Home Crypto Why You Should Always Check Out Reddit Before Buying A Crypto Token

Why You Should Always Check Out Reddit Before Buying A Crypto Token

by M Sakhawat
Why You Should Always Check Out Reddit Before Buying A Crypto Token

You might be thinking ‘why on earth would I check out Reddit before buying a crypto token?’ Honestly, I don’t blame you for thinking like that. Reddit isn’t exactly known to be the source of all things cryptocurrency and investments.

It’s usually the site where people ask stupid questions and get mediocre replies in response or where people post memes. However, people also use it to find information about topics that interest them, and crypto is one of them.

There are Reddit users who have extensive knowledge about the world of crypto (even if they don’t look like it) who can help you, especially if you’ve just started out in your investment journey.

Besides, using social media sites like Reddit can give you an insight into other user’s experience with the crypto token. Let’s have a look at the benefits of checking out Reddit before buying a crypto token!

Hype Will Surround The Next Big Cryptocurrency

Users of Reddit will be buzzing with excitement whenever a new cryptocurrency is about to launch or when it increases in value. If you want to know what the next cryptocurrency to explode 2022 reddit is, then I suggest heading over to the crypto side of the social media platform.

You will find discussions between different members on the different crypto tokens there are currently on the market and which ones are actually worth investing in.

Reddit can also give you an insight about what the current crypto trend is. As we all know, trends come and go in a span of days or weeks. So there’s no harm in checking the platform to see what the trend of the week is and which crypto token has the current highest value.

Reddit Gives An Insight To The Company

Visit the social media profiles of the cryptocurrency community to get a thorough understanding of it. The majority of bitcoin projects will have channels they control on Twitter, Reddit, or Discord—typically all three.

Keep an eye on how many followers they have and how the comment areas are being used. Check to see whether the community moderators are contributing to debates, promoting news stories, and responding to inquiries. A poor indicator, for instance, is when users ask valid questions in their Discord channel and are either ignored or told they have no idea what they are talking about.

Imagine if that were you asking the question and either getting ignored or getting told that you don’t know what you’re saying. You would feel ridiculed by the company and would be hesitant to invest with it.

On the other hand, if the moderators take time to engage with their followers and answer questions, then that’s a sign that the members of the company are welcoming people and they want to help others learn more about this industry.

Insight Into The Company’s Employees

Apart from having an insight to the company and how it operates, you will have an insight into its employees. You will be able to verify that the people who are responding to questions are the actual people that work with the company.

Moreover, knowing the employees behind the company will help you determine whether the company is credible or not. If you find out that the company is run by shady employees who were all fired from previous jobs due to suspicious behavior, then that company might not be the one you should be investing in.

Also, you can learn a lot about a person through their social media, what they post, who they follow, and how they respond.

You might not have given much thought about the people behind the company, but trust me, when you’re investing in something like a crypto token that has your money on the line, you will want to know who is responsible for storing your data and ensuring that the website is safe and secure.

Customers Will Not Hold Back

If someone has a negative experience with a crypto token or with the company, they will certainly not hold back. They will take to Reddit to express their disappointment and warn others so as not to go through the same thing.

People will give reasons why you should or should not invest in a certain token and will probably include proof to back up their statement. Reddit is a community of like-minded individuals, so people want to look after each other (although you will find the occasional scammer).

Reddit Will Tell You When The Company Screws Up

If you ask about a company and whether you should invest in their tokens or not, other users will supply you with information.

For example, if a company has been blacklisted, it will not be advertised on their website. Instead, you’ll have to find this out on your own. You can ask the Reddit community about the reliability and reputation of a company and watch as many users flood your inbox with their answers.

Reddit has a name-and-shame section where people name and shame the companies or institutions that provided them with a bad service. You’ll find everything – from people talking about restaurant services, to school policies, to crypto companies you should stay away from.

Important To Remember

Not everyone on Reddit has your best interest at heart. While you will find people who genuinely want to help you and provide you with the correct information about the crypto token you’re interested in, you will find others who just want to have a laugh and watch the world burn.

After you gather information from Reddit, do your own research about the company by reading the reviews posted on the official company site and compare with what Reddit users are saying to see if the reviews match.

If you see that a company has several positive reviews but a person on Reddit does not recommend it, there’s no harm in contacting them and asking them why they think this way. Legitimate and genuine users will explain their reasoning, and what’s the harm of getting a second opinion about the company?

At the end of the day, the more you know about a company, the better, because as we already said, your money is on the line here, so make sure it’s being protected!

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