Why DYOR (Do Your Own Research) Is Crucial in Crypto Investing

[cryptoaddictchie]

Its important since you dont wanna blindly invest on something on crypto. Investment on projects are highly risky and better things to do is make some research of what you are planning too.

From simple website to all of its undertake must be check out. Even team profile and the legality of it since some might faking it. Also if they are really got a tied partnership and not just random copy paste info and drag to website. Everything must be keep in check to avoid being screwed.

[Ishicryptic]

An interesting topic, and the OP has given quite a number of insights about the importance of DYOR also most of the comments supports with different reasons why it is important to DYOR in the crypto market. What I can add is that if it's not Bitcoin it is most likely a shitcoin, if you have this mindset you will understand that you are most likely gambling your money in altcoins. To minimize risks is to DYOR 'do your own research' before you buy any cryptocurrency that is not Bitcoin, if you are not satisfied with your research it is better to leave the project. Newbies should start with Bitcoin investment and when they have a better understanding about the crypto market and how to DYOR then they can risk their funds in altcoins.

[Fiasem20]

Doing your own research doesn't give you 100% safety on investing in shitcoins, nevertheless that aspect shouldn't be neglected.It is certain that many victims that are scammed on investing in shitcoins carried out their research,maybe the research was shallow.Don't think that looking out for their followers on social media platforms like YouTube is DYOR,many scam projects that appears real do pay influencers to hype their projects, hyping is one of the factors that triggers shitcoin lovers to invest hurriedly.Nowadays,due to the use of bot we have alot of whitepapers that are copy and paste,so looking out for the whitepaper of a new token can't give you 100% safety.As for me,I don't invest on shitcoins,I'm comfortable with only investing in bitcoin.

[lionheart78]

> Just because a project has a huge following on Twitter or Telegram doesn’t mean it’s safe. **We need to be careful — it’s our money at stake.

True, the number of follower or subscriber does not reflect the validity of the projects.  Followers and subscribers can be bought and it is very cheap.  It should be also one of the red flag if there is a huge follower and yet only a few reponsdent can be seen.

> How about you guys — what are your personal tips or red flags when doing research? Feel free to share your experiences.

If anyone is new in the cryptocurrency, I would suggest to only invest in Bitcoin, we do not need to much research to see the validity of Bitcoin because Bitcoin has already proven itself.  If there is any, it is the company that integrates Bitcoin into its service, especially in the investment area.  Make sure that it is licensed by Central Bank since any company that deals with finances must be approved by the Central bank.

[bangjoe]

Its important since you dont wanna blindly invest on something on crypto. Investment on projects are highly risky and better things to do is make some research of what you are planning too.

From simple website to all of its undertake must be check out. Even team profile and the legality of it since some might faking it. Also if they are really got a tied partnership and not just random copy paste info and drag to website. Everything must be keep in check to avoid being screwed.

Even we need to try their project and see the feedback from their consumers if their project is a business, in essence we need to see a project from the deepest fundamental aspect and this, including the developer's background and their history because it is a supporter of the developer's credibility that needs to be considered that people rarely see that far.

There are some that must be highlighted, fundamentally it does not guarantee that the altcoin project will succeed, but it is one step better than not doing any research at all, in finance there is also something that is lucky in this world and it may or may not happen to us when investing in altcoin or shitcoin, invest in something we know and invest with our risk profile, don't think about getting rich quick and betting on altcoin projects.

> How about you guys — what are your personal tips or red flags when doing research? Feel free to share your experiences.

If anyone is new in the cryptocurrency, I would suggest to only invest in Bitcoin, we do not need to much research to see the validity of Bitcoin because Bitcoin has already proven itself.  If there is any, it is the company that integrates Bitcoin into its service, especially in the investment area.  Make sure that it is licensed by Central Bank since any company that deals with finances must be approved by the Central bank.

Even though Bitcoin has been proven, you need to know it, it will be your own insight and the reason why we should invest in Bitcoin, we should not have a principle because it is proven by others then we believe it and without digging it again, it is not good in financial decisions, it is the same as people who fomo or follow suit without you understanding it, first learn what you are buying before making a decision.