I think before we make a decision we think first thoroughly. we must know by the way we analyze the project before investing. this is one step so we can avoid the fraud. if we are reckless in choosing a project we can join a scam project.
What project are you talking about? Bitcoin does not have a project because it is not an ico. bitcoin is already established as a succesful currency.
However your suggestion above is also good and can be applicable before you join or invest any ico programs because choosing an ico's can be tough due to scam competition.
But in the case of bitcoin we dont really need to do any research because bitcoin is already verified that it is safe and legit.