Crypto ecosystem companies often do not tolerate any type of questioning. A vast number of them are adapted to press releases and sponsored articles.
The winner of the Nobel Prize for Literature Gabriel García Márquez described in October 1996 the evolution of journalism, its failures and the strengths that he had observed for years in this profession, which he loved without half measures.
Márquez considered that research is not a specialty of the job but that all types of journalism must be inherently research-oriented. The author of “One Hundred Years of Solitude” summarized that journalists should focus on knowing the facts thoroughly, verifying truths and unmasking lies.
A reporter is supposed to corroborate information, contrast facts, analyze data, and show results or evidence. Their job is to investigate sources of information whether related to politics, economy, events or new technologies, as in the case of Bitcoin and other cryptocurrencies.
Journalism can be considered a lifestyle as it is dedicated to the news and its consequences 24 hours a day. In this sense, it resembles Bitcoin, since it is a cryptocurrency with global repercussions, which always generates both positive and negative reactions among governments, regulators, companies, and even banks.
Covering the news on Bitcoin and other cryptocurrencies represents a challenge because technology changes rapidly. Both companies and software developers announce their progress on different social media every day. Many produce press releases or pay for sponsored articles to announce their innovations.
This routine has led over the years to habituation to the dissemination of information without any type of questioning from third parties. Preparing a press release, writing a sponsored article, managing social networks or being in charge of a company’s public relations may be marketing, but not journalism.
Criticism of the Media
Startups are generally suspicious of being questioned, especially by the media, whose mission is to verify facts. Some companies in this ecosystem, and in different industries, assume that by advertising in a medium they are not vulnerable to questioning.
As a matter of fact, the main reason for the media to exist is to ensure meeting the common interests of society, as in the world of cryptocurrencies, and not to become mass disseminators of any information that companies want to have published to their advantage.
Dozens of marketing agencies have been created worldwide that promote content related to cryptocurrencies. There are also companies that hire agency services to market their products in the media.
Some others prepare their own press releases and send them massively, via e-mail, requesting their dissemination as a form of free advertising, which floods the mailboxes of publishers; media contact channels, and even those of journalists.
These elements might indicate that the crypto ecosystem is still not ready for true journalism. By nature, this profession can be disturbing, especially for those who are acting incorrectly or are involved in corruption or scams.
In many countries, the press is expected to ensure meeting the interests of a community. The goal is for authorities to be accountable for their actions and decision making. In the case of cryptocurrency companies, interest is highlighted in favor of transparency.
Authentic journalism will probably increase in this ecosystem, but there are still many lessons to learn. The idea is to bet on a type of journalism closer to readers, which allows them to make their own decisions and educate themselves about Bitcoin, the platforms accompanying it and, above all, receive useful information.
By Willmen Blanco