Hot Features
Premium
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
Joining different crypto communities allows you to interact with and learn from other crypto traders and has several other benefits.
We have come a long way from isolated nomadic tribes that lived, foraged, and hunted together to digital societies where the bulk of our communication and collaboration takes place over the internet. But one element that has survived thousands of years and is still the same is the sense of belonging to a community. We, humans, are social creatures and need each other for support. It’s a crucial aspect of our social lives, but what about our financial lives?
Can being part of a community be beneficial for your financial pursuits? Let’s analyze this question against the backdrop of cryptocurrencies.
What Are Bitcoin/Crypto Communities?
In a broad sense, everyone who invests, trades, or actively participates in crypto-related events (both digital and physical) would be considered part of the crypto communities. This is what the news or articles on the internet mostly refer to when they use the phrase “crypto community.” But that’s a very inclusive group, and you become part of it right away when you start trading crypto, and even that has its benefits.
Crypto investors face a lot of backlash and opposition from conventional traders and are often regarded as naïve for trusting an intangible asset. This inadvertently creates a sense of community and camaraderie among crypto traders. And they usually try to help each other out and guide new crypto investors.
But there are several crypto communities within the broad sphere of the crypto community. They are usually created around a single crypto asset. These communities are even more close-knitted. There is a lot of overlap between these communities, and you might become a member of many such communities as you dive deeper into the crypto trading world.
Communities can be created around:
- Crypto assets
- Investment strategies (HODLers, traders, etc.)
- Learning/teaching crypto
- Crypto’s place in the world (they discuss or make efforts towards universal adoption of cryptocurrencies)
- Crypto trading platform (like bitcoin bot)
And several other things.
Do You Need To Join A Crypto Community?
No. You can trade crypto for years without joining any community, and some investors actually prefer it. They believe that if they rely solely on their tools and trading methodologies and don’t have their ideas or trading decisions tainted by trends prevalent (or being discussed) within crypto communities, they would fare better.
But in most cases, it’s actually beneficial to join a few crypto communities, especially when you are a beginner. And there are several reasons for that:
- You can shorten your learning curve significantly. Instead of scouring through a lot of literature on crypto trading available on the internet by yourself, you can benefit from the guidance of people who have already been through that, and they can help you identify and limit yourself to the most potent learning resources.
- You will have access to distilled-down knowledge of many seasoned traders and investors, which would help you understand crypto trading faster than you would have learned on your own.
- You can learn from the success and failure stories circulating within your community.
- Updated news is another major plus.
- You will stay aware of shifting trends and mindsets around specific crypto assets or the market as a whole, which will help you make smart decisions.
- You might learn about new and effective tools.
- If your community is really close-knit, you might also have the chance to become part of some collective strategies which would be beneficial for all the traders.
- You can discuss and communicate with like-minded people.
- It’s easier to trade crypto for crypto when you know the person on the other end, through your community, so exchanging crypto tokens would become more comfortable.
These are just some of the benefits of joining a crypto community.
Final Words
In most cases, joining a crypto community would be beneficial, but there are some things you need to understand. Like you don’t have to become a victim to the hive mentality. Just because everyone in the community is doing something, that means you should too. Use your common sense and make your own decision, but learn from the decisions and trends of the masses. Similarly, you would need to learn to wade through conflicting opinions and form your own viewpoint. Otherwise, you’d become an easy target for manipulating elements in the community.
