How To Do Your Own Research In Cryptocurrency: DYOR
Crypto DYOR
How To Do Your Own Research In Cryptocurrency: DYOR
How To Do Your Own Research In Cryptocurrency: DYOR
Cryptocurrency is surely not something where one can fall into. They are not going to make everything easier for you. Investing definitely means you should do your research, read the whitepapers, do due diligence, etc. The research is tedious and longs for some people who are curious to invest in the coin, and that’s why today, we got you covered via this video.
Are you one of them who doesn’t know how to do your research in cryptocurrency (DYOR)? If so, then this article is for you.
Today, you will learn how you can have that research. The 5 key points you should research, and how you can do so to get the proper knowledge and idea of cryptocurrency.
TEAM
Firstly, get to know the team of a particular cryptocurrency. That is a big step and essential for investing in any cryptocurrency. You need to understand and believe in the team behind the particular crypto you plan to invest in.
Usually, most of the team of the cryptocurrency are from a similar startup or organization. Still, it is imperative that you research who they are and their background and years of experience to be so sure.
Are they credible? Would you trust them with your entire family?
Because, if you are investing in, you need to know everything. This is your wealth, and you are playing to win.
THE PARTNERSHIPS
Next is partnerships or alliances. You must know the cryptocurrency you are investing in; who else are they working with? You should look deeper into the organization and the partnerships to figure out how promising the solution is and what the value of its cryptocurrency is.
- Does the partner have some credibility in cryptocurrency?
- What are they adding to the project?
- What are the terms and conditions their partnership is based on?
To build confidence or shatter it, all the answers are to be searched by you. You need to know them either way.
THE ENTRY PRICE
Now comes the entry price of a cryptocurrency. This analysis is on you, absolutely. But one thing is for sure; you need to aim to get the lowest prices and below all-time-highs.
When people are scared, that is often the best time to buy. You must not buy just because everyone else is buying, so work smartly.
In addition, you need to check if there are any extra fees to invest in that cryptocurrency. Usually, there is no minimum amount required to invest in a cryptocurrency, but some platforms often charge fees to buy, sell, and transfer, and if your investment is significant the fees could harm your investment, so remember this while investing.
For the best fees in the market and safety, we recommend exchanges like Binance and KuCoin.
TECHNOLOGY
Next comes the technology, and this is how the cryptocurrency is working and what’s the technology behind it. Businesses often jump on new technology while trying to develop some reasons to use it. You need to come over it from some angle and understand the real problem they are solving.
Why is blockchain technology the appropriate approach? Always have some curious questions, and the trick in your mind while doing your research will help you get the best results.
Furthermore, every team should publish some roadmap or whitepapers on what the crypto is setting out to achieve soon, and you need to discover them, read them, and understand them thoroughly.
Look for the 2 percent of the coins solving the real-world issues and have proper usability. The ones bringing something new to the table are incredible and worth it.
LONGEVITY
Finally, longevity is to be known.
- How possible is it that the cryptocurrency will survive?
- How long will it survive?
- What happens if future regulations come into play?
- Will it stand the test of time?
To determine this thing, you need to research the history of a particular cryptocurrency. Then, understand its roadmap and how they are meeting its objectives. This is crucial to know as the team is highly responsible for the cryptocurrency’s value, and if the solution of their building is not positive for what they said, the value will cripple.
The amount that the team communicates on their plans and progress provides a good indicator of whether or not the project will win.
CONCLUSION
Well, now you have the tools as well as the mindset to make this guide work best for you. In addition, you need to look over the right places and crypto experts to get the right knowledge.
So, what do you think about this research strategy of cryptocurrency?
Let us know in the comment section below, and don’t forget to mention any other tips to research cryptocurrency you may find relevant!
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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