddit focuses on market trends. It is one of the best crypto subreddits for anyone who intends to invest in cryptocurrency. It has over two thousand members. As a newbie in the industry, CryptoMarkets will also help you find brokers, analyze price movements, and identify lucrative coins.
IcoCrypto has over seventy-two thousand members and is the best subreddit for anyone interested in upcoming ICOs. The community focuses on ICOs, crowd sales, and token sales for anything related to cryptocurrency. Discussions on the platform are regulated, and members benefit from the input of several active investors.
CryptoCurrencyTrading is also one of the best crypto subreddits for anyone looking to enter the markets. It has about sixty-two thousand followers. Although the community is small, it provides valuable insights into trading fundamentals and how to build a solid crypto portfolio.
This crypto subreddit focuses predominantly on the technology that drives the various cryptocurrencies on the market. Members discuss the points of blockchain architecture, advances in programming, and potential upgrades to the different cryptocurrency infrastructures.
Pros and Cons of Reddit
Reddit records over 243 million users per month and plays host to millions of accounts. The platform is popularly described as ‘The Front Page of the Internet’ and is one of the best places to discuss cryptocurrency. However, it’s necessary to highlight its peculiarities and downsides.
Pros of Reddit:
- Reddit is highly accessible – it is easy to set up an account and start taking part in discussions.
- The platform has a massive, diverse community.
- Reddit is often the first place where new developments and crypto news are discussed in detail.
- It is an open discussion forum that accommodates multiple viewpoints, both good and bad.
- Most big movements in the crypto industry are often fuelled by Reddit discussions.
Cons of Reddit
- Sometimes, information found on Reddit is unverifiable.
- Some communities on the platform can show bias.
- Readers always need to discern the quality of the information.
The decentralized nature of cryptocurrency makes discussion boards and chats particularly relevant. Many developments within the cryptocurrency world — especially underdeveloped tokens and projects — are born from various communities. As such, anyone serious about getting acquainted with the industry will need to know where the big discussions are taking place.
Discussions on Reddit are often in-depth and fascinating. So, if you are a crypto investor then you should start making occasional trips to these crypto subreddits to see what is happening in the community and get the latest updates on any coin you have in your portfolio.