Darico Ecosystem Coin: Is information overload making it difficult for new Bitcoin investors?

bitcoin

Not long ago, cryptocurrency was a fairly new concept that was met with equal parts suspicion and derision. While there are still traditionalists and doubters out there, it has started to gain mainstream acceptance. This, in turn, has led to a spike in interest in cryptocurrencies. As with all currencies, it’s this very demand that gives it value, so any new interest is a good thing, but this has created a difficult landscape for new investors. We’ve gone from not enough information to too much information.

The most important thing to understand about cryptocurrency is that it’s volatile. What may have been strong investment advice a few months ago could be disastrous today. This means that the huge number of blogs which have cropped up claiming to offer crypto advice could end up costing you a lot of money. When crypto piqued the interest of mainstream media outlets, this was great for increasing the profile of Bitcoin, but disastrous for the spread of inaccurate information. It suddenly became profitable for content publishers to host a lot of information about cryptocurrencies, and it doesn’t matter if it’s accurate.

Everyone’s an expert

Simply put, everyone became a cryptocurrency expert overnight, and this has been problematic for new investors hoping to get started. People with very limited knowledge of how cryptocurrencies work feel empowered to share their two cents on the subject. The result? Vast swathes of inaccurate and unverifiable information that is considered equal to the work of actual experts on the subject.

Who can we trust?

Another problem facing Bitcoin researchers is the rise of the crypto influencer masquerading as an investment advisor. Those who we used to turn to for information have inevitably been bought out to promote one platform over all others. Their advice might seem impartial, but it’s anything but, which can be problematic for those looking for information. It isn’t always clear if an influencer is working with a particular site, so look for disclaimers at the end of their posts. On social media, they should make their affiliations abundantly clear.

So, how do we get around this information bias? The best solution is to do your research and consult multiple sources. Even if you find a source that seems reliable, keep looking until you can find another site that will back up the first site. Knowledge is power, and this is particularly true when it comes to crypto investment.

How can you spot genuine advice?

While it has become more difficult, it’s not impossible to find helpful information; you just need to know where to look. New investors should look for reputable and trustworthy sites that don’t accept sponsorship for pushing a particular ICO. Don’t just look at the site, but also consider the credentials of the writer.

Remember that it’s easy for people to lie and embellish online, so learn to read between the lines of an author bio. Look at other articles they have published and see if their information seems contradictory. If you can see contradictions, it’s likely that they change their stance depending on who they are writing for, and their advice should be discarded. If you really want to test the veracity of a site, apply to be a guest author and see how far you get. If they are willing to publish your article, you can be sure they don’t value editorial integrity.

Parting advice

As of April 2018, there were over 1,500 cryptocurrencies and counting. This is a burgeoning and exciting investment opportunity, but like all opportunities, it’s not without risk. Aspiring investors should feel empowered to make the right choices, but this can only happen if they have done their research and understand the opportunities.

If you have your doubts about where to find reliable and accurate information, the Darico Terminal is a great place to start. Set to be released later this year as part of the Darico Ecosystem, in order to combat the deluge of inaccurate and self-serving information available, the Terminal will only share information from trusted and reliable sources. In order for prospective investors to make informed choices, it makes sense to utilise all of the tools available.

To find out more about the Darico Terminal, visit the Darico website https://darico.io/en/terminal/

Is information overload making it difficult for new Bitcoin investors? was originally published in Darico on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original article was created by: Darico Ecosystem Coin at news.darico.io

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

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