How to Do Your Own Research (DYOR) On a Crypto Coin or Token in 3 Easy Steps

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Coinmonks

3 min readMar 1, 2022

The world of cryptocurrency is full of risks and opportunities. With so many coins and tokens to choose from, it can be hard to know which ones are worth investing in. Doing research before investing is one way to make sure that you are not going to lose your money.

For individuals who see the value of research but are unsure where to begin, I’ve explained my research approach in three simple steps below.

Step #1. Identify what type of information you need.

The first step in researching a crypto coin or token is to determine what you want to find out about it. Do you need a quick overview of the market, or do you need more in-depth information? If you want a quick overview, then CoinDesk and CoinTelegraph are good sources because they have an excellent guide to cryptocurrencies. If you want more in-depth information, then Bitcoin Magazine and the Bitcoin Talk Forum are good places to start.

This is a list to help you with your research on the crypto coin or token that you are interested in.

Check Coinmarketcap for the coin’s price, trading volume, and market cap.
Check the GitHub repository for the coin’s code.
Check the Telegram group for updates on the coin or token.
Find out what the coin or token does.
Find out how it works.
Find out who is behind the project.
Find out how much money was raised in an ICO (Initial Coin Offering).
What are some of the things that people say about it?

Step #2. Locate the best sources of information for your research.

There are a lot of places to find information on cryptocurrencies. However, not all of them are reliable. So it’s important to know what sources can be trusted and which ones you should avoid.

Here are some good resources for crypto research:

CoinMarketCap: It has the most up-to-date data on the performance of any given cryptocurrency. It also provides valuable information about market capitalization, trading volume, and more.
CoinCheckup: This is an online platform that provides in-depth research reports on various cryptocurrencies.
BitcoinTalk Forum: It is one of the oldest cryptocurrency forums in existence today and has been a hub for discussion among enthusiasts since its inception in 2009.

Step #3. Examine your comfort level when it comes to taking risks.

All investments, including crypto coins and tokens, have some level of risk. If you want to invest in cryptocurrencies, you should be aware that you might lose part or all of your money.

Doing your own research can help to mitigate some of those risks, but it won’t totally protect you. The reward, though, for taking on risk is the potential for a greater investment return.

Final thoughts

The cryptocurrency market is a volatile one. It is not for the faint-hearted. A lot of people have lost money, and there are many more who have been scared away from the market because of that.

It’s important to do your research before investing in any cryptocurrency and to understand the risks associated with it. You should also be aware that there are no guarantees and you could lose all your money if you don’t take proper precautions.

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