One thing that most financially secure people do is invest. In today’s world where there are several investment methods, it is relatively easier to attain financial freedom. It is also very easy to lose your money to sham investments. This is why proper thoughts have to be put into whatever investment method or platform you are considering.
In 2009, the first ever cryptocurrency Bitcoin was created. You can visit https://www.rivier.edu/ to read about the history of Bitcoin. Since then, several other cryptocurrencies have popped up and a lot of people have become rich by trading them.
The good thing with this investment asset is that profit can be almost instantaneously. The downside is you can lose all your money just as fast. This is because cryptocurrency is quite volatile.
Therefore, if you have decided to trade this asset or invest in it, you need to always stay abreast of every change in the market. Unfortunately, this may not be such an easy task as the market is quite unregulated and several sources that put out news for traders may be unreliable.
However, there are ways to spot unreliable crypto sources; you just need to know these ways and keep your eyes out for them. To help you, we will be discussing the steps you need to take to find reputable sources for crypto in this article.
Why Do You Need to Check News Sources for Crypto?
Before we go into ways of finding reputable sources, let’s answer one question some people often ask. Why do you need to stay updated? Well, as a cryptocurrency holder, you need to track the currencies you hold to know the latest updates about them. This is the best way to protect yourself from the volatile nature of this asset.
When you are up to date with the market changes, you can make informed choices on the projects to invest in or withdraw from. Following the news can also help you avoid hacks and scams projects. As we mentioned earlier, this market isn’t quite regulated. Therefore, security issues like cyberattacks, company/project bankruptcies, and pump/dump schemes are quite rampant here.
Being oblivious about these issues can cost you your investment. However, when you know about these issues, you can protect your tokens and coins against them. Even if you aren’t a trader/holder, you can read crypto news to learn more about this technology.
For instance, you may have an interest in certain areas of blockchain technology, like NFT. In this case, you can read NFT news just to appeal to your interest and learn more about it. A lot of reliable news sources do not just share updates, but also publish educational articles for people interested in learning more.
Who knows, your interest may soon grow beyond mere interest, and you may decide to get involved with this investment path. In this case, you’ll already have the necessary knowledge needed to navigate through the market safely. You can also discover how comfortable you are with the industry just by reading these articles.
How to Find Reputable Crypto Sources
There are so many cryptocurrency news platforms out there. The unfortunate thing is all of them claim that they are reputable, and you can rely on the news they share; but at the end of the day, they end up being scams. So, the big question is how do you differentiate reliable sources from these unscrupulous ones? Well, the following tips should help you evaluate the credibility of any crypto source.
Unreliable Outlets Use Biased Language
A reliable cryptocurrency source will be unbiased in its stance towards the stories it’s covering. The only time you may find biased language on a reliable website or news outlet is when they are giving an opinion piece. Therefore, once you start finding biased language and promotional ideas in a source, be mindful of them. Chances are they are trying to use the platform to push a sham project.
Find the Platform’s Funds Source
Platforms need funding to operate. Sometimes, a cryptocurrency company may be the one funding the website. In cases like this, the website may paint the company in a good light.
Therefore, before you trust the news coming from a site, take your time to figure out who is sponsoring it. Check out the companies affiliated with the site and see if they use biased language to describe them in their posts. Also, check to see if there are disclaimers in their posts.
Check the Source’s Track Record
Another way to judge the credibility of an outlet is by checking its reputation and how long it has been operational. If it is relatively new, then take whatever news you find there with a pinch of salt. You can also evaluate the source’s trustworthiness by checking how many subscribers it has. This would give you an idea of whether the platform is trusted and if they are an authority in the cryptocurrency community.
Check for Resources
A reliable source will always have resources to back up the claims it makes on its platform. Not only will they have resources, but the resources will also be reliable. Therefore, if a site makes bold claims and doesn’t bother to back them up with resources, do not believe the news because they may be untrue.
Be Careful of Crypto News from Influencers
It does not matter their industry or niche the major role of influencers is to influence you to like a product or service. You can read this article to learn about other roles of influencers. Therefore, you will hardly find unbiased news from influencers. They will almost always tilt towards the company paying them.
This is not to say you can’t find genuine updates from an influencer. It’s simply that the chances of them being 100% accurate and unbiased are low. So, even when you want to believe an influencer’s cryptocurrency update, make sure you take your time to do your research first.
Staying updated about the changes in the crypto market is essential to keeping your tokens and coins safe. This is why you need to check sources for regular updates and trends. However, before you believe the news from a source, make sure you evaluate its credibility by using the tips we’ve discussed in this article.