You're always told to DYOR (do your own research) before investing in any project.
But where do you get access to the relevant and reliable information you need to make an informed decision on a cryptocurrency that interests you?
In this post, I will be sharing with you the 5 ways I personally use to source information about any cryptocurrency project before deciding whether to invest in them or no as part of my DYOR process.
5 places to look for information about any project
Cryptocurrency market data aggregator websites
Project Telegram group
1. Cryptocurrency market data aggregator websites
These websites provide you with detailed information about any of the coins or token they have listed.
Some important information you can expect to get from data aggregators include:
Current and historical price of the coin including a professional supply and price chart.
Links to the project's website, social media accounts, blog, source code, and any other relevant resource.
Recommended wallets to store the coin (mostly referral links of the aggregator website but legit).
List of exchanges where you can buy or sell the coin and the available trading pairs.
A concise project explainer article which is usually below the project information page
Armed with all this information, you can easily form a first impression about the project and decide whether it's worth further research or not.
CoinGecko and CMC even show you the measure of how people feel about each coin with which you can gauge the market sentiment around it.
CMC even goes the extra miles to provide you with curated news about each of the coin it lists. Along with a list of related coins that people also watched after viewing your coin of interest.
The point is that there's a lot of information about any cryptocurrency on these data aggregator websites that you can leverage to make your own decisions.
However, note that it's possible for a project to exist but not yet listed on any crypto data aggregator (yet).
In that case, if you have an interest in researching such projects, you will have to start either from their Telegram group or the official website.
2. Project website
After reviewing all the information about a project on CMC and CoinGecko, the next place I will mostly go is their website, to hear directly from the horse's mouth.
While on their website, the first thing I'm sure will catch my attention is the aesthetics which tells me how skilled or professional the developers are.
The look and layout of the website also show me how they think. Whether they're organized or lousy, what their taste is, and what's most important about the project.
From the links, they choose to display you will know what the most important aspects of the project are.
After taking a casual look around, the next thing I want to see on their website include:
A working product
The coin's use cases
Information about the team (if any).
If they have a doc page, I would read it as well.
They will better tell their own story and by reading what they have to say, you can easily connect with them and enter into the minds behind the project.
You can see and feel through them. If it's a scam, you will know (if your greed or something else isn't blocking your senses).
Once I'm done here, the next stop is their Telegram group.
3. Project Telegram group
Telegram groups or Discord channels provide a place for everyone interested or invested in the project to meet and chat directly with the team.
You're able to ask questions and get nearly instant feedback.
It's also a perfect place to catch the current vibe around the project.
You could also read up the chat history to see how things have been in the recent or distant past as well as the pinned message(s) to catch up on the happenings.
If up to this stage, there's still something about the project that's not clear to you, then it's probably time to ask an admin in the group.
A professional, responsible, and responsive community admins are what I want to see in a project's Telegram group.
Most projects with rude, lousy, and careless admins are scam or money losers or at best, extraordinarily risky.
However, note that one hour in a Telegram group is not enough for you to get sufficient information about the current mood and sentiment of the market around the project. But it will give you a general idea.
The reason is that these groups are filled with trolls, paid shills, cry babies, scammers, free money seekers, and all manner of wrong information flying around.
Take it all with a grain of salt and follow the information that's backed by fact, not how some random humanoid or botnoid post in the group.
Take your time and ask your own questions and get satisfactory responses from the admins before making any judgement. Because a lot of right things can "look" wrong, and a lot of wrong things can look right.
If you're still in doubt or need more information (which I usually do) then check Twitter.
Crypto Twitter seems to have something to say about any and every cryptocurrency project. Even those that are still in the development stage.
You will want to first check out the project's Twitter page. Then search for their hashtags to see what people are saying about the project and the replies the posts are generating.
You will usually hear very candid opinions about the project from these discussions. You will know who's a fanboy and who's a critical analyst and the trolls from the comments.
Once again, weigh the information that's backed by sensible analysis and facts higher than hopium and dreams.
Social media is full of emotional garbage.
Most of what you will read about a project on social media are posted by: trolls, fanboys and paid shills, or haters.
You certainly can't make a good judgement from the noise these groups of people create.
That's why the last place to check for information about a coin is Google.
Search for reviews of the project, search for fundamental and technical analysis of the project and read the top articles Google returns for your search.
These articles are usually very detailed and rational. They're usually written by someone who's well vast in the topic or have used and experience the project you're researching about.
You will hear both the good and the bad they have to say about the project and most importantly, their why.
If you have come this far in your research, I am confident you will have more than enough information to digest and make your own decision.
Investing in crypto takes personal responsibility. You have to be able to DYOR and make your own decision.
But to do that successfully you need sufficient and reliable information.
And some of the best places to get the information you need include crypto data aggregator platforms, the project's website, social media, and Google.
If you do your homework well and use your brain right, you will have more than what you need to make an informed and independent investment decision.
Where do you find information about projects you're interested in? Share with us in the comment section below.