Why is DYOR important while investing in crypto?

economictimes.indiatimes.com:

DYOR) before making any investment decisions.What is DYOR in crypto?Doing Your Own Research or DYOR is to remind you that you should thoroughly educate yourself on the cryptocurrency project or investment before deciding to invest in, buy, sell, or even hold. Since the crypto market is unregulated, there is often a lot of misinformation and scams, so it becomes vital to be diligent in your research to avoid falling prey to these. What all to research during DYOR in crypto? Understand the Technology: Understand the cryptocurrency project's vision and the problem it aims to solve. Also, make a note of how it differentiates itself from other cryptocurrencies. It is vital to read the project's whitepaper and technical documentation to understand its features and benefits better. Read about the Founders and Team: Look at the team behind the project and their background, experience, and track record. Check if they have any prior experience in the cryptocurrency or blockchain space and if they have a solid reputation in the industry.

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Research on the Adoption and Usage: Consider if it's used for real-world transactions, and the possible adoption. Look at the number of active users, daily transactions, and overall community engagement. Look towards Market Sentiment: Check the overall market sentiment towards the cryptocurrency by looking at forums, social media, and other sources of information. You can also