6. Bluffer's Guide to Cryptocurrency - News Outlets & Fluctuations in PricesteemCreated with Sketch.

in #cryptocurrency2 years ago

6. Bluffer's Guide to Cryptocurrency - News Outlets & Fluctuations in Price.png

Introduction

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.

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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?

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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...

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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.

Coindesk
Coin Market - Crypto Market
Cointelegraph
Crypto Currency News
Blockfolio

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.

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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:

3GiV9VsqGPFSHBQfwbfUQv8tAPMGE2kDef
or if you prefer - use the QR code:

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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!

Nicky

Contents

  1. Welcome

  2. 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)?

  3. Buying Bitcoin
    3.1 Being secure with cryptocurrency & wallets
    3.2 How to Buy Bitcoin & How Exchanges Work

  4. Definitions of common phrases

  5. Portfolio Management

  6. Cryptocurrency News Outlets & Fluctuations in Price (you are here)

  7. Blockchain Platforms for Musicians & Music Fans
    7.1 Atom Collector Records
    7.2 Choon
    7.3 Musicoin
    7.4 Inmusik
    7.5 Steemit
    7.6 Channels
    7.7 Sola
    7.8 Minds

  8. Concluding thoughts

Sort:  

Another great chapter!

The news seems to affect crypto prices even more than the regular stock market but that is to be expected with very few institutional investors in the marketplace yet.

Once we get more of those I think things may change as we will have the classic case of the news already being factored into the prices by the time we get to see it!

Absolutely, that's probably why it's so volatile at the moment but with regulation being imposed this year, I think a few more institutional investors will come in to it which would cause some stability. Some of the crypto projects are starting to de-couple from Bitcoin as well which bodes well. This is developing itself for mass adoption and scalability, it just might take a few years yet.

Oh and thanks for the continued support on this series!

I love the way it's being adopted and adapted all over the place! Regulation is a good thing in this instance as it removes the uncertainty which is what is needed for mass adoption. It's great to be in so early!

Absolutely! Wish I was in earlier as I heard about Bitcoin in 2014 but didn't do anything about it as it was even more alien to me than it is now. There was a rapper - 50 cent - who smashed it with Bitcoin - smart lad :)

If I'm not mistaken he went full-on bankrupt for a couple of year until he found out that some albums were sold on bitcoin when it was really low and now he's a millionaire again. That was good day for the man, for sure.

Yea that's pretty much what happened! Should have solved any debt problems he may have had :D

Great run down! Thanks for taking time to do this man it will help many people out! Brill! :)

You're welcome man and thanks for the support on the series!

Ihink the rate of posting will slow down a little bit as I want to do thorough research on the platforms first before posting about them and it's likely each platform will have a couple of posts about them as they are going to be brand new concepts to a lot of people!

Koolness! Thanks dude! I feel quite alot of people and artist new to crypto and crypto music based platforms feel overwhelmed by the steep learning curve and complexity and so shy away and miss out, which is a real shame i hope your articles will help some overcome there fears man!

That's what this series is all about, breaking down that barrier of overwhelm into little nuggets that people will find useful.

It is a shame they are missing out at the moment but when these projects reach a "critical mass" then I think the flood gates will open :)

Agreed man and hopefully the technology and new intergations will become easier to use for everyone, enabling more to join this kewl crypto sea! :)

I'm sure they will my friend, I'm sure they will. If these platforms can develop a system where you click "withdraw" and it pays directly in to your bank account whilst doing all the exchange work under the hood, that would be the winner for me.

Yeh that would be a great idea and certainly open the flood gates to many many more people and artist! Have a top evening man! :D

You too Mr Fungus! Pleasure chatting with you, catch you soon :)

Oh man, oh man! BRACE YOURSELVES! It's about to start! ;)

Haha, yea man! The real Bluffer's Guide is about to begin, the last 6 chapters were just the warm-up!

Thank you very much Nick, real awesome and bright piece of information!

Thank you Adam! I'm pleased you enjoyed it and learnt something new. I appreciate the continued support on it as well!

Thank you very much
Nick, real awesome and bright piece
Of information!

                 - adam-aj


I'm a bot. I detect haiku.

What a load of pointless tosh!

Haha, I have seen this haikubot before - it's pretty funny, I had to look up what haiku was but yea, pointless bot really - unless it is designed to get people to read up on haiku :D