Crypto communities add vital value to crypto projects but it now seems that they are becoming less important as some of them only exist to pump a certain coin. In our latest altcoin news, we are trying to figure out something more.
After a conducted analysis, it turned out that crypto communities add key value to a project but as more people get to use it, the communities don’t matter that much. It’s common for people to talk about crypto communities as we hear talks of “BTC community”, “ETC community” and many others but how important will they be in the future in the development of their related projects?
According to the various crypto industry figures, they believe they will remain important. The organizations provide a crypto project with its initial core base of users and developers and they also champion crypto so that more users adopt it. However, not all crypto organizations are created equal as some of them add genuine value to their cryptos and other function to pump the coin and make a profit. In the long-run, specific groups for single crypto could become unnecessary as these cryptos gain worldwide adoption. BTC core developer Nicols Dorirer said:
“There is no cryptocurrency unless people build on top of it or use it. Community is the blood of any project; if the community disappears, the project dies. Communities are more important than their creators, as if the creator of a project disappears, the community will take over the project in one way or another.”
The founder of Guardian Circle Mark Jeffrey agrees that crypto projects are more likely to succeed if they have a more vibrant group:
“All of the cryptocurrencies that I have seen win have had strong communities. Bitcoin had BitcoinTalkForum, NEO held in-person developer meetups worldwide and just in the past few weeks, YFI created a surprisingly active and strong governance community. EOS had a strong community of block producers at launch, but disillusionment with Block.one refusing to further develop or fix the core EOS chain in favor of side projects like Voice has led to EOS price itself failing to get any traction out of the USD 2-USD3 range.”
In other words, there are different kinds of crypto groups but not all of them are positive. The reason is that these groups exist because of a strong bag holder effect where those with the currency want to get in and to get their holdings worth more.
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