A veteran community manager emphasized the utmost importance of a dedicated community in the success of cryptocurrency projects. While technology plays an important role, it is community participation, feedback, and trust that truly drives the success of a cryptocurrency project. For crypto, a strong community offers trust building, valuable feedback, advocacy, and a sense of belonging, making it more than just code.
In the cryptocurrency market, a single tweet can skyrocket the value of a coin, helping unknown projects become giants overnight. For this reason, the power of the community is more powerful than intricate algorithms and revolutionary blockchain technology.
As many industry experts point out, a cryptocurrency without a devoted community behind it is like a ship without a crew, destined to sail aimlessly.
Community Participation, Catalyst for Success
Some of the top cryptocurrencies by market capitalization, such as Bitcoin, Ethereum, XRP, and Dogecoin, are successful not only because of their technology. The fervor and dedication of their communities have brought them to the heights they have reached. Still, building such a community requires intention, strategy, and most importantly, genuine attention and commitment.
While the cryptocurrency market has undeniable appeal, attracting investors looking to make their fortunes, community creators work behind the scenes, ensuring that the heart of these projects remains strong.
Roxana Gallardo, renowned community manager behind La Crypto Beach, a talent incubator and bridge to Web 3.0 technology in Latin America, says that “You can have the most advanced technology, but if there is no community participation, your project is essentially a ghost ship.”
Gallardo, an industry veteran who has witnessed the rise and fall of countless cryptocurrencies, believes that having a community that supports a project during its lowest moments and celebrates its highest moments can make all the difference.
Creating a safe space to interact with founders and members build trust, as community members can be “one click away from clarifying concerns and reducing the risk of being scammed.” A strong community also allows crypto projects to conduct focus groups and activities to test and improve their product.
Four Benefits of Building a Strong Community
Gallardo recommends regular updates, question-and-answer sessions, and even behind-the-scenes looks at project operations. According to this expert, such initiatives will significantly help a cryptocurrency project in four fundamental pillars:
Building trust: When a community participates, it sends a clear signal that the project is genuine and promising. This increases user confidence in the project.
Providing feedback: The community not only supports but also offers valuable feedback. This feedback is essential to identify problems and opportunities for improvement that sometimes go unnoticed.
Encouraging adoption: Community members are often the best ambassadors for a project. They act as passionate advocates and promote the project within their networks and contacts, leading to greater adoption.
Creating a sense of belonging: Being part of a community gives members a feeling of being part of something bigger than themselves. This strengthens your emotional connection to the project and your commitment to its success.
Therefore, true community building involves “giving a voice to its members,” said Gallardo. “Allow them to have a say in the direction of the project to create a sense of ownership and responsibility among members,” she recommended.
As complex and multifaceted as the cryptocurrency market is, it depends on the human element. Hence the community that supports, promotes and believes in the vision of a project.
By Audy Castaneda
