Ask the Orb: The importance of D.Y.O.R.
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There are a lot of cryptocurrency projects entering the cryptoverse, and these projects often entice investors and traders to engage with them. They are legitimate most of the time, but such legitimacy does not necessarily mean that you are already on the right path to efficiently grow your money. This is where the importance of D.Y.O.R. comes to play.
A lot have questions regarding its importance. Luckily, the Orb is here to help and answer why it must first be done before investing your money in crypto.
Cryptocurrency and market volatility
When we say that crypto markets are volatile, it means crypto prices are unstable and may surge and plunge fast. It must be taken into consideration that before entering into the cryptoverse, one must first understand that the market is not favorable all the time. It experiences dips that last months and even years, if not played right.
Doing Your Own Research or D.Y.O.R. provides a perspective of the cryptocurrency’s nature and how it plays in the market. It must first be understood how the market works as frustration over a bearish portfolio all year round can be overwhelming.
D.Y.O.R. helps you understand what you are getting into as cryptocurrencies as an investment could be a losing game. Having proper knowledge of its working principle is essential for you not to be lost along the way and prevent any risk of losing your money.
Also Read: Convenience at play: Cashing out gaming NFT rewards through your PrivacyCards
DYOR and crypto projects
Many crypto projects have overwhelming promises of possible yield within a year. For some, their target is those who are gullible or do not have any experience with cryptocurrencies. With this, there are instances that scams are prevalent, and losing some money is evident, which can no longer be retrieved. This is why D.Y.O.R. is important in choosing the right project for your risk appetite.
There is a lot to consider before investing in cryptocurrency. For beginners, one must first look at the project’s plan moving forward. This can be seen in their roadmaps which also provide how far it has come with its goal. Next, one must consider choosing a crypto project with an overwhelming community. The more the members of its community, the stronger the crypto project is. Lasty, reviews over the said crypto project should be given weight. Such evaluation given by other investors before you provides a glimpse of what investing in the said crypto project is like, and you must harness it.
D.Y.O.R makes sure that you are on the right path in investing and trusting your money to grow. It helps you have a sound decision whether you should invest or not.
Conclusion
Before entering into something that could cause you money, one must first look at how it is done. One must first know the basics before you invest or risk losing your money. Investing in crypto projects and other related activities is not a game of luck; it is for those who have come prepared and have a working knowledge of how it works.
More importantly, one must always remember that D.Y.O.R. is the necessary key to have success in the crypto world.
Also Read: The Big Picture: Understanding market corrections
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