As the crypto space has become more popular, there has been an influx of new investors. It's critical to choose carefully who you listen to and who you take seriously in the world of cryptocurrency, because everyone, even those with no authority have an opinion.
Many of these new investors are coming in with little to no knowledge about cryptocurrencies. This is where the concept of DYOR comes in.
1.WHAT IS DYOR?
It's pretty simple, DYOR is an acronym that stands for “Do Your Own Research”.
The cryptocurrency community does not have a strict set of rules or a list of commandments. However, one approach widely advocated by investors is that everyone should thrive by conducting personal research.
DYOR is like an ideology that has never gone out of style. It can be used in all aspects of life. However, when it comes to a highly innovative and highly disruptive industry like blockchain, there is no alternative to Your Own Research.
As you may have guessed, this article is about research.
Although Gosumaker's team's expertise is extensive enough to guide you through various aspects of the cryptocurrency world, independent research is still a valuable skill that will be required in later stages.
2.WHY YOU SHOULD DYOR?
DYOR is supported by the community to protect new investors who are looking for good investments, but end up being shilled by other investors who want to pump their bags.
Shilling is a common practice in the cryptocurrency industry in which individuals advertise the coins they possess in an attempt to increase the price.
It is not always easy to tell the difference between a post written by a paid shill and one written by an impartial third party.
3.HOW TO DYOR IN CRYPTO ?
First and foremost, you must learn how to select the best crypto projects to invest in.
I believe the most essential factors to consider are:
- The Competitors (check Coingecko or Coin Market Cap)
- The Community And The Team (advisors,developers, partners)
- The Utility & Use-case
- Market Cap and Liquidity
- The Website & Roadmap / Vision / Mission
- Circulating Supply vs Total Supply
4.USEFULL TIPS BY GOSUMAKER TEAM
We highly recommend watching this guide.
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