DYOR: Tips for Crypto Newbies

Written By Charles Chimezirim

The crypto market can be crazy at times, but doing your own research (aka “do your own research” aka DYOR to crypto veterans) is the best strategy – and it could help you sail your ship through the tides easily.

1. Get basic crypto and blockchain education

Getting an idea of the crypto space through education gives you some confidence about the market. There are great resources on YouTube, Udemy, or Google that could help you kick off (a simple Google search “crypto for beginners” could put you underway).

2. Perform due diligence before investing in any cryptocurrency

Read whitepapers thoroughly before investing in any crypto or blockchain projects. Additionally, if what is written in the whitepaper does not resonate with the project’s roadmap in its GitHub repository or web portal, take caution.

3. Experts say: start small, then grow your portfolio later

Many experts advise that investors should “not invest more than 5% of your money in crypto.” Or, as Mark Cuban, a blockchain enthusiast and media mogul, says: “do not invest money you cannot afford to lose.

4. Be careful; scammers are everywhere

Crypto rug-pulls and scams are becoming rampant as the industry expands. Some popular third-party hacks may come through dusting attacks or crypto-jacking. 

Some cautionary measures to protect your assets include shielding your private keys from third eyes, avoiding random projects or airdrops on social media, joining crypto projects that have undergone thorough audits, etc. 

5. Join active crypto communities 

Joining crypto communities can be good ways to stay updated (and ahead of the curve) about cryptocurrencies and trending DeFi projects. Reddit forums, Twitter [Spaces], Discord, and Telegram channels are also great places to find active crypto communities.(Protip: Never click on DM links in these communities, though. Scammers also target them.)

You’re all set now! Get basic crypto education and financial intelligence, do due diligence on a potential investable coin or token, start small, and never forget to protect yourself from third parties. Then, could you have the best crypto investment experience ever!

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