The drive towards crypto adoption is the leading motivation behind the different innovations in the crypto space.

And there’s hardly any better pointer to growth in this regard than a growing crypto community.

Therefore, building a strong crypto community for your project to thrive is crucial! 

This article walks you through every necessary detail regarding crypto community management.

This is a step-by-step guide on how to build a strong community and ensure effective crypto-community engagement as a community manager. 

What is a Crypto Community?

From a generic viewpoint, a crypto community is a group of individuals who share an interest in cryptocurrency, DeFi projects, and blockchain.

Think of it as a gathering around a campfire where you can openly discuss cryptocurrencies, crypto projects, or your favourite NFT collection with like-minded people.

This type of crypto community comprises diverse individuals passionate about different aspects of cryptocurrency. It is a melting pot of interests that range from NFTs and decentralized finance (DeFi) to Layer 2 solutions and broader crypto-related topics.

From an individual perspective, a crypto community is typically a group of people organized on social media who support a particular cryptocurrency or crypto project.

Members of such a crypto community share a sense of ownership and feel that they are part of something bigger than themselves: the crypto project.

In this case, each member’s involvement may be motivated by financial or non-financial benefits, such as reputation.

• The Community Drivers of a Crypto Community.

Regardless of your perspective, the concept of community in the crypto space always revolves around three major drivers: 

• Users
• developers
• and traders/investors. 

Users are those who use crypto products for real-life applications. Developers create, maintain, or contribute to crypto projects. Traders/investors buy cryptocurrency to profit from its volatility.

• The Roles of Community. 

Communities are essential in spreading knowledge, particularly in the blockchain and cryptocurrency. Top blockchain networks like Bitcoin, BNB Chain, and Ethereum have their respective communities. 

The educational efforts of these communities have made complex topics such as mining or Proof of Work (PoW) more widely understood.

By advancing knowledge and understanding, crypto communities serve as pivotal catalysts in the growth of the blockchain sector.

• Crypto Communities as a home. 

The crypto space’s borderless nature means its communities exist primarily online. These groups interact on forums, chat rooms, and social media platforms like Discord, Twitter, Telegram, etc.

One example of such a community is the crypto Twitter community. This particular example is a great tool for many successful crypto projects. 

As for the communities not based on any project, you find investors, developers, companies, and influencers advocating for their take on cryptocurrencies and initiatives on the platform.

These online communities are meant for sharing information, building relationships, and working together in the ever-expanding crypto universe.

Key Challenges in Crypto Community Management

• Engaging the Community 

Only an engaged community can thrive in the crypto space. Hence, it’s important to have well-planned community strategies to encourage active participation.

To encourage engagement, community managers should consistently post exciting content, initiate discussions, and actively seek input from members.

It’s also important to recognize and reward active participants, which creates a positive feedback loop and motivates others to contribute.

Creating relevant and engaging content is key to starting conversations and generating feedback. Community managers should also participate in discussions and provide support or input to regular contributors.

• Building Trust and Transparency

Building a thriving crypto community requires a foundation of trust. However, trust and credibility within a community must be earned over time.

To establish trust among community members, community managers must consistently demonstrate transparency, authenticity, and responsiveness. 

Openly discussing risks and challenges enables transparency while providing accurate information fosters it.

When appropriate, involving community members in decision-making and showcasing successful partnerships and stories leads to credibility. A community can grow on a solid foundation by establishing trust and credibility through transparency.

• Managing Communication Channels

Developing your crypto community growth strategies is one part of the work. Another part is to find ways to manage and moderate the large audiences that follow, onboard new members, and carry out any other tasks necessary for community management. 

One effective approach is to invest in bots and hire dedicated community managers. Your followers will likely be located worldwide, in different time zones, with varying needs. As your community grows, it may require 24/7 support. 

Bots handle customer inquiries, offer product information, guide new members, distribute content, collect feedback, and moderate spam.

Community managers liaise between the community and a company or development team, gather feedback, communicate important information, and bridge the gap between users and developers.

Why Crypto Community Management is Important

• Building Trust with Your Target Audience

Ensuring trust is non-negotiable in this volatile world of cryptocurrency. Therefore, effective crypto community management fosters transparency and creates a safe space for members.

This trust-building is crucial in promoting greater involvement, increased community activity, and more interaction among its members.

• Helps Raise Awareness for Your Crypto Project

An active and engaged community is essential to raise awareness for any crypto project across the wider crypto space. Endorsements and sharing experiences among community members can help increase the project’s profile and credibility naturally and organically.

• Necessary for Sustainable Growth 

Community management is not just an optional add-on but a necessity. It is important to keep the community informed and involved, as it can become your most prized possession and guide your project towards long-lasting growth, making it an indispensable element of the cryptocurrency ecosystem.

How to Build a Crypto Community 

• Set up Your Online Community Using Discord or Telegram

Start by setting up an online platform to create a successful crypto community. Discord servers and Telegram channels are excellent options due to their user-friendly interface and high user engagement rates.

Moreover, Discord communities have the added benefit of integrating Discord bots. These bots make crypto community management and engagement easier by handling tasks such as moderating chats and scheduling events.

• Onboard Moderators and Community Managers

A strong crypto community needs moderators to keep conversations civil and relevant while community managers engage with members, answer inquiries, and provide customer support.

The role of a crypto community manager is pivotal due to their understanding of the unique dynamics of the cryptocurrency space.

If you lack expertise and experience, working with crypto community management agencies can be beneficial, as they bring vast knowledge and connections that can accelerate your community’s growth.

• Establish Community Guidelines 

Every thriving crypto community needs specific rules and standards to control members’ behaviour and state the consequences of breaking them.

These guidelines create an atmosphere that encourages considerate and significant participation in discussions and interactions related to your crypto project.

You don’t want to feel insulted in a group. The same can be said about others. People don’t want to feel insulted in a group. 

• Educate New Members

It’s important to note that not everyone joining your crypto community will have a comprehensive understanding of your project or cryptocurrencies. Therefore, educating new members and users about your project is vital. 

You can provide resources that explain the basics of your project, which can be valuable tools for enhancing member engagement and contributions to your community.

• Promptly Addressing Questions and Providing Support 

Providing prompt and effective assistance is crucial for establishing credibility and promoting active participation among cryptocurrency community members.

Have specific moderators or community managers to address inquiries promptly and efficiently.

Encourage knowledgeable members to contribute to resolving inquiries, fostering a cooperative environment that regards sharing expertise.

• Cultivating Trust and Credibility 

The key to building a thriving cryptocurrency community lies in establishing trust. You can achieve this by ensuring the spread of only accurate information and facilitating open discussions about potential risks.

Also, highlight success stories, announce partnerships, and involve community members in decision-making processes when appropriate.

• Identifying and Nurturing Influencers 

Identifying influencers who have expertise influence, and are actively engaged will yield a considerable positive impact on the success of any crypto community.

Nurture these influencers by involving them in discussions, recognizing their contributions, and providing exclusive opportunities. Their advocacy can attract new members and enhance the community’s reputation.

What Makes a Good Community Manager?

• Personalized Connection

The way a community manager communicates with the audience should be direct and personal.

• Knows Your Audience 

With someone fully engaged in the crypto community, you can guarantee that your brand messaging is delivered with the appropriate tone and manner.

This familiarity also ensures that your community management channels get managed efficiently and effectively without the need for additional training or any learning curves. You don’t want to risk your community members’ user experience. 

• Availability 

The best community manager is flexible and available at all times. Consider users from different time zones who might require assistance during off-hours. Since a significant portion of community activity happens outside regular office hours, working around the clock is crucial for providing optimal support.

• Conflict Resolution Skills

Providing the best user experience in the vast world of cryptocurrency should be the priority of your crypto community management efforts. Therefore, a professional community manager must be able to resolve disputes that may arise in online communities.

Frequently Asked Questions (FAQs)

What is the average salary for a crypto community manager?

According to CryptoJobsList, the average salary of a crypto community manager is $44,000 per year.

However, the bottom 10% of the community managers make $10K per year, while the top 10% make $80K. The difference in pay depends on experience. 

How can I be a good community moderator?

• Have strong communication skills
• Be fair and impartial in judgment
• Stay patient and calm
• Understand community rules
• Develop your problem-solving skills
• Always prioritize diplomacy and conflict resolution
• Be a good time manager
• Pay attention to detail
• Choose empathy and compassion always
• Grow your technical proficiency
• Be adaptable
• Hone your collaboration skills
• Embrace Transparency
• Stay Resilient
• Be willing to learn

How much does it cost to hire a crypto manager?

Some crypto community managers charge an hourly fee, while others charge a monthly retainer fee. Hourly rates can range from $25 to $100 or even more, whereas monthly retainer fees can range from $1,000 to $5,000 or higher.

The extent of the job, the manager’s experience and skills, and the manager’s location are some factors that determine the cost of hiring a crypto community manager.