“DYOR” is an acronym for “Do Your Own Research.” It refers to the practice of doing thorough research before making a financial decision. Every investment comes with risks and trade-offs, so it’s essential to do your research before investing in either the financial market or the cryptocurrency market. This blog will discuss best practices when it comes to DYOR and due diligence, especially when investing in the crypto space.
What Are We Looking For?
When considering a project to invest in, there are certain areas you should investigate before investing your money. We have listed these areas below, and while this is not an exhaustive list, it is certainly one that will point you in the right direction.
When beginning your due diligence, the project website is the best place to start; you will want to look for information about the project you intend to invest in. You will learn about the team members working on the project and their backgrounds, as well as the platform’s underlying technology or utility. Additionally, you can start to determine if there is a demand for what they’re bringing to the market or if the market is saturated with these types of projects. Is what they’re doing unique? Is the company registered? These are all basic questions to ask ourselves as we begin this process; unfortunately, in the crypto space FOMO (fear of missing out) can cause investors to make rash decisions without doing their due diligence as they worry about missing out on the “next big thing.” Patience, when engaging with an investment in a project, is important. We need to ensure that the project is safe, so we can make sure we invest our money wisely.
Engagement With The Project
Once we’ve made the decision to invest, we need to engage with that project; usually through setting up a wallet so that we can make a transaction. Planning the transaction, making sure that everything we are doing is safe and has been double-checked and triple-checked when transferring funds. During this process, we must take our time researching and ensuring that a list of best practices is followed. This process may seem daunting at first, but it will help you keep your investments safe and help you to engage in a way that makes sense.
In addition, it is important to be careful who you are engaging with. You wouldn’t ask just anyone questions about a project you are looking to invest in. Make sure you’ve joined that project’s Discord and that you are interacting with trusted members, moderators, or volunteers, that are aligned with the project you are looking to invest in. It is better to take your time by joining channels like Discord; for example when looking at Rematic, you can take your time learning from other investors here: https://discord.com/invite/Dtkgfxyzvh.
Quick reminder – be careful who you ask, make sure you ask the moderator on the channel and don’t click any suspicious link that the moderator does not authorize on the channel.
Check www.rematictokens.com for more information about who we are and why we do what we do.
There are numerous ways to make money in the world of investing. However, not all investments are created equal, and many are fraught with danger. Due diligence is a critical concept in investing; it is a method of learning about a potential investment before making a final decision. The more time and effort you put into doing your homework, the better off you’ll be.
Watch the full Rematic Education video here: https://youtu.be/AQWLZnvrQNA.