Social media platforms are quite efficient when it comes to providing important information. Some companies, tech firms, and other organizations are using it to disseminate details about their new products and other innovations.
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A visual representation of the digital Cryptocurrency, Bitcoin alongside US Dollars on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption.
Because of this, young people, especially teenagers, are using these online platforms to have more knowledge about the things they find interesting and essential.
On the other hand, a new study revealed that almost 50% of teens, who usually use Facebook, Twitter, and other social media apps, think they know more about cryptocurrency compared to their parents and other older individuals.
Involved researchers and other experts explained that social media has a major role in this new finding. To give you more idea, here are other details of the new research.
Social Media Increases Teens’ Interest In Crypto?
As of the moment, various cryptocurrencies are now emerging in the rising digital currency market. These include Bitcoin, Dogecoin, Ethereum, and more.
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In this photo illustration, social media apps are seen on a mobile phone on July 29, 2020 in Istanbul, Turkey. Turkey’s parliament passed a new law Wednesday, to regulate social media content. The law will require foreign social media companies to have an appointed Turkish-based representative to deal with any concerns authorities have over content.
Also Read: Crypto Whales’ Top 3 Coins 2021 | Why is Ethereum Still Their Number One?
With that, teenagers and other young people are becoming more interested in crypto. Wells Fargo conducted s survey and revealed that 45% of the teens claim they know more about crypto because of social media platforms.
The new study “Social Media Increases Teenage Interest in Wall Street, Wells Fargo Survey Finds” also explained that around two out of three teenagers claim that they have enough knowledge and expertise when it comes to crypto investing.
On the other hand, Business Insider revealed that 50% of the parents, who participated in the study, also agreed that their children know more about cryptocurrency management and investment more than they do. However, should you trust the information relayed on the current social media platforms?
Crypto Scams On Social Media
According to Zero Fox’s report, various crypto scams are emerging on different social media platforms. Aside from this, some experts warned people not to easily believe in influencers offering some tips on investing in digital currencies.
On the other hand, crypto critics and analysts also provided various reasons why incorrect crypto info and scams are becoming rampant on social media sites. These include the following:
- Crypto is irreversible
- Crypto’s handlers are anonymous
- Most cryptocurrencies don’t rely on financial institutions or government agencies.
For more news updates about crypto and other related stories, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
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