The importance of critical thinking in the crypto industry.

The importance of critical thinking in the crypto industry.

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Critical thinking is unquestionably applicable to any part of life, particularly in the cryptocurrency industry.

Research showed that young professionals lack critical thinking. With this in mind, a young generation makes up the largest part of the cryptocurrency community. Therefore, I´d say this topic is something worthy of thought in our industry.

Thus, without critical thinking in a global financial system, as a result, we can expect a not-so-good ending.

So, what is critical thinking?

Critical thinking “is intellectually disciplined process of actively and skillfully conceptualizing, applying, analyzing, synthesizing, and or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action.” — National Council on Excellence in Critical Thinking

In other words, critical thinking is an evaluation of a matter without biases or manipulations. We can also say it is a process which you “dissect the frog” without personal input to obtain precise results.

What critical thinking isn’t:

  • It is not just simply having or retaining information alone;
  • or the possession of a set of skills;
  • Definitely not the mere use of such skills without acceptance of the results;
  • and at last, it does not mean “thinking a lot”.

We need to make a load of decisions daily. Inevitably, some are critical, and some are much simpler.

Consequently, it would be impossible to make the right decision every single time. However, acquiring the skills and putting critical thinking into action can help us on a daily basis.

You shouldn’t live life making any choices simply because it feels right, but because of reliable information.

Here are 8-principals to help you improve your critical thinking:

1. Doubt; do not simply accept your choices by emotion. Doubting will lead you to question, which will lead you to answers you may not have cogitated.

2. Question; Formulate your questions specifically;

3. Gather information to answer those questions and doubts;

4. Apply the information;

5. Think and assess information more comprehensively;

6. Consider the implications; accept the results.

7. Explore other points of view; put your findings to the test against other opinions, without the fear of not being what you´d like.

8. Be ready to identify and reject false ideas.

(It doesn’t necessarily need to follow that order)

Critical thinking must eliminate bias and manipulations to achieve the best results.

Our crypto communities must want to think. More so, there needs to be a desire to pinpoint and minimize any biasing influence and look honestly at flaws.

Do not let the word critical fool you. It seems as though the word critical has to be unpleasant because society has given the wrong tone to the word. Being critical is key to living a quality life, having good beliefs, etc.

Of course, there are exceptions, and some people can be off balance when being critical. However, for the most part it is a good thing, a careful thing.

In other words, Critical thinking is “The careful application of reason in the determination of whether a claim is true.” — Moore & Parker

Reasoning

This should be based on sound and consistent logic, not on emotions, much less social pressure.

Emotions should not be the guide to the truth of factual claims.

In fact, reasoning should be the base. Furthermore, the application of reasoning is a requirement for critical thinking.

If you do not actually spend time to exam possible flaws and biases behind any approach that’s not critical thinking.

Keep in mind that, as mentioned previously, critical thinking doesn’t mean thinking a lot. Notice that, someone could actually spend a great deal of intellectual energy to defend a flawed position.

Self-Reliance

Learning critical thinking skills can only benefit you, consequently, it will lead you to self-reliance. This is crucial in the cryptocurrency industry. People try to survive off of what the market and other people are saying, however gaining self-reliance skills is key.

This will help you to agree or disagree with a reasonable judgment of why you have made your decision.

The process

Probably needless to say, but critical thinking is not a fast and easy process. At least, it shouldn’t be.

To purposefully focus on complexities can and will take time. It´s not a matter of like or dislike, but to fully evaluate a claim to assess each part.

Do not be Gullible

“Gullible is a failure of social intelligence in which a person is easily tricked or manipulated into an ill-advised course of action.” — Wikipedia

It probably sounds obvious to say this, but you´d probably be surprised to see how many people make decisions based on their emotions or by manipulation of some sort.

Our emotions are never a good tool when in search of a pragmatic-reasonable-valuation, neither is intuition or faith.

So, does critical thinking sound like a necessity in the crypto era?

Indeed, it does.

There has to be a more critical approach to the crypto market. Did you know that 90% of the decisions made by investors in the stock market is based on technical analysis?

So, it must be in the crypto market if we expect this industry to be successful in the long term.

In conclusion,

Societies throughout the globe rush through decisions without pondering any further than their emotions at the moment can take them.

Our communities must desire logic and truth, they need doubt! This can only lead us to better governments, even within our own homes. Moreover, we can make better choices as a member of this planet.

Critical thinking requires a humbleness from our part, because the result may not always be as we want or expect. So, we must be humble enough to accept the final result.

My main goal here, was to encourage critical thinking in our industry. Now I´d love to hear from you. 

Where do you think critical thinking can be better applied in the cryptocurrency industry?

How about in the world?

Let us know in the comments.

The Winco Team


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Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.

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