One of the most fundamental parts of becoming a cryptocurrency investor is Do Your Own Research (DYOR).
Between 2016 and 2018, a torrent of ICO ventures inundated the cryptocurrency industry, giving rise to the term. Many investors have been defrauded or left out of pocket as a result of a slew of scams that have entered the market as possible get-rich-quick crowdfunding schemes.
To counteract fraud, consumers were encouraged to ‘DYOR’ and thoroughly study any potential investment before committing money to any project.
The phrase has now entered popular culture and is commonly used to persuade inexperienced investors in any area to negotiate a minefield of disinformation.
The expression has now entered popular culture and is frequently used to urge inexperienced investors in any profession to navigate a minefield of disincentives.
- Here is a short list of how to start Doing Your Own Research (DYOR) if you are known to crypto or even a veteran and want to learn more.
- Identify potential investments. Which cryptocurrency tokens and digital assets most appeal to you? Why? Write out your reasons and vocalize why you like the projects.
- Create an investment goal. Where do you want to be and how fast? Short term long term?
- Decide how much you want to start with and how that could be best allocated. All in one? 50/25/25?
- Read a short book about technical analysis so you can follow YouTubers and avoid those with O faces.
- Collect fundamental analysis and info from the project company blog itself; make a definition left of words you don’t know.