- Social media platforms (financial media) becomes the backbone of Web3’s dramatic growth by sharing information
- The constant promotion on social platforms will drive cryptocurrency to the top of the business food chain
Sir Jenkins defines participatory culture as one which allows free expression of artistic talent and civic engagement, sharing one’s creations with others. In the process, everyone becomes a producer (producer and user). Users also establish social connections with others by sharing their creations on social platforms. The famous writer believes that social media is the way to go for Web3 success.
Henry Jenkins is the Provost Professor of Communication, Journalism, Cinematic Arts, and Education at the University of Southern California.
Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. The term ‘web 3’ originated from Ethereum co-founder Gavin Wood in 2014, and the idea became popularised by journalists across the globe in 2021.
Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in form of ownership.
Bitcoin is defined as peer to peer network. BTC is the world’s first successful decentralized cryptocurrency and payment system. It was launched in 2009 by a mysterious creator that is anonymously known as “Satoshi Nakamoto”.
“Satoshi Nakamoto” Bitcoins creator states:
“online payments can be sent directly from one party to another without going through a financial institution or a third party”
Since its infancy in 2009, Bitcoin has risen dramatically in value. Although it once sold for under $150 per coin, earlier this year it reached its all-time high of $64000. Because its supply is limited to 21 million coins, many expect its price to only keep rising as time goes on, especially as more large institutional investors begin treating it as a sort of digital gold to hedge against market volatility and inflation. Currently, there are more than 19 million coins in circulation
Financial media eagerly covers each new dramatic high and stomach-churning decline, making Bitcoin an inescapable part of the social media landscape. Understanding the ins and outs of the crypto world can be tricky for new investors. Social media can make or break investors.
How social media has contributed to Bitcoins Procession
Social media is a key factor in the popularity of Bitcoin since its launch. Through consistent promotion, social media has allowed individuals to share their views on crypto hence allowing the increased level of bitcoins being purchased. Most people access news about crypto on internet forums mostly on Facebook inclusive of other news outlets.
Meme coins are one of social media’s primary initiators. The first meme coin was launched in 2013, the Dogecoin (DOGE). With an image of a dog glancing at the camera.
The price of Shiba Inu the famous meme coin has increased by 1.05% in the last 24 hours. The coin might seem worth buying but it is only entertainment based.
The coin might help you make a quick buck but it is not worth investing in. Shiba Inu is ranked at #12 in the current market cap. Individuals still go ahead and share their views on the meme coin on their social platforms. This action supports the popularity of cryptocurrency worldwide.