Do Your Own Research When Investing In Cryptocurrency

Researching potential investments is time-consuming, and often dull, that's why many people who invest large amounts have a financial advisor. If you are only dabbling a bit or aren't working with too much money, you typically handle investments yourself.

When you're doing any amount of investing yourself, you should always do your own research, and it's critically important to do that in the cryptocurrency space too. When you're investing in the stock market, it's easy to learn more about a public company and what they are doing, but it's not so easy to get the same amount of information in the cryptocurrency space.

The cryptocurrency space is full of shills and hucksters. You'll find hundreds of people on YouTube doing technical analysis, sharing what their psychic said, or just telling you XRP is going hit $100 this year because they had a dream.

Most of the time these people are young, or loonie and are likely doing it for the YouTube views. Hey and that's fine, entertainment has value.

If you are going to watch YouTubers in the crypto space, then view the videos for the entertainment value and the passion but don't go looking for information on price. The cryptocurrency space is an unregulated market at the moment which means no one has any idea what's happening behind the curtain.

You can use YouTube videos to gain knowledge about the crypto space by checking out the interviews, keynotes, and learning about the people behind the projects.

The moment you think you found a project you like, you'll typically only find videos and blogs talking about how great it is and how it's going to the moon within two weeks. Any subreddit on tokens or coins is going to downvote negative stories. Some of those stories might be FUD or even another project just looking to dump on a competitor. When everything negative is FUD or fake news, it makes it hard to get both sides.

You are going to have to wade through a lot of shit, but by putting in the work, you can find better projects. Don't get caught up in confirmation bias, we all want to believe that the crypto we put our money into is going to make us wealthy. It feels good hearing some random person on the internet tell you what you want to hear but feeling good only lasts so long if you end up investing in a shilled coin.

Remember DYOR! The crypto space feels more like gambling right now so find projects worthwhile to believe in, not that longshot you wish goes to the moon.