Like with all jobs and hobbies, the desire for focused communication is always present. No matter what people are interested in, they are often inclined to join together in groups to share ideas and tips. This is why sites like Reddit and Twitter thrive. The need for healthy discussion is prevalent in the cryptocurrency industry too; in fact, it could be argued that it is even more important than in other industries. This is because cryptocurrency and blockchain are such new fields that there are no true experts yet. Unlike other industries such as stock trading or computer science, crypto and blockchain cannot have specialists with several decades of dedicated experience.
The fact that cryptocurrency cannot have experts of this magnitude leaves people in dire need of places where focused discussion can be had. Without experts, crypto users choose to look to the wisdom of the crowd instead. Arguably, this might be the reason why the world of crypto is so friendly and engaging. A quick visit to Reddit, Steemit, Twitter, or any other social media site will allow you to see just how active discourse on cryptocurrency is. People are extremely eager to ask and answer questions, take part in debates, share information, and predict up-and-coming trends. Crypto users are highly aware that there are no true veterans of the industry, so they make up for it by forming powerful and transformative ecosystems.
Among all the subtopics which can be discussed in crypto, none are more spoken about than the act of trading. While crypto trading may share multiple similarities to stock and forex trading, its differences are sometimes too glaring to ignore. For instance, unlike with stock trading, with cryptocurrency you need to be mindful of whether you are investing in coins or tokens, whether your assets are fungible, and whether they have functional wallets yet. While a traditional stock trader could probably learn to understand cryptocurrency trading fairly quickly, if they were to ignore the nuances which separate it from other markets then they would be doomed to fail.
Nobody Trades in a Vacuum
One of the best things about having trading discussions is that you get the opportunity to talk with people who are in the exact same predicament as you. For instance, during harsh drops in market value (and huge rises), it is amazing to see how the community as a whole is talking about it. This is why live-chat experiences are so interesting. When good things happen in crypto, live chats allow you to share your elation with like-minded people. ETERBASE is maintaining an open Discord to allow people to do this. They will also be implementing a live-chat feature which integrates directly into the main part of the exchange. This will appeal to the desires of those who crave real-time and focused conversations. This will be similar to Poloniex’s infamous ‘TrollBox’ but with more moderation. When engaging in live chats, be wary of the information people post. These platforms are often used as tools for market manipulation. It is best to take any and all conversations with a grain of salt. Even chats with heavy moderation will be unable to stop all instances of attempted manipulation.
The world of crypto becomes richer and more enjoyable when people can communicate in groups. As crypto trading is generally a lonely and singular experience, it can often feel like your actions exist only in a vacuum. The ability to talk to others who are experiencing the same things as you are can alleviate this. That is why live-chats and other social communication are a necessary element of cryptocurrency trading and investing.