Do Your Own Research! — Issue #19

By William J & Benjamin S

Experience the excitement of cryptocurrency! Investing any amount of money in this current space is fun, but you won’t increase your wealth if you don’t educate yourself first! Jumping feet first into this area of finance without education is ill-advised by many. Most will stress the absolute importance of doing your own research (DYOR).

Why Research?

Investing into a coin with no value is a waste of time and a waste of money. Sadly, the majority of investments into these “shit coins” are made by the uninformed and uneducated. Informing yourself on a project before investing in a project is a good way to protect yourself from coins that will have no value long-term. Here are 3 ways that you cando crypto research.

Step 1: Find A Cryptocurrency

Research starts by visiting cryptocurrency data aggregators like Coingecko.com and trading apps like Trading View. Familiarize yourself with the many different cryptocurrencies that exist.

Step 2: Read the Whitepaper

After choosing a cryptocurrency that you’re interested in, head over to their website, and find the “whitepaper”. This is a document outlining the goals and ambitions of a cryptocurrency project. Whitepapers can be a bit of a hard read, focusing on the introduction will be a good place to get a good summary of the project.

Step 3: Who Are The Founders?

Another beneficial move is looking into the founders and creators of the project. Prior experience in the blockchain space is a good sign when looking into the background of the founder of a cryptocurrency project.

Step 4: Use Case & Utility

One of the most important aspects of doing your own research is looking into a coin’s utility. What is the cryptocurrency’s intended use? Cross border payments? Digital identity? What problem will this cryptocurrency solve? Use case & utility is important.

Conclusion

Everyone’s journey is unique, but the most important thing is that the education you gain from doing your own research cannot be taken away from you. The absolute best way to protect yourself in this space is paying attention, being vigilant, and always DYOR!

Thank you & Happy Investing!