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How to Do Your Own Research?

How to Do Your Own Research?

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The phrase of Do Your Own Research or DYOR is widely used in any investment space, including digital assets. The main question is, how to do it? Let us assist you on this matter.

There are approximately more than 6,000 cryptocurrencies that exist today, and the number will keep on increasing. There are new projects introduced every week.

It is exciting, but it is like going through beds of rocks to find the gold. Therefore, it is necessary to be prepared and have a skillset to identify which project could help you build your wealth. It will also help you from being scammed.

Do remember that there are other and more extensive ways to DYOR. Hopefully, this will serve as a basic guideline for your crypto world.

Is this a good project?

There are many projects introduced every week. The first question to ask is, is this a good project? A good project should be able to solve problems, have clear objectives, and be progressive.

The first thing to look for is their whitepaper and understand it. Usually, it should be clear for any projects to translate what they want to achieve and how. 

Another good indicator is the effort in writing their whitepaper. A scam project is most likely to have a badly written whitepaper. Mostly filled with generic and standard copies wording.

The second thing to look for is the team behind the project. A good team should consist of transparent members. It’s a plus point if the members have experience and are reachable on social media.

The third thing to look for is their marketing strategy. It is important to see the way they promote their project. If a project only focuses on the onboarding and price action aspect, consider it a red flag. A promotion should include progress, milestones, and the steps to take.

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Is it pumping or dumping?

If you are an avid social media user and active in the crypto space, you will probably see a lot of price talks. It is normal to see such content, mostly from projects with a big community. How to navigate and DYOR on such content?

If the project is something you are not familiar with, you need to do the process above. However, if you are familiar with the project, the best approach is to learn charts and fundamental analysis. Plus, it is a beneficial skill to learn too.

Being able to perform your analysis will help you from making bad decisions. It is also to prevent you from being susceptible to pump and dump calls made by irresponsible parties. 

While DYOR feels like a hassle that will consume a lot of time and energy, this is the basic requirement to be a responsible investor. Remember, if you jump into a project without researching about it, it is undeniably gambling. So, DYOR!

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