One of the things people criticise Bitcoin for is how they have a difficult time understanding the underlying technology and how the digital currency ecosystem works. But these same people fail to realise they have been using different types of technology for years, all the while not even fully understanding how it works. Twitter is a prime example of doing so.
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Lack of Twitter Userbase Growth & Why Investors Are Worried
Using a social media platform which enforces a 140 character limit on sharing your thoughts and news with the world seemed to be a ludicrous idea at first. After all, how much can people squeeze in that character limit, all the while throwing in a hashtag or two as well? As it turns out, Twitter users have become fairly creative in adjusting to this short-message system.
Despite a userbase of over 316 million users, Twitter is not in the same league a Facebook as far as social media presence is concerned. Whether or not this is due to the platform’s character limit, or simply because people can’t keep up with the influx of messages posted on their Twitter feed, is a difficult question to answer.
It’s not like Twitter isn’t a recognizable brand, as everyday consumers are confronted with the platform at every turn. Watching tv, attending an event, or even visiting one of your local stores, Twitter is mentioned somewhere within eyesight. That being said, Twitter is also facing a lot of scrutiny because of its association with “blabbing”, “spoilers” and enforcing information upon users who are probably not even interested in that type of content.
As much as Twitter would like you to believe, not everyone in the world is using the platform. Most major brands, sports teams and celebrities are actively using Twitter and they will be more than happy to tell you about it as well. At the same time, investors are getting worried about Twitter’s lack of growth in recent years, especially when compared to other social media networks.
Furthermore, from a business point of view, Twitter doesn’t seem to be overly impressive either. Granted, people will talk about your brand by using specific hashtags and whatnot, but this social interaction has little to no value as far as earnings are concerned. The biggest problem here is that Twitter can’t properly capitalise on the exposure people and brands are getting/giving.
In fact, if you look at it with a clear mind, Twitter themselves have done little to present their own platform’s messages in a convenient way. Mainstream media outlets have integrated Twitter in a proper way, while the company making this all possible watches on from the sidelines. Either way, Twitter has a lot of things to figure out sooner rather than later, or the social media platform may see its user base numbers dwindle. Not to mention how investors will stop pumping their money into this platform with no future plan to speak of.
Is Twitter Beneficial to Bitcoin in Any Way?
Looking at this situation from a Bitcoin enthusiasts perspective, Twitter isn’t doing much for Bitcoin brand awareness either at this time; while most everyday consumers use social media platforms to find the latest news, hardly any of them stumble upon Bitcoin news through Twitter. In fact, more people read Bitcoin news on Facebook, which is quite a surprise.
For Bitcoin, this poses a new set of challenges, as the disruptive digital currency has been facing its fair share of problems to gain mainstream adoption. Media outlets keep harping on Bitcoin’s past, even though those days are far behind us. Furthermore, anything a journalist doesn’t properly understand can be made as sensational as they want, because there is no one who will tell them things are far from correct.
That being said, social media interaction remains one of the best ways to promote Bitcoin. The community can only hope to see Twitter take a decisive direction in the near future, which will hopefully help raise awareness about topics near and dear to our hearts. But one thing is for sure, with or without Twitter, Bitcoin is here to stay and grow.
Images courtesy of Twitter, Shutterstock,