Do your own research or DYOR is something we all must have heard atleast once in our life. We are connected with the world of crypto currencies and so this is something that should really be part of our life.
In this blog i will share about DYOR and i will try to explain the importance of it by taking the example of my real life. So in short we will learn about this with my own life experience.
What does doing our own research means
To do our own research simply means to gather information about something we are interested about. It does not need to be a crypto but it can be anything.
Let us understand this by a small example where someone wants to buy a smartphone.
People buy smartphones and before that they research and for that they compare the prices, processors, after services etc of different smartphones and then decide which one they want to buy. So all these comparisons are nothing but a type of research itself.
Confusion about DYOR when it comes to crypto
People have a confusion that if they are not technical with reading the charts for crypto currencies they cannot do their own research. It is totally wrong as you need not be a chart expert for doing your own research.
For someone who is a daily trader he must know all this stuff but for a normal person who just wants to invest in a project he don't need to read the chart.
Here is what they need to do while they are researching.
Go and look at the team of the project you are interested in. Learn about their past work and background.
Look at their roadmap, a good project will set goals beforehand and share it as a roadmap with their community.
Use their product and compare it with other similar products in the market. Let me give you an example to get this point more clear.
Suppose you are interested in a P2E game that is a card game just like splinterlands. Now if you have played splinterlands you will easily compare the two and decide if the new project would be able to bring the audience to themself or not.
look for a project that believe in achieving decentralised network. ( Where the majority of the control is not residing with one person)
And yes do your own research before bull run arrives because after that there is no point of investing in any project.
So these were some basic points about the DYOR.
My personal life experience where i did not did my own research
There was a time when i did not use to research and rather ask others where to invest my money. I use to follow their suggestions blindly and that is what harmed me alot.
The last time i did this caused me the loss of 30% of my portfolio value.
On top of that few of the currencies i invested were removed from the exchange and my tokens were useless.
Why did all this happened ? It was because i didn't do my own research and just invested blindly.
I am not sad with what happened with me but i am happy because i learnt from it and now i research before investing anything into that project.
For example i was recently researching on the Cronos chain and their team and i was impressed by them so i decided to invest some money in them.
Now as i end this blog, i would like to tell readers that they are not bound to what they want to research about so research on whatever area you find and then decide whether you want to believe in that project or not.
That's all for this blog, i hope i was able to express myself well with doing your own research. I would like to learn more as i know there are many experienced people here on this blockchain.
Thank you