Fake Coins - Do you know how to spot them?

[Nova]

There are a lot of coins which are fake and they are designed to just collect money from investers. And after some time they run away with your money. I wonder if there are people who know how to spot such type of the fake coins. And how to avoid those sort of the fake coins.

Do you know how to spot the fake coins?

 

[WhiteHouse]

Guarantees of exceptionally high or ensured returns

It's so critical to take a gander at the offer and choose if it's reasonable. Bringing in a 1,000% on your cash in year and a half would be astonishing, yet is it liable to occur with this spic and span offer?

One of the manners in which fraudsters pull in the cash to their tricks is by making up phony guarantees of profits. With no procedure and supporting data concerning why this underlying coin offering (ICO) - the name for when another cryptographic money is made and individuals are allowed to get some cash at an early cost – will increment to such an extent rapidly, stay away well.

 

[MastetG]

• Don’t put money in a virtual currency investment if you don’t really understand how it works.
• Don’t speculate in cryptocurrencies with money that you can’t afford to lose.
• Don’t buy virtual currencies based on anonymous tips that you picked up from chat rooms or social media

 

[giddy]

These scams are harder to recognize than the more egregious bitcoin-flipping examples described above, but the end result is the same; the scammer eventually makes off with the victim’s stolen bitcoins.

This tried and tested idea relies upon high yield investment programs and multi-level marketing. In these ethically grey schemes, a low initial investment can be multiplied by signing up additional members using referral links. Before long, hundreds of victims have joined the scheme.

 

[Akinwale701]

There are a lot of coins which are fake and they are designed to just collect money from investers. And after some time they run away with your money. I wonder if there are people who know how to spot such type of the fake coins. And how to avoid those sort of the fake coins.

Do you know how to spot the fake coins?

As much as I can say, I can say I know a few things about this. I am into buying and selling of bitcoin and for two or three times, I've run into cases of fake coin known as coin flashing... To avoid. This, always tell your customer to send their bitcoin with priority, but if not wait for at least 1 out of 3 confirmations before you make payment.

 

[Ralphjoe]

The criteria that a coin is to make for you to know that it's not a fake coin is when it's listed in the Cryptocurrency exchange platforms, those cryptocurrencies that are listed on such platforms are sure to be very genuine. This is the condition I look out for before investing in a coin.

 

[Rimsha kanwal]

There are a lot of coins which are fake and they are designed to just collect money from investers. And after some time they run away with your money. I wonder if there are people who know how to spot such type of the fake coins. And how to avoid those sort of the fake coins.

Do you know how to spot the fake coins?

A flood of fake currency has prompted the Royal Mint to reinvent the pound as a new 12-sided "counterfeit-proof" coin.
Around 1.5 billion of the new coins will be produced and they will come into circulation in six weeks time.
The coins will have hidden high-security features to beat counterfeiters, including a hologram, micro lettering and milled grooves.
This is the first time the £1 coin has been changed in over 30 years.
It is estimated that around one in thirty £1 coins in circulation are fake.
Depending on the quality of counterfeit, it can be difficult to tell the difference between a real and a fake £1 coin.

 

[Ehizzy1]

I think one thing you should take note is the company behind the project and also check if it operate more like a double hyip program and the last thing you should check it the volume of the coin and see if it is a large or small volume coin to know if you would invest in it or not

 

[btaliat]

It is true. That's why we need to be very patient when planning to invest in cryptocurrency. We should make sure we look for the coins that have stood the test of time and popular even if not trending.

 

[Adeyoola7]

Use a scale that is accurate to within 0.01 grams to measure the weight of the coin. Compare your results to that of the genuine coin. If they are significantly off, you may have a counterfeit coin. Use an extremely strong magnet to see if the coin is attracted to it

 

[iamgroot]

Actually, its so hard to determine whether the coin is fake or real. Specially those offering a free airdrop that have been scattered everywhere, specially on Telegram. I joined so many free airdrops because the task were simple, just join the channel, follow them on social media, post about their project and so on. But when they tell me to invest or deposit in order for me to get the airdrop, thats the time that i stop. Imagine giving them money in exchange for their project that we are not sure if that will succeed or not. No no. But there are some legit coins out there, and its free but their value is far from what were expecting.

 

[Kayzzy3]

There are a lot of coins which are fake and they are designed to just collect money from investers. And after some time they run away with your money. I wonder if there are people who know how to spot such type of the fake coins. And how to avoid those sort of the fake coins.

Do you know how to spot the fake coins?

On this I will say there is no general rule to identifying such coins, tokens or projects, the is because these projects are basically online and most of their claims are not readily verifiable.

But one thing i do before going for a project of coin is read their white paper, then check if they have a actual project or business idea attached to their coin or token or I they are being falsely ambitious.

Avoid coins and token without real business or projects.

 

[ahmedo24]

It is quite difficult to spot fake coins in my opinion because almost developers spends Money to package their airdroping stage to convince potential investors to invest heavily however, if the rewards for Airdrops is very high then there is possiblilty that the coin or token might be fake.

 

[kayode10]

Thai can be very hard to detect for most newbies. The veteran cryptocurency traders can easily spot the fake coin. Well, the easy way to spot fake coins increase in price in shot time. The price of those coin will rise in price on the dashboard. If you want to avoid fake coin, you have to do your due diligence. Ask the experts and read blogs about cryptocurency. This will help you in choosing the right crypto to invest.

 

[Mrallison]

There are a lot of coins which are fake and they are designed to just collect money from investers. And after some time they run away with your money. I wonder if there are people who know how to spot such type of the fake coins. And how to avoid those sort of the fake coins.
Thanks
Do you know how to spot the fake coins?

This can be a problem actually based on the fact that people are investing majorly into crypto currency. Making sure the currency your investing in is a year old is definitely a way to go

 

[Yanizie]

Its difficult to spot if the token is fake. You better first research its founders to see if they are real person or dont really have affiliation on the token, its network, if token is real on the network. If its ERC, TRC, BSC or something else. Last research more deeply by looking on social media if their token is scam or not.

 

[BrolySSJ]

There are a lot of coins which are fake and they are designed to just collect money from investers. And after some time they run away with your money. I wonder if there are people who know how to spot such type of the fake coins. And how to avoid those sort of the fake coins.

Do you know how to spot the fake coins?

I think that it is very difficult to spot a fake coin because there are so many coins that are constantly being introduced into the cryptocurrency market on a daily basis and this in itself is quite daunting to keep up with all the coins. However, I think that the best way to see a fake coin is to look at the trade volume of the coin and its past six months of trade as well and how it has operated. If it is a new coin then you do some research and see if it is listed on the major reputable exchanges. If it is then it is generally a legitimate coin in my opinion.

 

[Ltherman]

Spotting good or genuine coins is quite difficult during ICO because they are not responsible to any 3rd party who can vouch for their credibility. What i do is to wait for the coin to be listed in a reputable exchange before i indulge in that coin without that i stay off as far as possible.

 

[Nurudeen]

As an investor in the crypto currency exchange market,if you want to spot a fake coin the best way to go about it is to resd review on Google about it and know what other investors are saying about the coin. Another way to check it out is to go to coinmarketcap and see if the coin is listed on the website, if not just forget about it

 

[Nomad]

It is really difficult to spot a fake crypto currency. If it ea easier, why would so many people scammed by fake cryptos. The only way not to get scammed is by checking the coin on popular exchanges.