Chapter 5: Crypto Communities

What makes up a crypto community?

Cryptocurrencies are best understood by examining the structure and values of the communities they represent. Cryptocurrencies are really cryptocultures of which there are many. Put simply, these are open-sourced communities with their own micro economies. Each community embeds its values into their blockchain. The values and tech are closely intertwined with each other.

Overall, Cryptocurrencies, even the jokey meme ones, have become part of a robust, well-funded ideological movement. Bitcoin, which emerged out of the ashes of the 2008 financial crisis, first caught on among libertarians and anti-establishment activists who saw it as the cornerstone of a new, incorruptible monetary system. Since then, other crypto communities have evolved with similarly lofty goals.

Crypto communities are essentially groups of individuals with a shared interest in cryptocurrency investing. Cryptocurrencies are complex, and members of crypto communities make it their responsibility to educate others, since the branch of technology is just gaining traction, and knowledge about it is still somewhat limited. 

The concept of cryptocurrencies and the first known coin (Bitcoin) were initially only understood by a small group of people who recognized crypto’s potential to be an alternative to the traditional financial system. 

With Bitcoin prices having grown by thousands over time, crypto communities continue to flourish while continuing to educate and encourage collaboration, which has resulted in consistent adoption of crypto as a form of trade by people all over the world.

At its core, cryptocurrency places the power back in the hands of people. It is about redesigning tools and processes by first considering the needs of people. The decentralized peer to peer two-way conversations that crypto communities facilitate have played a significant role in the success of the technology.

The community is the heart of any blockchain project. It provides a strong foundation for the project to be successful. The people who make up crypto communities help raise funds and educate others on using the technology's features. 

The members organize meetings and question and answer sessions on various social media sites like Reddit or Telegram or create crypto content for Twitter. The strength of a community is not determined by its number but by the bond that exists between its members. Because of the decentralized nature of blockchain, no single entity has control over a project. Instead, a diverse group of people come together to move a project forward.

Every digital currency you can think of has a community associated with it, each with competing interests and eager to sell you their unique plan for the future of crypto. As a beginner, deciding where to focus your efforts may prove difficult. The ideologies of cryptoculture are not monolithic, but they possess the desire to reimagine our inherited political economy with all its corruptness by creating alternative market arrangements

The strength of a community’s network effect, moreover, is not only determined by how many people make up the community, but the bond between participants and the value of their interactions. The decentralized nature of blockchain ensures no single entity or individual is in control of a project. Instead, a community of diverse individuals is in the driver’s seat, working to propel the project forward. The future of any blockchain is dependent upon the promise that engaged and talented developers maintain the network. Blockchain communities are the face of the ecosystem, explaining to the world why people should be using a particular chain and its value to the world.

An American football team has 11 players. The 12th man refers to the team’s supporters, suggesting that the fans have a role in encouraging or motivating their team to win. Members of a blockchain project don’t merely support the team but have a spot on the team. Communities have financed projects, crowdsourced ideas that turned into product updates, and develop long-term relationships that bring a project to life. A project is its community and vice versa. If concepts, products, entities, spanning all industries intend to truly have an impact, they must consider first building a supportive community. 

For a project to flourish and grow, its community must be engaged and encouraged to meet, share ideas, and build.

The best aspect of crypto communities is that most have low/no barriers of entry and provide a clear path for anyone to get involved and gain experience. Because of blockchain technology, these projects have become like startups that can crowdsource funding. It is capitalism & free markets in their purest forms, without governmental red tape, regulation, and restrictions. This new system is what makes it possible for projects to fulfill their potential.

Crypto communities are also pushing the evolution of organizations further as people are experimenting with different organizational models and governance structures. The industry is accelerating innovation in many ways, not just in terms of technology. Today big companies focus much research and how to create an environment of innovation, particularly how innovation is being done in the blockchain space, where people come together spontaneously to solve complex problems together and build businesses of the future. In this way, crypto communities aren’t just important to the crypto industry. They are also starting to influence how the entire world operates, creating a model for how diverse voices can turn new, innovative ideas into tangible outcomes which benefit everyone.

Are all crypto-communities composed of high minded individuals? Of course not. The stereotypical crypto-bro isn't everyone's cup of tea. But as Ghandi so famously said.. "Be the change you want to see in the world."  The eclectic world of crypto-communities is growing more and more diverse every single day. There is a community out there for you.

And if I may, I'd like to tell you about one close to my heart. And that community is named DEIXA.



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