Not Doing Research Is The Reason For Big Loss
Crypto is all about investment but there is a hive where investment is not required and you can make money without investment by interacting with others and daily content sharing. However, it is not a banana that you peel and eat and also it is not that much difficult. Today we are going to find out the reason behind the huge loss and actually, I have shared the reason in the title so I am going to talk about it.
This is not only useful for cryptocurrency but it is helpful everywhere. Let me give an example, Let's say you are going to buy something but you don't have any idea about that product. In this case, you do your research to know more and this way you will know whether the product is useful for you or not and this small research saves you from the loss. Similarly, you can save your crypto by not investing in the wrong project with this strategy.
How You Can Do Your Own Research?
Well, here we are discussing cryptocurrency projects so we are going to talk about it. The first thing you have to check is the investment benefits and if you think that it is worth investing then go to the second step and the second step is checking the roadmap and white paper. By doing this you get to know many things regarding the project and whole the concept will be clear in your mind regarding that crypto project.
Now come on the tokenomics and team. You must know the supply and other details of the project coin. Also, check the exchange listing plan and if the coin is listed on any exchange then check the volume and monitor the activities. Now when it comes to the team then you need to know whether the team is supportive and helpful or not and what is the background of the team members. Check their social media accounts to know more. If these things are not satisfying you then contact the users and ask about their experiences regarding the services and check the reviews. That is how you can know the details regarding any crypto project.
Jumping In The New Crypto Projects
Jumping into the new project is risky and this is where the problem starts. A new project means new players jumping into the crypto market and they have no experience. Their lack of experience will become a reason for your loss. Sometimes good projects give you loss and tapwar game is the latest example of it. I have invested 100$ in tapwar game to earn some passive income from the game and I did my research but now I am at a loss.
the problem with tapwar game was the bear market and inflation. Actually, new game owners in the crypto field do not have good experience running the blockchain gaming platform, and this lack lead to inflation. And all the weight comes to the platform's token. Games should be built for long-term purposes. To get more users they give high rewards in the beginning and in the future this will become a reason for inflation.
Axie Infinity was a popular game but now it is almost dead other side splinterlands game almost completed 4 years. So these two examples are the best examples of good management and bad management. Anyway, share this post and do comment below.
Thank you, everyone.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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There are still some people who just moved into crypto and block chain thing because others are making money from it meanwhile that's not how it is done. I remember years back what I started with is 12hrs research everyday.
Most people don't even know what to analyze white paper. When i started my crypto journey i go extra mile to study proof of work of some blockchain. Research is very important
Well,I don't really know much about splinterlands yet which I've been looking for who to help me out.
Thanks. Your content is so detailed and concise I pray more people view.
This is a really hard-working activity.
Thank you for the great comment.
Yeah.You're welcome
I feel a lot of crypto newbies need to read this. The issue with many people is they just rush to things without not adequate research on how it works and at the end of the day, it backfire on them
True and that is why I have focused more on research in this post.
This is really a good food of thought, most times we fall victims of losses because we didn't take enough time to do research on what we are Investing in
Thanks for the appreciation.
mostly people rely on the long-term project, I think. otherwise, a project that started and has been in operation for a year is evaluated, otherwise what has been on the market for, say, 5 years.
The truth has been spoken, Glad you liked this post.