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15 Tips To Do Your Own Research (DYOR) In Cryptocurrency

You cannot expect profits if you haven’t worked for it. The Cryptocurrency market is highly volatile,  this very component makes it a gambling play. If you want to have a chance of achieving sustainable returns to beat a benchmark, you cannot avoid the grind of doing the actual “Research” work. Having a plan and a strategy in hand acts as a huge factor in mitigating associated risks. But this can only be accomplished when you have toiled yourself and diligently done the Research work!

We agree that Research work can be a tedious process for sustaining an edge over other investors and generate substantial profits. Whether you are a novice or an experienced investor, Research comes in handy. There is plenty of Crypto-related information available in podcasts, videos, news, articles, blogs, books to even Cryptocurrency exchanges explaining the process on their platform.

A common mistake people usually make is relying on one source, fall for a shilling, Sybil attacks, astroturfing, FOMO, or make decisions based on common beliefs and dogmas. You must do your own Research, think, and act independently than just blindly following the bandwagon.

The Research process is surely extensive work, but it’s not impossible. We all have done basic project Research work in school; for instance, you identify the Research topic, gather sources, analyze and investigate them, and then place conclusions. The question is, how do you gain an advantage over the majority? Where do you start? What all do you need to cover?

Also Read, What Is Technical Analysis?

In this blog, we are going to discuss 15 Tips To Do Your Own Research (DYOR) in Cryptocurrency:

1. Get to know the concept and terminology of Cryptocurrency and Blockchain technology. The first step is to understand and study the Cryptocurrency market, jot down the top Cryptocurrencies you can invest in.

2. Identify your potential Crypto investments.

3. Create your investment goal. Are you looking for a long-term or short-term investment? Are you going for a Cryptocurrency portfolio or just going with one?

4. How much risk can you take? Do not play high stakes, and don’t overdo yourself; invest what you can afford to lose.

5. When choosing your Cryptocurrency, learn about the Crypto you are planning to invest in. Does it align with your ultimate goal-plan?

6. Learn about the Cryptocurrency’s company, its position, its reputation in the Crypto market, and its competitors. Thoroughly check and learn about the project’s whitepaper, goal, prospects,  potential, applications, use-cases, functions, transparency, roadmap, accomplishments, funding, partners,  and so forth.

7. Research about the Team, such as who is running the Cryptocurrency, the backbone behind the Crypto. Are they investing in their Cryptocurrency? Consider the project’s coin or token allocation, since it also indicates structural confidence.

8. It’s also crucial to run a background check on the project and its company. Are they visible on social media platforms?

9. Just do not base your Research on the project’s website but also from various other independent sources.

10. Do the technical analysis such as read the live cryptocurrency price charts, the price history, price movement, and performance of Cryptocurrency.

Also Read, What Is A WhitePaper? – Understanding In Length

11. The potential of Cryptocurrency also lies in its community as the project’s promotion outside its circle also indicates a good sign. You must check the buzz around the Crypto community as it will help you gain the project’s insights. You can even Research about the people who have already invested in the project. Read to Continue 

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