A number of factors can impact the value of a digital currency, including technological advancements, regulatory changes, and market sentiment. First of all, I’m sure you are aware that not everything on the internet is true. There is much misinformation that is easily spread, especially in a young industry such as crypto is. Flatcoins are cryptocurrencies whose value is pegged to the cost of living, rather than fiat or commodity. The phrase has now permeated into popular culture, and is widely used to encourage amateur investors in any arena to navigate a minefield of misinformation. The acronym of Do Your Own Research — encouraging investors to complete due diligence into a project before investing.

A fake or deceptive crypto project may publish a roadmap that promises all kinds of products or features in a short time. These projects sometimes do this to excite new backers into believing the project is viable in the long run and things are moving along quickly. If a project makes promises like partnerships, new products, plans to raise a large sum of money, and full government approval all within a short time, buyers should be wary. Even the most reliable websites may not always have the most recent information due to the decentralized nature of the crypto world. Because of this, CoinGecko is a great tool for comparing the precision of key indicators listed on CoinMarketCap.

DYOR Tool 9: Projects’ Websites and Social Media Pages

Once there, you will see that investors have access to spot trading, leveraged trading, and investment opportunities in cryptocurrencies, which often have substantial price volatility. As straightforward as that may appear, investors regularly become overwhelmed by outside news and suggestions. You can feel confident in your investment strategy thanks to the DYOR technique’s ease of use and effectiveness. Do your own due diligence before making any investment decisions. CoinFuturist aims to ensure accuracy of information listed on this website although it will not hold any responsibility for any missing or wrong information.

• Additionally, these sponsors should have a good reputation in the crypto community.
• There is a ton of cryptocurrency trading advice available online, much of it based on fraudulent advertising and, occasionally, pump-and-dump schemes.
• A high level view will give you a rough idea of its risk-reward.
• It is another acronym of the investment industry which describes investors’ rush to buy.
• Nowadays it’s also applied to stocks, bonds, REITs, hedge funds and marriage.
• Consider if the asset is used for real-world transactions, and if there’s much potential for wider adoption.
• You can find things like market cap, trading volume, price history, charts and so on, on crypto focused websites.

The leading portal for market intelligence and research on cryptocurrencies is CoinMarketCap. Almost all currencies and tokens now in use are covered by its broad market data. You can usually receive correct information by sticking to the most well-known news websites (like CryptoFireside.com), but you shouldn’t believe everything you read. The most reliable cryptocurrency sources will list both benefits and drawbacks of any project. You must first go to a cryptocurrency exchange in order to trade in cryptocurrencies.

What Does DYOR Mean?

You get a lot of the info in real time, and you can use hashtags and search functions to follow the latest trends. Time is everything in crypto, and the earlier you are in on a project, the better the returns. A lot of people, websites and channels pose as trusted sources for crypto news these days, and it sometimes becomes overwhelming when you have to filter through endless sources.

It’s all about encouraging independent research and decision-making when it comes to investments. Because the shills are now watering down its meaning, and in some cases using it to more aggressively market projects. Sometimes there are so many shills screaming support for some project that when its token inevitably loses 99% of its value weeks after launching, nobody can quite believe what’s happened. A good crypto project will be upfront about their team and developers and should have a number of impressive partnerships. Checking out a project’s official website is vital if you are considering investing. These days, a quick gig on Fiverr can create a convincing website, so don’t be fooled by the flashy appearance and UI of a website.

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Everyone, including those with dubious credentials, always seems to have an opinion, so it is important to choose your choices carefully in crypto. Although the information posted on social media may be unverified, these platforms can still be an excellent way to get much-needed information about projects. Posts may be from people who have lost money, made money, or those who noticed specifics that they considered to be red flags. However with everything on social media, always confirm that the statements being made are legitimate before you take them as truth.

What is the status of those projects, and what happened to investors’ money? If they have a solid following, they have a lot more to lose for spreading bad info so they usually spread legit ones. People researching crypto and blockchain projects should use multiple tools, common tools include CoinGecko, CoinMarketCap, Investopedia and social media.

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But, before you form any major conclusions, make sure to find other independent sources with corroborating information. It’s important, when you start doing your own research, to understand the fundamentals of any potential investment. It is another acronym of the investment industry which describes investors’ rush to buy. It suggests that investors throw caution into the wind in fear of missing out on a great opportunity.

Make sure you get information from a variety of sources and do your own research prior to making a crypto investment. With it, you can also find out about new projects based on various alternative and financial metrics and market areas. You can view historical data for all metrics and projects in daily, weekly, or monthly timescales. Analyze and benchmark project performance using numerous financial and non-financial filters and data points. However, DYOR is the only viable solution in a disruptive and extremely unpredictable industry like blockchain. Making money and protecting your money are not always simple tasks in the world of cryptocurrencies.

Join a group and attend crypto meetings

If they are real experts in your area of research, they will base their information on known and proven principles. When you can find the same key principles from multiple sources, you know you are on to something. If you’re new to the crypto space and trading, ‘DYOR’ may be the most important phrase to know while you get started in this volatile world. There’s simply no substitute for careful due diligence and smart risk management as you navigate your first positions. It’s wise to understand the asset’s features and how it fits into the current market ecosystem, as well as whether you think the project has advantages over its competitors.