While protecting against groundwater or rainwater breaches is important, if moisture is not taken into account, waterproof layers can separate from concrete over time.
Waterproofing paint is also a common DIY waterproofing solution. In general, waterproofing paint is a thicker version of acrylic paint that you would use to paint the walls in any other room in your home. So it provides more protection but still has its drawbacks.
Applying waterproofing paint to the inside of your basement walls won’t stop water seepage through cracks or porous concrete. Bubbles can eventually form under the paint and cause it to peel off the wall. The paint can also trap condensation inside the foundation wall, contributing to bigger, more expensive problems.
Keep in mind that waterproofing paint is usually thought of as a cosmetic fix and will not work at all if the source of the water problem isn’t addressed.