We live in a time where technology is developing at an incredible rate. You may have trouble keeping up with it and understanding it. This is a normal situation. Let's take the Blockchain technology and its natural product cryptocurrencies in particular. It is very difficult to invest in a product that you cannot have physically and to understand what the real-life equivalent is. As we enter the year 2022, you are hearing the footsteps of blockchain technology and cryptocurrencies more loudly … I want to share my thoughts with you to clear this confusion …
The first question on your mind is where should I start… ? Before reading this article, I recommend that you read the story I wrote…
Most newcomers to the cryptocurrency markets are easily disappointed when they are not able to generate high incomes overnight, which is what they expect before learning about the market. Because they see that the people around them or on social media become millionaires overnight. This is the story of people who only have 1% chance. It is necessary to know well what the 99% should do. No investment will make you rich overnight. That's why good research and patience is one of the biggest weapons to make more money when it comes to the cryptocurrency market.
DYOR (Do Your Own Research) is a common phrase used in cryptocurrency markets. It is widely used on the Internet because of how quickly and easily false information can spread.
The term became popular during a wave of ICO projects flooding the cryptocurrency markets between 2016 and 2018. Many investors have been scammed by a series of scammers who have entered the market as potentially get-rich-quick crowdfunding schemes.
Why is DYOR (Do Your Own Research) important … ?
is a common practice where people tend to advertise their holdings in hopes of positively impacting the price. Often times, it can be difficult to tell the difference between a Sybil or a neutral post. When buying any cryptocurrency, it is recommended that you make the decision on your own before investing, not just because someone else says it's worth it.
*Sybil; According to Greek mythology, it is the name given to the priestess of Apollo, who are believed to foretell the unseen.
apps are also very common on social media platforms like Reddit, Twitter, and Facebook. Malicious people can quickly create multiple fake accounts, trying to trick investors into buying a cryptocurrency based on a "popular" post on a social media platform. However, spotting fake accounts isn't always easy, so it's important to be skeptical and do your own research.
How can DYOR (Do Your Own Research) be done… ?
Every savvy investor in the crypto world has a set of questions they should ask themselves before investing in a particular cryptocurrency...
First, he needs to know all the basic features of blockchain technology. Not only that, but the evolution of blockchain technology over the years should be analyzed and its future development predicted accordingly. (DeFi, NFT, Web 3.0, Metaverse, …
Security measures are very important for every savvy investor. The competitors of the cryptocurrency it is researching should also be investigated. Once you have done that, anything that looks better to the trader should be invested after you have completely strategized the plan.
Cryptocurrency should also be truly decentralized and capable of solving a problem. The latter is important because then people will buy it and the price will go up. Roadmaps should also be analyzed and there should be no gray areas given the history of the token.
In the target market, it is crucial for the trader to know and know which exchanges are offering the particular cryptocurrency. The target market can be analyzed a little from just the marketing and social media presence. This way, a trader will know what type of audience the cryptocurrency-related information reaches.
Google is certainly good at researching many of these factors. But at the end of the day, practical knowledge is power. The more you invest, the more you learn. The experience you gain through the process will be very helpful in the long run.
Make your first investments in small amounts… If the project roadmap is progressing well, you can increase your investment gradually.
Do not invest by taking a loan … You increase your risk in an unfamiliar market.
Study well … If someone advises you to invest in a cryptocurrency, would you really want to invest in a cryptocurrency you do not know? If the answer is no, you should educate yourself about cryptocurrencies before investing. Read the project's whitepaper. Follow social media channels such as Twitter, Telegram, discord … Take note of the information provided by reliable people … Reliable people examine the project in all aspects and tell you about possible risks. Accordingly, you make the final decision according to your risk criteria.
Diversify Your Investments … A classic example: If a basket of eggs falls on the floor, you will break all your eggs and lose everything. If you had eggs in more than one basket, then you would only lose the eggs in that basket. The aim is to minimize risk.
Working with reliable centralized or decentralized cryptocurrency exchanges...
Source by CoinGecKo Centralized Exchanges
Source by CoinGecKo Decentralized Exchanges
Most beginners rely on the unit (price) value of that cryptocurrency to determine its growth potential. This is definitely not the right indicator to determine the margin of progress a cryptocurrency has. Therefore, it will be necessary to be very careful with high capitalizations and to do careful research on cryptocurrencies that have fallen in value since the ICO, as this can mean several things;
The project may be a scam, the team is working hard on the project and are putting marketing in the background for now, market conditions may be unfavorable for growth.
Track your investments and determine your maturity...
Securing Your Cryptocurrencies … You have heard the news about cryptocurrencies stolen by fraudsters. For this reason, I can say that you should be especially cautious and not keep your long-term investments in the stock markets. I also recommend that you carefully store your crypto wallet passwords in a few places as it's easy to forget...
So what are the examples of addresses we will analyze… ?
CoinMarketCap, CoinGecko, CoinMarketCal, DefiPulse, Google Trends, Reddit, Investopedia, TradingView, …
My last words; My friends, in these days when the financial markets are getting worse, you need to evaluate your investments correctly. Therefore, if you do not want to leave your business to chance, you need to be a conscious investor. In this way, you and your family can lead a happy and healthy life…
