Join 69,061 users and earn money for participation

Don't Take Any Financial Advices: Learning To Do Your Own Research.

10 31 exc boost
Avatar for Kryptlook
Written by   121
1 month ago

We always find the line "Not a financial advice (NFA)", "Do your own research (DYOR)", "Trade at your own risks (TAYOR)" and "Invest what you can afford to lose" before and/or after the post of a known personality or even the content creator's review about a certain cryptocurrency.

They usually add these lines to avoid the responsibilities whenever the people who are following them got messed up or wrecked with their investments after watching or reading their review about a certain project.

Of course, there are still groups or channels in any social media platforms, especially in Telegram, that are giving free cryptocurrency advices which somehow can give you a good return of your investments but the fact that most of those channels or groups are anonymous, you can never tell them that they are the ones who are responsible when you are at loss.

So in this article, I will share some of the things that I always do before investing in a certain project.

Look For An Active And Large Community.

When you want to invest in a particular project, you would want to know the community's feedback about it. A large and active community, especially if the developers of that project are responsive about all the questions from their community, can be a little bit good of a sign that the project can take off real good in. The sentiments from the clarification about the project is very important for it to be successful.

When you noticed that the developers of that project are letting their investors get hanged on with their questions and lots of cases or bad feedbacks haven't been clarified, it's better to stay away from it.

This one is usually applicable for newly launched projects because old projects/coins especially in the top 100 market cap rank has been fundamentally proven as a good competitors in cryptocurrency.

The Market Cap and Market Rank of The Coin is Important.

Knowing the rank in the market and the market cap of the coin or project plays a very good important role for everyone to determine if the coin is worth investing in.

Large cap coins like Bitcoin Cash, Bitcoin and Ethereum are best example of it and currently belong in the top 20 of market cap rank - Bitcoin in no. 1, Ethereum in no. 2 and BCH in the no. 10 spot as I'm making this article.

These large cap coins are fundamentally good for long term that can really give good returns in the future.

However, with small caps, can be quite risky. Small cap coins/tokens can still be unsure about its future. If you ever want to take the risk of investing on it, be sure to get early head on and don't get fomoed with it or else you'll just wrecked yourself.

The best place to find the coin's market cap and rank are Coinmarketcap and Coingecko.

Watch a Youtube Reviews.

I know I have mentioned above that you should not take any financial advice from others but only do your research instead. But looking for different reviews about a certain coin in YouTube can also help you understand the things you don't know about the project and to know more about it.

Gather all the informations you can get from a different reviews. Take notes of the pros and cons of jumping on it and decide for yourself if it is worth your time and money.

Make sure to watch some deep analysis about the project as it can really give you good and bad ideas that you can take for yourself.

Knowing What The Project/Coin Is All About.

This one is really important to understand. The creation of a coin should have a strong reason why it was developed and what its use cases should be.

Most cryptocurrency are launched to be used as a peer-to-peer payment to everyday transaction with an affordable transaction fees and one of the best candidate for it is Bitcoin Cash (BCH).

A coin/token that can be used in a games like AXS in the Axie Infinity virtual game is a good choice too.

Investors Backing The Project.

To be honest, this option can't really a good idea to determine if the project is worthy because most of it are just claiming that they are being supported by a known and big firm.

However, if a big businesses announces that they do supported the project, then that could mean that the project have seen a potential by these investors and that could be the time of jumping on the train.

A good example of this is the launching of Safepal Wallet with an airdrop of SFP coins that was backed by Binance. At first only few people care about it but when Binance announces that they are backing up the launching of Safepal, it gained enormous participants and made a successful launching of their app.

Using Tokenmetrics For Your Research.

This one is just an add-on. I usually use Tokenmetrics gather more informations about the coin I want to invest and that includes analyzation and price predictions.

You can use Tokenmetrics for free or you can upgrade your account to access all the features it can offer but the free access should be enough for us to make our own research.

Final Say.

Investing your time to learn about cryptocurrencies is the best and huge step for us to start investing in a certain coin/project.

We don't want to rely to anyone for life of what and when you we put our investments. Doing our own research is very essential in the crypto space so we can manage our risks without putting our responsibilities to someone.

Image Source.

END.

9
$ 18.52
$ 18.37 from @TheRandomRewarder
$ 0.05 from @bheng620
$ 0.05 from @Ruffa
+ 1
Sponsors of Kryptlook
empty
empty
empty
Avatar for Kryptlook
Written by   121
1 month ago
Enjoyed this article?  Earn Bitcoin Cash by sharing it! Explain
...and you will also help the author collect more tips.

Comments

What are some platforms to locate new projects and research in addition to tokenmatric

$ 0.00
1 month ago

I used poocoin and some accounts in Twitter. However Tokenmetrics, I'm not sure if they have informations about a new project.

$ 0.00
1 month ago

Kahit mag dyor ang hirap pa rin nya aralin.

$ 0.00
1 month ago

Never thought like this but sure will gonna try this

$ 0.00
1 month ago

Feel free. Thank you for stopping by.

$ 0.00
1 month ago

I used to listen to crypto vloggers before. But, not until it became a fud and fomo thing.

$ 0.00
1 month ago

I still watch them just to gather more informations.

$ 0.00
1 month ago

How to be you po senpai? 🤣

$ 0.00
1 month ago

Recycling isda key 😂

$ 0.00
1 month ago

Haha, nice. at least diba.

$ 0.00
1 month ago