Even the most casual observer of the cryptocurrency market will probably be aware that a lot of the news breaks via Twitter - particularly from the accounts of key industry figures like Charlie Lee, Vitalik Buterin and Justin Sun. However, Reddit is also one of the best sources for breaking news and revealing crypto discussion.
There are subreddits dedicated to most things blockchain and cryptocurrency-related - covering most of the major tokens, as well as the latest industry news, crypto trading advice, upcoming ICOs and, of course, rumours linked to the major players in the world of cryptocurrency.
In the following article, we’ll take a look at some of the top cryptocurrency subreddits that you might want to be aware of if you want to keep up to date with the industry.
The power of Reddit
The more traditional investors out there might find it all too easy to dismiss unregulated sites like Reddit as mere gossip chains. However, as we have seen in recent months, the influence of Reddit goes well beyond the website itself.
Never has this been more apparent than with the remarkable GameStop saga that occurred earlier this year. Thanks largely to some committed Reddit users, there was a GameStop-stock buying frenzy that saw the retailer’s price soar from $40 to over $400 in a matter of days. A band of investors, mostly using the r/WallStreetBets subreddit, decided to take on the large institutional investors and hedge funds that had started short-selling GameStop stock, by buying up all the outstanding shares and driving prices up.
The campaign eventually went viral and a fear of missing out led to a surge in casual investors looking to cash in on the action, which in turn further drove up prices and increased GameStop stock scarcity which made it harder for the institutional investors to close up their positions. Of course, this was nothing short of a tulip mania, but it illustrates just how influential larger subreddits can be.
The effect has been seen within the crypto world as well. Also in January of 2021, Dogecoin experienced its own Reddit-fuelled price bonanza. After Tesla CEO Elon Musk decided to express his support for Dogecoin on Twitter - for reasons yet to be revealed - Reddit users quickly began discussing the potential for the altcoin to be ‘the next GameStop’. A price surge ensued, with DOGE surging by a staggering 800% in 24 hours. Once again, r/WallStreetBets was at the centre of the event.
These instances may be rare, but they certainly demonstrate that it can be a good idea to be involved at the ground level. So, with this in mind, what are the best cryptocurrency subreddits to follow on Reddit?
Read Also: How to Identify Cryptocurrency Market Trends
General Crypto Subreddits
What follows is a selection of some of the top subreddits that discuss the cryptocurrency industry in general. Topics might include anything from upcoming ICOs, discussions of key industry figures, as well as trading strategies and market insights.
One of the biggest cryptocurrency subreddits out there, CryptoCurrency has over a million members and is an extremely active discussion. Members discuss anything and everything related to cryptocurrency and blockchain.
Member Count: 231K
This one focuses on the markets and is arguably the best cryptocurrency Reddit if you intend to invest in cryptocurrency. Discussions cover everything related to the markets: from finding a broker to analyzing price movement.
Styling itself as the cryptocurrency version of the aforementioned WallStreetBets - a notorious subreddit where participants discuss stock and options trading - SatoshiStreetBets discusses everything related to cryptocurrency and crypto trading.
Member Count: 96K
This general discussion about cryptocurrencies is known for its uncensored coverage of the industry, with high-quality news and education as well as some irreverent banter. An excellent option for no BS crypto updates.
If you’re interested in upcoming ICOs, then this is the subreddit for you. The community is generally right up to the minute with anything pertaining to ICOs, crowd sales and token sales for anything related to cryptocurrency. The discussion is well regulated and benefits from the input of several active investors.
Member Count: 62.7K
CryptoCurrencyTrading is another great subreddit for anyone looking to enter the markets. The community is small and focused, providing valuable insights into the fundamentals of trading and how to start building your crypto portfolio. Definitely the best place to discuss cryptocurrency trading on Reddit.
Member Count: 18.7k
A smaller group discussing the wider cryptocurrency market. This subreddit is noted for its more serious discussion, being less likely to wander into more trivial matters than some of the larger groups on the site.
This one focuses predominantly on the technology that drives the various cryptocurrencies on the market. Expect to find discussions on the finer points of blockchain architecture, advances in programming and potential upgrades to the various cryptocurrency infrastructures.
Aside from general cryptocurrency discussions, you’ll also find subreddits dedicated to pretty much every cryptocurrency out there. Of course, these discussions will often feature avid supporters of the token in question, but generally, the comments are balanced and provide a huge amount of insight into the individual cryptocurrencies and the companies and/or major figures behind them.
The biggest cryptocurrency of all naturally has the biggest subreddit. Here you’ll find the latest news, analysis and gossip relating to BTC.
Another Bitcoin subreddit - this one however is aimed at those new to Bitcoin and the cryptocurrency sector in general. Here you’ll find useful tidbits of information regarding the technology behind Bitcoin, how to trade BTC and what the future may hold for digital payments.
Ethereum is the biggest altcoin in the world and this community is extremely active in discussing everything from breaking news to the technical potential of the Ethereum blockchain.
Member Count: 215K members
Litecoin is often touted as the ‘silver’ to Bitcoin’s ‘gold’ and its supporters firmly believe that LTC is an upgrade on the original cryptocurrency blueprint. One of the larger and more active crypto communities on Reddit.
If you know anything about Ripple, then you know it’s important to keep up to date with the latest news surrounding the token and the company behind it. With one of the larger membership bases, this is the place to get all the latest information on the bankers cryptocurrency.
Dash is touted as the fastest, most secure and scalable cryptocurrency aimed at the everyday consumer. Whilst it may not exactly be a household name yet, you’ll find there are plenty of supporters in this group to explain why perhaps it should be.
As with Ripple, Stellar is actually the name of an organisation that is seeking to solve the world’s money transfer problems. The network uses its proprietary token, Lumens, to facilitate international transfers and remittances.
Monero is an open-source cryptocurrency that places emphasis on privacy - with its tokens being completely untraceable. A surprisingly large and active community, here’s where you’ll find all the latest on XMR.
Cardano is one of the most technically advanced coins out there and many have tipped it to one day be the biggest of them all. The coin was born from scientific scrutiny and, in theory, addresses all the shortcomings of the tokens that came before it.
Dogecoin was originally started as something of a joke, but today it is one of the most famous tokens out there. One of the reasons it has gained such a foothold in the market is the passionate Dogecoin community - so it stands to reason it has a large and active subreddit.
Tron set out to revolutionise the way people experience online content by effectively decentralising the e-commerce aspect of digital art and entertainment. The subreddit is an engaging and active forum that discusses everything from the Tron architecture to celebrity endorsements.
EOS is a powerful blockchain platform that purports to be the most powerful network for the development of decentralised apps. The EOS subreddit is an active community that discusses the many technical aspects of the network and its native token.
IOTA is a cryptocurrency designed specifically for the machine-to-machine economy of the internet of things. Naturally, the IOTA subreddit has something of a futurist outlook and discusses everything from trading IOTA to the network’s technical specs.
Pros and Cons of Reddit
Reddit is a fantastic source of unfiltered information from the various cryptocurrency communities. Visited by over 243 million users per month and playing host to millions of accounts, Reddit is described as ‘The Front Page of the Internet’ and is certainly one of the best places to discuss more or less anything. However, it’s important to discern how something like Reddit differs from traditional news and information sources and what it’s strengths and weaknesses are.
Pros of Reddit:
✅ Reddit is highly accessible - it’s easy to set up an account and start taking part in discussions.
✅ The platform has a massive, diverse community.
✅ Reddit moves fast - and so does the cryptocurrency market. It’s not uncommon for crypto news to break via social media and Reddit is often the first place developments are discussed in detail.
✅ Reddit - for the most part - is an open discussion forum so multiple viewpoints are often represented - good and bad.
✅ As we have seen, big movements in the world of investment are often fuelled by Reddit discussions.
Cons of Reddit
❌ Reddit is often used for marketing - so be on the lookout for comments that are clearly company communications.
❌ Information found on Reddit often cannot be verified.
❌ Some communities can and do show bias.
❌ There is some impetus on the reader to discern the quality of the information.
Looking beyond Reddit
It’s fair to say that anywhere there are platforms for building online communities, there is likely to be a discussion of cryptocurrency. Therefore there are plenty of alternatives to Reddit that are worth exploring. In fact, many subreddits - including SatoshiStreetBets - have additional web presence, with accounts on Twitter and Telegram, for example.
The decentralised nature of cryptocurrency makes discussion boards and chats particularly relevant. Many developments within the cryptocurrency world - especially tokens that have not been developed by a parent organisation - are born from various communities. As such, anyone serious about getting to grips with the industry will need to know where the big discussions are taking place - whether they be on Reddit, Twitter or any other message boards or social media platforms.
Ultimately, Reddit is another information resource that cryptocurrency investors can draw upon. The discussions are often in-depth, forthright and up-to-the-minute. Of course, you cannot trust everything you read - as with any news source - but more often than not, any spurious claims made on Reddit are quickly picked apart by the community.
The incidents with GameStop and Dogecoin also show the increasing power that internet communities have on the financial markets - those who profited as a result of both buying frenzies would certainly have been those who were in at the bottom, so to speak, whilst anyone not monitoring the situation on Reddit would have been late to the party.
All things considered, if you’re a cryptocurrency investor then you’ll want to start making the occasional trip to the Reddit boards to see what’s happening in the community as well as get the latest updates on any coin you have in your portfolio.
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Is Reddit a good source of information for cryptocurrency?
Any investor knows the importance of keeping up to date with the markets. When it comes to cryptocurrency, however, it is often the case that breaking news comes from alternative sources.
Aside from the very biggest stories, nascent crypto movements rarely make the mainstream press. Reddit is one such source. The cryptocurrency community is particularly active online and there are numerous subreddits that provide insights into aspects of the market that you may not find elsewhere - just remember to bear in mind who the information is coming from.
Where can I find the latest information on Bitcoin?
There are numerous sources of information for Bitcoin and it receives more mainstream coverage than any altcoin. To keep up to date, it’s a good idea to monitor several information streams - including mainstream news, industry news, social media and discussion forums like Reddit.
How do I find out more about investing in cryptocurrency?
There’s plenty of information out there with regards to investing in cryptocurrency. Many brokers, such as eToro, will offer plenty of learning resources. Alternatively, you can reach out to the community and try group discussions and forums to get the answers you are looking for.
What are the best cryptocurrency subreddits to follow?
Most cryptocurrencies will have a dedicated subreddit. However, for general market news, /r/SatoshiStreetBets is a great option, as is r/Cryptocurrency.