I exactly don't know why I actually thought about this but once you in crypto bandwagon over a period of time, you begin to realise that there was something more you could have done only and only if you knew. For some they have mentors or someone to give the basics while for others they go all head in and learn on the way. There's no one that's better than the other because at the end, it would come down to what one knows, the knowledge that one has acquired for themselves.
For someone like me, it's difficult to learn because I'm a slow learner but a fast adopter. It starts slow but when every intricacies has been taken to heart, the flow remains smooth.
What's DYOR?
At this point, this is the most important single element that is obligated of each crypto investor be it you buy by Dollar Cost averaging or pump that huge amount in.
Many started investing in crypto without actually learning about crypto but just going with the flow and the funny part is that those dealing in crypto also make it worse for a newbie because the thought of being late lingers.
DYOR simply means Do Your Own Research. It's more like going for an exam and you didn't read for the exam. The probability of passing is very low except you are lucky and you pass but truly that's just by a fraction. It's more like gambling. When ever writing the exam an copying another person, the certainty of the other person writing the correct answer isn't even certain.
Doing your own research is vital because with utmost certainty you see it clear for yourself what someone else might miss and you simply generate a strategy in buying into an asset.
With DYOR, there's an individual growth that helps in learning better and can be able to discern better when investing.
The Truth
DYOR is very boring because all you simply do is read and read and read about a crypto asset to really understand better. There's no action but the most boring action would only certify absolute gain at the end and can prevent huge loss of funds. Money is important and getting it is not as easy as spending it.
Check the utility, usecase, the white paper of a crypto asset to see how it would be distributed, the marketcap to just get ahead.
The team should always have a plan, always know if decentralized or not as that has always caused heartbreak.
Just Stick To It
You are investing and not gambling, you decide what the outcome to be and give yourself the edge of winning. Crypto is for all and simply diving into it all in is just like the deaf of it. You simply want to put money down and lose it all. DYOR is difficult at the beginning but would only become necessary for every individual because of his private crypto is, when you lose, the loss is felt by you alone. The market would always play it's game on its way and surviving the market is by strategizing to get the best outcome. This is already sounding like when you DYOR, there wouldn't be losses but far from it, you'd simply know what went wrong and would be able to make better preparation than moving blindly towards chaos.
Thanks for visiting my blog, till next time.