The social media platform Meetup is widely popular as a community tool and can be a useful metric in measuring the robustness of a community.
A recent analysis of the level of engagement various cryptocurrencies face on Meetup had telling results. Founder and editor of ‘On-The-Chain’, a blockchain and cryptocurrency-based newsletter, Cole Kennedy conducted the analysis to measure the robustness of crypto communities.
Bitcoin (BTC) is the most popular cryptocurrency, leading the charts in terms of market capitalisation by a landslide. Predictably, it had the greatest level of engagement, with 4,708 Bitcoin-related groups on Meetup. These groups had a total of 1,695,193 members. Ethereum (ETH) is the second-largest cryptocurrency in the market and had 3,298 groups with 1,229,309 members. Litecoin (LTC) has 104 groups with 37,483 members and Bitcoin Cash (BCH) has 82 groups with 8,786 members.
Litecoin and Bitcoin Cash rank #5 and #4 respectively in terms of total market capitalisation. It can thus be said that the level of community engagement is a good indicator of a cryptocurrency’s trading volume and value. These cryptocurrencies exist due to transactions conducted by community members. Less networking groups and online interactions mean that the currency’s network will be used less. While investor speculation can support a coin, a low number of transactions and users can lead to its closure.
BSV Ranks Low
It is thus troubling for Bitcoin Satoshi Vision (BSV) fans to observe BSV’s low metrics in terms of Meetup dominance. BSV only has 11 groups with a total of 1,427 members. Twitter users seemed to believe that this metric indicates that BSV has low network effects and will die soon.
Others dismissed this claim. One Twitter user claimed that network effects do not indicate anything. The main issue with the top cryptocurrencies, especially Bitcoin, is that they cant scale on-chain. Bitcoin’s price is only being held afloat through investor speculation. In this user’s opinion, it will soon die because it is outdated and ‘handicapped’. He used the example of Facebook and Myspace, with Myspace having the first-mover advantage like Bitcoin. However, it was quickly overtaken by Facebook, which is BSV in this example.
It is hard to tell BSV’s future, but currently, it doesn’t seem to be doing so bad. BSV is ranked at #9, with 1 BSV equal to $140.58
About Post Author
The post appeared first on Crypto Asset Home
