{"id":21517,"date":"2023-12-10T16:15:50","date_gmt":"2023-12-10T03:15:50","guid":{"rendered":"https:\/\/cryptocurrency.org.nz\/?p=21517"},"modified":"2024-02-02T16:20:12","modified_gmt":"2024-02-02T03:20:12","slug":"crypto-research","status":"publish","type":"post","link":"https:\/\/cryptocurrency.org.nz\/guides\/crypto-research\/","title":{"rendered":"Crypto Research NZ | New Zealand\u2019s Ultimate Guide (2024)"},"content":{"rendered":"\t\t
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Prior to committing to any crypto project, it is imperative to conduct your own crypto research \u2014 commonly referred to as DYOR (Do Your Own Research).\u00a0<\/p>

But what does ‘doing your own research’ truly involve? Where do you initiate the process? Which sources can you rely on? And how much research is deemed sufficient?<\/p>

Devoting time and energy to comprehend your\u00a0cryptocurrency investments<\/a>\u00a0is the foremost step toward becoming a successful in the crypto realm. However, the process is not always clear-cut. This guide aims to assist you at every stage of the research journey.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Related Guides:<\/strong><\/p>

Setting up a Crypto Wallet in New Zealand \u2013 Beginners Guide (2024)<\/b><\/a><\/p>

How to Buy Cryptocurrency in NZ \u2013 New Zealand\u2019s Crypto Guide (2024)<\/a><\/strong><\/p>

Hardware Wallets NZ \u2013 New Zealand\u2019s Crypto Guide (2024)<\/a><\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Identifying Reliable Sources of Information<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Spending hours on crypto research becomes futile if your information sources lack credibility. In the crypto space, opinions abound from various individuals, irrespective of their expertise. It is crucial to exercise discernment in choosing whom to heed.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Consider the following factors when assessing a source:<\/b><\/p>

  1. Industry Reputation: <\/strong>Are they well-known in the industry? Evaluate their track record for insights into their reliability (examples of reputable sources provided later on).<\/p><\/li>

  2. Audience Size: <\/strong>What is the size of their following? A substantial following often indicates more reliable information, as individuals with a large audience have more at stake when sharing information.<\/p><\/li>

  3. Website Legitimacy: <\/strong>Is the website a legitimate and established source? Opting for well-known news sites is a good practice to ensure information quality. However, skepticism is essential, even with reputable sites.<\/p><\/li>

  4. Financial Interests: <\/strong>Is the person providing information being compensated? Never assume that paid advice is impartial. Many crypto influencers receive sponsorship from cryptocurrency exchanges. Look for individuals that are transparent and honest.<\/p><\/li>

  5. Balanced Perspective: <\/strong>Is the advice or opinion balanced? Assess whether the source presents both sides of the story. The best crypto sources acknowledge the nuances, providing a comprehensive view with both pros and cons for any given project.<\/p><\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Explore Diverse Perspectives and Viewpoints.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    As time passes, you’ll likely discover favorite personalities on Twitter or YouTube. While establishing trust and connection with someone is beneficial, relying solely on one source is a definite recipe for poor investment choices. No individual possesses all-encompassing information, and everyone is prone to errors at times.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Approaches to Crypto Research (DYOR)<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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    Study the Whitepaper<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    A whitepaper serves as a comprehensive document elucidating the technology underpinning a blockchain project. Typically authored by the project’s developers.<\/p>

    For an effective start to crypto research, delving into a project’s whitepaper is recommended. These documents can be found on the respective project websites; a simple Google search using the syntax “[project name] whitepaper<\/strong><\/em>” is usually sufficient.<\/p>

    It’s important to note that not all projects provide a whitepaper. However, the absence of one does not necessarily indicate a lack of investment potential. In such cases, conduct additional research on the team and their background before considering investment.<\/p>

    A well-crafted whitepaper outlines how a company intends to leverage blockchain technology to address industry challenges or advance their product.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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    Research the Developers <\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The developers constitute the driving force behind the scenes, responsible for actualizing project goals. Gaining insights into the developers is a crucial method to assess a project’s potential for success. Here are some key inquiries to make about the team:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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