Since the advent of Blockchain Technology that gave birth to cryptocurrencies which serve as a new way of financial transaction within ourselves. There have been thousands of crypto projects in the crypto industry but one of the words consistently used in this ever growing crypto space is DYOR i.e Do Your Own Research.
This word is not a cliche because as much has we have varieties of projects in the crypto space and have foster awesome transaction experience, so also we have some projects that have come to cause bad experiences for some innocent users in the space and had given bad impression about what cryptocurrency is not in the mind of the larger part of the people in the world but thanks to the Bitcoin ETF approval that brought a relief and also peace in the mind of the users. This as caused a wide range of crypto adoption all over the world but it must be noted that the crypto space both versatile and volatile.
For versatility means it comes with endless possibilities and the funny part is we are still in the early stages; for volatility means it is unpredictable especially for the worse and that is why it is a wise thing for everyone who is interested in this ever growing space to always DYOR.
This means to have a fundamental or adequate knowledge through research about the crypto projects you are engaging with. Be it mining, investing or trading it is expected of anyone who wants to navigate this crypto space should do so with knowledge. There are people who have been scammed and beautifully, I am one of them that have had a bitter experience of this wickedness. This is not to say the crypto industry is a bad space to be, in our world today and in different part of the world, people experience car thefts but does that means people should not buy or drive car anymore ? which we all know that it is impossible and so it is in the crypto space.
Whitepaper: every crypto project has a whitepaper they follow. This means the roadmap the said project developers want to use as a guide of there project. It important to go through this as the intending Community member of such project and it is in it you tend to capture the intentions of the projects developers, how they intend to carry out the project, when they intend to launch, where they are in the project currently etc.
Social Media: Since we can not do without social media, every crypto project makes there presence known on social media platforms which is another place to look into when doing your own research. You will be able to see there marketing campaigns and will always be updated in the lastest information about the project. Some of these platforms I will recommend are X (Twitter), Telegram, Coinmarketcap etc.
Community: you will have to be part of or join their community platforms which can be seen as the social media platforms but the difference here is that you have the opportunity to interact with other Community members, there reactions, views etc. unlike the previous point that talked about you being updated on the latest happenings about the project alone.
Partners: this is a very important factor because it shows how strong the project is, how far it will go and the list is endless.
I will like to drop the pen here but I can assure you, if you take to heart the things mentioned here, you are in your way to minimize the pain that comes with this space.