Bitcoin — Faster Than An Infographic
A Course Study In The Speed Of Analytics… And Cryptocurrencies
Last week, I wrote an article on Understanding Bitcoin. It has been well received, widely shared, and generated a little critical feedback.
“Your charts are out-of-date!”
Yes, bitcoin and many other visitors from the planet Krypton… errr, crypton… errr, cryptocurrency seem to be faster than a speeding infographic.
Since I used analytics to explain and frame Bitcoin, it seems only fair that I now use bitcoin to explain and frame analytics — specifically, infographics and data visualization. These two sub-disciplines put the Art in Analytic Science and also underscore the concept of Storytelling. They are powerful techniques when done well, but there are major trade-offs.
For the record, all the infographics in that article were borrowed. Their sources should be clearly labeled in the footer of each image. And also for the record, I always recommend you research the source data, organization behind, and general message of any infographic. While a picture is worth a thousand words, images are a great place to obscure and bias data. Let the reader be ware.
My article offers commentary, a framework for understanding bitcoin analytically, but mostly just important questions to think through, understand, and research. Corsair’s does not produce a lot of infographics, yet! For a very important reason…
Infographics And Data Visualization Take Time
Ok… technically a simple bar chart qualifies as an Infographic and Data Visualization. And… simple bar charts can be powerful storytelling elements. But… we all know what most people’s expectation is when they hear infographic (data viz is more debatable, but if you create a new buzzword you should have also demand high quality). People are looking for something clear, elegant, and insightful. Again, this is the Art of Analytics.
Bitcoin Is Moving Fast… Infographics Don’t
With the right software and focus, I can create some pretty powerful infographics in a few hours. I am talking about more than just Canva, my infographics include real information (data). They are infographic with thoughtful KPI (3–5), key logical connections, and meaningful order & distinctions. But once I am done… the price of a Bitcoin may have gone up (or down… it has done that, too) more than $1K.
It can take days to get an infographic right, especially if you are collaborating. In the course of a few days, Bitcoin moves, so do all the other cryptocurrencies. The news cycles change. Major supporters or detractors announce big events that could change the story. If the story is changing, capturing it gets tricky.
If I need to rely on IT, Legal, or any entity in Higher Education, this thing could take weeks to months. Most corporate cultures are very tight about what they publish for popular consumption. There is a lot of money being made or lost right now in cryptocurrencies — banks, financials, research groups, and other related analysts are very tentative about releasing anything without appropriate review and oversight.
It Gets Harder…
Bitcoin is something very new… in most ways. Concepts that challenge old perceptions, that break major paradigms (like currency), and that embrace new (and complicated) technologies (like blockchain) can really strain a benchmark. If you layer in exponential growth and adoption curves, all hope is lost… Benchmarks literally rise and fall on a near daily basis (certainly monthly and weekly).
Benchmarks are critical to great data visualizations. If your benchmarks are constantly being eroded… well, there is a reason that masons, hikers, and explorers all cast theirs in stone. If your benchmarks fail, you are likely to get lost. You will certainly lose perspective. And perspective is a major component of data visualization as well.
My first article used analytics to explore Bitcoin. It also used a lot of infographics. This article used Bitcoin to understand analytics (and infographics). But, I really didn’t use any infographics. Honestly, I didn’t need them. A good analogy and a few pictures can be all that is required when the subject isn’t too complicated. And so, for BOTH Bitcoin and Infographics — stay informed and beware of the hype. Thanks for reading!
