There are numerous social media sites used by the cryptocurrency community. While much of the debate tends to take place over on Twitter, Reddit is also one of the main sources for breaking news and discussion of your favourite cryptocurrency topics.
Like anything to do with cryptocurrency, controversy is never far away, with accusations of censorship attached to the main Bitcoin subreddit. Here are three cryptocurrency subreddits you should be following.
r/Bitcoin
The largest and most popular subreddit – now with over 1 million members – is also the one that has experienced the most controversy. The issue, like most controversies within the Bitcoin community, stems from the scaling debate. Those who advocated for larger blocks felt that their posts were being censored and theories were espoused that the subreddit was under the control of the Bitcoin company Blockstream.
This issue highlights a wider problem with online forums. For many people involved in Bitcoin who align themselves with the crypto anarchist ideology, the right to freedom of speech is a key tenant. Therefore, anyone should in theory be allowed to say what they want without fear of being censored. Yet in practice, this can cause issues. Without moderation, a forum can turn into a cesspool of arguments and bickering with little constructive debate.
Ultimately, this whole debate led to the creation of r/btc, where Bitcoin Cash is the cryptocurrency of choice. Roger Ver is extremely prominent on this subreddit, and it ascribes to having no form of censorship whatsoever. If you are a Bitcoin fan, then r/Bitcoin is for you, and if you are a Bitcoin Cash fan, then r/btc is where you should head.
r/Cryptocurrency
r/Cryptocurrency is the second-largest cryptocurrency-based subreddit behind r/Bitcoin. Described as the “official source for cryptocurrency news, discussion, and analysis”, any and every cryptocurrency can be discussed on this subreddit.
On the subreddit, you will find plenty of links to articles and YouTube videos mixed with bullish and bearish sentiment. With such a large community, and with the vast array of talking points, the subreddit is extremely active. Whereas other subreddits are specific to certain coins, within r/cryptocurrency, all can be discussed freely. Ask me anything (AMA) events are also common with users submitting who they would like to speak to.
r/Ethereum
r/Ethereum is the main subreddit for anyone who has an interest in the Ethereum platform and cryptocurrency. Unlike the Bitcoin community, although there was a fork creating two separate Ethereums, there is a lot less noise surrounding the controversy. With over 430,000 members, you will find the latest Ethereum news and memes. The subreddit also gains legitimacy by having Ethereum founder Vitalik Buterin as a moderator.
Discussion on price is banned as there is another Ethereum subreddit for price chat. The same goes for mining as well. Instead, you will find the latest news on partnerships and what is happening on the ground level with the Ethereum cryptocurrency. The forum is fairly strict in terms of moderation. You may find that your post has to pass through moderation before it appears on the subreddit. This can limit the more controversial topics, but on the other hand, it keeps the subreddit clean and succinct.
Individual subreddits
If you have a particular favourite cryptocurrency, then there is a high chance it will have its own subreddit. How well maintained and active it is depends largely on the community itself. There are dangers to individual subreddits of your favourite cryptocurrencies.
Due to their nature, forums can become mere echo chambers where you’ll see plenty of bullish sentiment despite evidence to the contrary, and a severe lack of constructive criticism. The smaller subreddits are less likely to have volunteer moderators, which can mean that debate often spirals out of control or is non-apparent to begin with.
The benefits of individual subreddits are that if you are keen on the latest updates, then there is a high chance news will be posted onto these specific subreddits first.
Conclusion
Getting to grips with Reddit can take a little time as it has its own unique online culture. The phrase “don’t believe everything you read on the internet” is an apt one when browsing your favourite subreddits. It is often hard to know a person’s motives behind why they say certain things.
If you are interested in learning more about cryptocurrencies, then Reddit can definitely be a useful tool for education and debate. Don’t solely rely on Reddit however – try and pool your knowledge from as many sources as possible to gain perspective.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.