As the price of Bitcoin once again reached all-time highs in December 2020 and keeping on breaking new highs in the early days of 2021, most regular folks are once again starting to curiously explore what cryptocurrencies are all about.
If you’re brand new to crypto or have been in the game for a while but haven’t really caught up since the peak of the bullrun in 2017 and want to know what’s going on in the space, this article is for you.
As you would expect, there’s a place for everything on the internet, usually that place is located on Reddit. Reddit is well-known for its broad array of communities – also known as subreddits – catering to its own specific topic. Specifically, on the subreddit devoted to cryptocurrencies; r/CryptoCurrency, people can engage in a range of discussions about how to buy and sell crypto, learn about the fundamentals for larger concepts such as decentralized finance and what differentiates a Bitcoin from a Litecoin. Since r/CryptoCurrency’s inception in 2013, it has gathered more than 1.2 million members, devoted to meaningful discussions about the future and fundamentals of crypto.
To a large extent, the discussions are friendly and helpful – especially for any newcomers that just stepped through the door for the first time. Most often when entering a new sort of “space”, you’re clueless on what to do and where to do it, and this is where the helpfulness of the members of the subreddit comes to your aid. Other than being a great place to acquire very specific information about a certain cryptocurrency, the subreddit’s users are quick at picking up political news about the crypto space and any news regarding the entirety of the crypto space. If there’s news about political regulations or companies engaged with crypto – the subreddit is all over it.
You can also create any type of post related to cryptocurrencies, whether it is about having issues with buying or about seeking information on some new protocol on the Ethereum blockchain. Or you can join the daily discussion post, located on the main page and engage in any conversation you find interesting. As with any other subreddit, there’s also plenty of memes. To a large extent memes are only allowed during the weekends, to ensure the subreddit isn’t flooded with jokes about crazy trends that might act as a gatekeeping factor. As per usual, any advice giving is “not financial advice” – even if someone claims it to be.
One of the biggest interactive elements that separate r/CryptoCurrency from most other subreddits about cryptocurrencies, is the Moon token. Moons are a cryptocurrency representing ownership in the subreddit. The project launched in the summer of 2020, on the Ethereum blockchain and became available to people that have been active on the subreddit since its inception in 2013. Moons are rewarded for posting and engaging in discussions and receiving upvotes. The Moons aren’t readily available for trading, which isn’t an issue since it’s meant for being kept on the subreddit to be exchanged for special emojis and awards. A user named u/CryptoRich123 was awarded with 80.000 Moons from his past activity, and through a complicated process, he managed to convert them to 0.92 Bitcoin. At current prices that’s around 36.6000 dollars – not bad!
The subreddit of r/CryptoCurrency, has also expanded to Discord. An app that is similar to Skype, but with a specific feature that allows people to create their own servers or join community servers. Like Reddit, Discord has the option of joining different servers, where you can engage with text and voice-chat with friends or strangers from all over the world – if they are a member of the server. This is where a smaller part of the subreddit’s users engage in conversations about anything crypto related as well as small talk, political discussions and memes.
As surprising as it may seem, most of these users aren’t top tier crypto traders – there are some, but not many. The Discord community mainly consists of regular people, some of the moderators of the subreddit, as well as some experienced individuals that have been involved in crypto, in some way or another for years. These last mentioned, seasoned individuals, are the primary – but also somewhat intimidating “know-it-alls”, easily identified by their dark blue or yellow colour.
As you “climb the ranks”, you’re gonna see new channels being unlocked, a mechanism to prevent a large flow of new users asking questions about different topics in the wrong channels. There are a few different places on the server to engage in conversations: The general channel, for everyday talk. The trading channel, which is mainly focused on price discussion, and if you’re into stocks – there’s a channel for that too. If you’re a developer, there’s some material up for grabs as well, in the resource and development channels. If you’re looking for any type of specific information, there’s plenty of help to get.
You’ll also receive the occasional Moon tip, if you’ve managed to say something another found worthy of a tip, or if someone drops a pool of Moons which are tipped as first-come first-served. So if you’re curious about interacting with like-minded people – go ahead and visit the subreddit and Discord channel: