Research: Why is it so important within crypto?

Research is essential, especially within the crypto space

Research can be time consuming and to be honest, rather dull. However, within the cyrptocurrency space, research is the most valuable way to spend your time. If you fail to do so, you’re going to have a bad time.

I have already spoken about the ethics of shilling. When new to this space, you can be easily bamboozled by the sheer amount of coins on the market. This coupled with the noise within crypto means being a newcomer is overwhelming to say the least. To combat this, completing your own research over an extended period of time is essential.

Resources for crypto are vast; this is both a positive and a negative. Whilst the wealth of information is out there through various mediums, be they books, Twitter, Reddit, Medium, YouTube, and news outlets such as ourselves, knowing who is trustworthy can take months. There are numerous people on social media who are still uneducated but behave as if they’re sages. Just because someone has thousands of followers on Twitter or subscribers on YouTube, that doesn’t mean they’re providing valuable educational resources. Remember, these people can monetise their brand, so getting as many clicks on their site is the main thing they care about.

With this being the case, reviewing all sources and comparing them against each other can be useful. Luckily, crypto has been around for 10 years now, so it is possible to review the advice made by those within the space. If one person said one thing in 2016 and another said something else, analyse who was correct. There are however many who have had skin in the game for many years. Attempt to find these people and see who is respected by other names. Having close friends who you trust to discuss everything crypto is also a fantastic way to learn more from each other.

Time, not price, is the most important asset. If you rush your research for fear of price going up, mistakes can easily be made. Unfortunately, there is no shortcut. Take your time. If you’re a newcomer, this means months of research when you have spare time. This might sound like a lot, but crypto is famous for its volatility. Whilst many have made money, many have lost just as much. Through research, you can gain an understanding of the space, and by understanding who are the reliable sources, you can cut through the nonsense and reach clear conclusions.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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