Reasons for Doing your own research

[Amphenomenon]

Do your own research ( DYOR) is used to advice people in cryptocurrency investment not to believe on information they randomly get online especially from social media influencers. There are are excellent reasons why you should do your own research and that is why this forum is support of it. Some of these include :

Avoid FOMO (Fear Of Missing Out)
The fear of missing out on the next big coin/ token as made alot of crypto investors lost alot, thinking they may just get the next Shiba inu, baby doge and the likes. It also make you choose to buy a coin at the wrong time even if you may know that you have already missed out on it and this usually brings little gains or losses all because you are controlled by your emotions and not your head

FUD  ( Fear Uncertainty Doubt)
This makes you sell your bitcoin instead of HODLING and later on end up regretting following the masses and media. This is happening now we all do hear about SEC this and that to some big exchanges but Bitcoin is not tied to them so we shouldn't be worrying about it and you can see a recent proof through the FTX crisis late last year after all the media and masses false speculations in the Bitcoin is Bitcoin.

Overcoming the hounds of dogmatism
This is one of the ways you can overcome dogmatism I.e not just believing on what you are being told till you do your own personal research. You may not see the essence of overcoming dogmatism at first but to be Frank, to know the truth you have to research. This dogmatism as cost people alot in crypto space. You see tags/ ads like "The Bitcoin killer" example of such coins is the Bitcoin black which was a scam, there where people who fall for this believing it is true and later end up in regrets. You cannot also know about the dangers of Kyc and despicable ways of some Exchanges because they will always give you a legit reasons for anything they do and you may not know they still have a way to get advantage of you through those process.

Growth
In every aspect of life even in cryptocurrency and bitcoin, security, privacy and others, one can only grow through gaining right knowledge and no knowledge comes without learning even if the truth is in front of you, you may still be ignorant of it until you know/discover it. We know they say ignorance is bliss but when it's comes to investment plans, privacy and security that the beginning of the fall.

The main of Issue of Doing your own research
The biggest issue about DYOR is getting a constant source for legit info, there are many sources for getting legit information but only few are consistent but Thankfully we all know one which is the this Forum. There are so many resources here for Bitcoin, Cryptocurrency, security, privacy and others but there are still quite some members who are ignorant of them (though I myself still got alot to learn and I'm working on that), aside this one can ask questions and there are alot of older members who are open to helping us learn if we do pm them but it matters how you approach them and what you are requesting.

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

[1714327922]

1714327922

[Cantsay]

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

The moment I saw your thread title and read the first paragraph the first the thing that came to my mind was “DYOR, DYOR how the heck do we expect newbies to do research on things they know nothing about” to be honest I’m guilty of this too.

For one, this forum should come in handy when you’re making your research. Let’s say for a newbie who just got into bitcoin or crypto in general the first thing to do is to learn the basic of how things work that way when you’re to research on anything it’s best you know the basic and that should be anguide for them and if perhaps what they are researching on is complicated and not what they can just do on their own as a newbie they are always free to come back to this forum create a thread and ask about that subject and seek for their opinions, that could also be helpful.

Sometimes, they are news or articles we read online that turns out to be some misconceptions and as you continue to read other resources you’ll find the original news, so its certain that they’ll surely ingest some sort of information that will turn out to be false but with time they’ll come across the truth. And the more they research the better they become at it. Although practice won’t make you perfect because no one is flawless but if you keep practicing you’ll surely get better.

[Churchillvv]

So please, how do I know a good source for legit information with consistency?

It depends on the kind of information that you want to get enlightenment on, if it's about cryptocurrencies or Bitcoin in particular then you don't have to search too much. You already have the forum where everything about Bitcoin (all information) are discussed. You only have to look at the area of Information you you desire and put it into practice. If it's about Altcoins, there a place of such that can get information. Or if it's not about Bitcoin or cryptocurrencies then I have a simple method I that used in making my research.
All you have to do is;
Go to Google search for the question in qoute or the information you seek.
Look at various results choose from the answers, one closer to you satisfaction.
Lastly, the information that is repeated in different websites or pages (one particular information) is surely the legit information you need.

[SquirrelJulietGarden]

Do your own research ( DYOR) is used to advice people in cryptocurrency investment not to believe on information they randomly get online especially from social media influencers. There are are excellent reasons why you should do your own research and that is why this forum is support of it.

Doing your own research DYOR has a most important role is to be independent and be responsible for yourself.

By doing due diligent research by yourself, you are responsible more for your thinking and decisions. It means you are more independent from your thinking, plan to decisions for execution.

It does not lead to completely accurate decisions but you can not hope your decisions will be always accurate if you purely rely on others to make your decisions. By DYOR, you will be able to learn more, get more knowledge, gain more experience and are able to correct your lack of knowledge, experience as well as have better ability to filter information, analyze it and after a while, you can make better decisions.

[Obari]

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit  information with consistency?

Well just as you already mentioned earlier, one legit place you can get legit information regarding bitcoin  and cryptocurrency in general is here in the forum and what you have to simply do is create a thread and ask your question and you'll  get the right answer right away.
Doing your own research doesn't guaranty success what it rather does is letting you be responsible for every actions you take and not blaming anyone if things goes sour.

I'm fan of doing your own research but this is stressful and rather than doing my own research, I simply look for who I  trust based on his or her past results and take directives from and this is my own tactics when buying alt coins.  Also always remember that what works for someone  else might not work for you even after following exact steps, so figure out your strategy and work on it.

[lovesmayfamilis]

I agree with the OP. For newbies and not just newbies, sometimes it's hard to make the right choice and form your own opinion. I think everything comes with experience. If you have found this forum, then you already have many helpers at hand who will be able to deal with this or that situation together. I would never trust YouTube; after YouTube became paid, everything that is laid out there speaks only of subscribers and earnings. In the same way, the information on Google does not always contain the correct information, but it all depends on promotion and optimization.
Therefore, communication with living people here on the forum will give the most correct information or advice, especially since you can hear this information from several users and draw the right conclusion.

[Peanutswar]

Those are the measures for the terms most likely encountered by the people who want to make investments, the reason why few of them want to attend and pay for a course is that its too hard to make a step to the things you really don't know where to start, tons of information right now in the internet, those data can be concluded once you make a good analyzation of the reliable source of information, but not as always we encounter in the internet is the best way, sometimes experience is the best teacher, better to strengthen your network connection with people related to the topics you want to know those experienced by them can serve as a guidance into you, and also with your experience you can learn from your mistakes. Continue learning while earning the best key for knowledge.

[Poker Player]

I recommend DYOR not only for Bitcoin and cryptocurrencies, but for personal finance, and life in general. Knowledge is power, and the more things you know the better.

Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

It is paradoxical that you write the post you have written and end up with that question, because based on research you should be able to answer it, but I advise you one thing: even when you have a reliable source of information, always be skeptical, because from time to time you can also sneak false information (on purpose or by neglect).

[BD Crypto]

I agree. Why you will believe others or a suggestion without knowing details about it? If someone is providing you a potential project to invest then there may have self-interests. Because maybe they want to force you to buy their tokens.

So basically in every sector of investment Research by own is a must. You have to know where you are going to invest and what about it's potential, what about it's risks and rewards. So in crypto space never follow an influencer or a suggestion from random person. Be experienced and confident about your decisions because your investment, your choice and your risk and your rewards. Taking suggestions from others aren't bad but you have to research by own every advices then you can choose the right one.

[ImThour]

Good information and the best part is well formatted. I do like posts where you use the given formatting options like bold, italics, headings etc.
And coming back to the topic of Doing your own research, yes. You should do your own research for anything related to anything.

If we talk about Bitcoin in this case, one should not depend on someone else's information. If they have wrong information, you just become another transmitter of wrong knowledghe.
Prefer reading out and asking for source of information, this way you get to know what's real and truth.

[robelneo]

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

My question is how and where do you get that information to verify that you are right with your own research, doing your own research is compiling all verified sources and compiling necessary questions to come out with the fact and the truth, you have to set up your own criteria and questions these sources if they are giving you the right information can you verify if the pieces of information are all correct.
Part of doing your own research is having skepticism until you establish the fact through your own criteria, there is no perfect decision coming from your own research, but if you continue to believe and update your criteria you can perfect your own research.

[Woodie]

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

As much as going your own research is commendable, we must also agree that wisdom of the crowd does wonders as they say two heads are better than one..so basically the DYI of research keeps you in the know, but synergy gives you options and some extra information one might have missed.

And like you have pointed out, if you get wrong information if you go with the DYOR, then the damage will trickle down to all your decisions and your pocket will pay for this...Which is why an extra pair of eyes should be deliberately used to avoid falling in such a pit.

[Amphenomenon]

Also always remember that what works for someone  else might not work for you even after following exact steps, so figure out your strategy and work on it.

But still doing your own research gives a better edge to be successful and also going through these replies I have come to realise that, in getting a trustworthy information is not just by believing on a single source but comparing various sources to know the truth.

It is paradoxical that you write the post you have written and end up with that question, because based on research you should be able to answer it

I asked this question in order to know the ways other members do their research and with this I can have a better understanding of DYOR and also I know the question would be quite helpful for newbies and some other members.

but I advise you one thing: even when you have a reliable source of information, always be skeptical, because from time to time you can also sneak false information (on purpose or by neglect).

Yes, I have experience this but I was only able to clarify my doubts by asking a question regarding it here. Also This Skepticism shouldn't be ignored just because of the trust you may have for such person or groups because Humans are prone to mistakes

Prefer reading out and asking for source of information, this way you get to know what's real and truth.

All these can be done here, that's why doing your research here is much easier because we already experienced members available to clarify doubts which is another basic issue of DYOR

[AbuBhakar]

My question :
So please, how do I know a good source for legit information with consistency?

There’s no news outlet or specific personality that is consistent on providing valid source. Most of the crypto figure is now can be paid or posting bias information because of their own self interest. Even news outlet on crypto can be paid to publish wrong information about a certain project.

You will need to keep DYOR by doing some discussion here in forum so that there will be contribution to verify the content of news.

[Awaklara]

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

many internet users today trust search engines on their smartphones more. whereas there also scammers are developing many ways to fall us into their traps.
for example when we search for websites to find out the development of crypto market prices such as Coinmarketcap on Google. you may see ads with similar search at the very top of your search.
if you have doubts about searching for something on the internet related to crypto and Bitcoin. you can ask and talk about it in the forum. I'm sure there are enough knowledgeable members who will share their views and you can come to your own conclusions.

[hatshepsut93]

So please, how do I know a good source for legit information with consistency?

That depends on what sphere you are researching. Getting good information about the technical side is fairly easy, you can just follow Bitcoin Core developers, search for questions on bitcoin stackexchange, Development board on this forum.

Trading information is impossible to get, because no one truly knows where the price is going, but there's a lot of scammers and grifters who claim to be gurus and try to sell trading advises to noobs. Or there's a lot of shills who push disinformation to move the market.

[boyptc]

With FUD, every newbie is being gullible to believe such news and they're all panicking. Sorry but that's the observation that I used to see these days and it's like whenever we see some bad news, they're all reacting accordingly as if the market just existed a few months ago.

They do not have full confidence to the market especially to Bitcoin and they're thinking there must be a reason why it's going down. Nope, the only reason why it's going down because it has risen.

And basically when a price of an asset goes down, that's where most of the investors are happy. OP is right that DYOR is a must these days but the new comers don't listen to advices and they think that they're already better than anybody else.

Well, that's just for many and some of them are still happy to ask for help on what people's thought of what their plans are and if one should remain optimistic to the market.

[Abu-Naim]

So please, how do I know a good source for legit information with consistency?

Legitimate information is accurate information that has been obtained from several sources and has been verified by a trusted source; if you obtain information from reputable journalism sources, it is legitimate information.

I vouch for the accuracy of my information regarding Bitcoin in this forum; if you inquire about a news item or significant update pertaining to bitcoin or other cryptocurrencies here, forum users will assist you in gathering accurate information by bringing it from a variety of sources to persuade you. If the news or information is false, they will also inform you in this forum.

[KingsDen]

My question :
 Though doing your own research is an important aspect for personal growth but if one get false information then such person is doomed with it, except he/she get the truth before he/she becomes victimised which is  maybe unlikely. So please, how do I know a good source for legit information with consistency?

You wrote a very nice article but there is one important reason for doing your own research that you did not capture.
Accepting the consequences of your decision
Many people make very good analysis of price movement, although they are sure of their analysis but they will still put a disclaimer that such analysis is not an investment advice. What they meant in essence is that if you go ahead to use such an analysis, you should be able to accept the consequences of your decision, good or bad.
So, doing your own research makes you to take charge of your finance and accept whatever outcome as a result of your financial decisions.

[Mpamaegbu]

The moment I saw your thread title and read the first paragraph the first the thing that came to my mind was “DYOR, DYOR how the heck do we expect newbies to do research on things they know nothing about” to be honest I’m guilty of this too.

Guilty of what, really? Guilty of telling newbies to DYOR or guilty of you not having done it as a newbie? Your expression is ambiguous, even after rereading it I still couldn't fathom it.

Sometimes, they are news or articles we read online that turns out to be some misconceptions and as you continue to read other resources you’ll find the original news, so its certain that they’ll surely ingest some sort of information that will turn out to be false but with time they’ll come across the truth.

Yes, and that's why it's good to choose one's sources of information carefully. We shouldn't be reading from unreliable sources. This is the first thing I do whenever I want to find out the truth about a thing online, or of any politically related happening in my country. I make sure to read only from authentic and reputable media outlets.