Welcome back to The Bluffer's Guide to Cryptocurrency - a layman's approach to understanding Bitcoin and Blockchain Technology!
The previous blog went through a couple of ways you can keep track of your coins as new projects will crop up that will peak your interest the more you get involved. If you missed it, well, fret not compadre, catch-up here!
So now that you have the means to monitor all your coins, let's have a look at how we can keep up with the rapidly changing world of crypto news and maybe glean an insight in to the fluctuations in price. Before that excitement though - disclaimer.
Before I begin, I want to emphasise that this is a highly simplified version of what I have learnt from my own research and I'm sharing my learning with you. If you do know this topic inside out, be nice to those who are still learning about this (myself included) and we can grow together.
Furthermore, this is not financial advice and I am not a financial advisor. I am a crypto-enthusiast and wanted to create a guide to help total beginners understand what this is all about. Please seek financial advice from a qualified professional if you have any doubt about how to spend your money.
So with that said, brace yourselves, you might learn something! Shall we begin?
Why Is Reading The News Important?
The news, whether it's online or in paper form, has a really big impact on all aspects of life. If you're one of those who thinks, "Well, the media is just reporting on the main events in the world that we may not know about day-to-day", or you're one of those who thinks, "Don't believe this fear spreading machine, it's all doom and gloom", it doesn't really matter as it's very useful to be aware of what's going on and distance your emotions from it.
Why Are You Telling Us This?
Well, the news on shenanigans in the crypto world has had (and will continue to have) a profound effect on the price of Bitcoin, which in turn has an effect on the price of pretty much every other coin paired with it. A good example is what happened at the end of 2017. Before then, how often was Bitcoin mentioned in the mainstream news?
You probably didn't hear much about it until the prices went up and up and up, reaching an all time high at around $20,000. During that build up, mainstream media was all over it, reporting about the price rises and a lot of new people got involved, looking for a quick win, falling for scams because they didn't know better. The list of horror stories is saddening and was one of the reasons why I created this blog series in the first place.
Then Bitcoin started getting negative press, "it's a bubble", "it's a scam", "only criminals use it" etc. Shortly after, the price started dropping, people panicked, sold off what they had, even if it was at a loss, and, as a result everything plummeted with an ensuing "nuclear winter". Sobering. What's also sobering is using Microsoft Paint to create a simplified "graphical" version of the point you're making...
If you were one of those who bought during this bubble, I feel for you. But if you held on to what you invested, you technically haven't lost anything yet as you haven't withdrawn it and, more importantly, you have got balls of steel!
Of course, all those thoughts of panic can be mitigated if you stick by the simple principle of "DON'T INVEST MORE THAN YOU'RE WILLING TO LOSE"! Makes it a whole lot easier then.
So Where Can I Find Crypto News?
Now, since everything completely crashed, the mainstream media has not reported much on it at all (at time of writing). You can read in to that what you will but sentiment is strong in crypto. It's new and unknown territory for a lot of people and when high stakes are at play, emotional responses to news events become that much more significant.
Fortunately though, there ARE some crypto news outlets that are well respected in the community and contain great information and latest developments. As crypto moves SO fast, there are articles popping up everywhere so it can be a bit tricky to keep up. Here are a few that I use and check occasionally.
These are also apps so if you prefer using your phone, you can search on your relevant app or play store to get them.
There isn't much more to say about these apps, they all report things throughout the day and there are settings you can change to make sure you only get news relevant to what you have in your portfolio but as always with this series, I can only show you the door, you're the one who has to walk through it!
Be diligent out there but you should be well equipped now to start doing some of your own thorough research on projects. Whether you believe news stories or think they're just a fear machine, bear in mind that when you see price movements, there could well be an announcement of some kind associated with it.
Ok, time for a time out!
Another quick blog here as we're whittling through the chapters now on our way to some real juicy stuff.
If you are enjoying the series so far, I'd love to hear from you! Thanks to those who have sent in some donations, it's much appreciated and certainly not expected! My Bitcoin wallet address is:
or if you prefer - use the QR code:
The next chapter... boy oh boy, where do we begin! Some of the music platforms could probably do with a couple of blogs each as it might get heavy otherwise! We'll play it by ear (pun intended).
Now though, it's your turn.
Did you enjoy the article or find it useful?
I'd love to hear from you and if you learnt something new, feel inspired to do some of your own research or felt I didn't cover something well enough, let me know and when I finalise the pdf, I'll make it right!
For now though, take it easy and catch you soon!
The history and technology of Bitcoin
2.1 How and why did Bitcoin come in to existence?
2.2 How does Bitcoin & blockchain actually work (Part 1)?
2.3 How does Bitcoin & Blockchain actually work (Part 2)?
Cryptocurrency News Outlets & Fluctuations in Price (you are here)
Blockchain Platforms for Musicians & Music Fans
7.1 Atom Collector Records