How do you determine if a cryptocurrency is legit?

[Naylor89 1223]

As you now there are more than 5,000 different cryptocurrencies. Some have really shady names and some of their websites didn't even have other contact information than an email address and hidden whois information, so it seem like quite a few are blatant scams. So what's the best ways that actually can be used to tell the legit ones as cryptocurrency?

[Syed Al Mamun 876]

I think there are no any specific criteria for Crypto currencies. It's totally depends on our belief. After that we can use Google search engine for getting enough informations about any Crypto currency of the world. Sorry for ignorance of me.

[rekter 8129]

4 hours ago, Naylor89 said:

As you now there are more than 5,000 different cryptocurrencies. Some have really shady names and some of their websites didn't even have other contact information than an email address and hidden whois information, so it seem like quite a few are blatant scams. So what's the best ways that actually can be used to tell the legit ones as cryptocurrency?

Checking their github activity is a fastest way. But if the coin/token is really obscure and lacks any decent info like contact information, you can just write it off as a scam. I know that there are some still some old coins that have anon devs but today that's an exception rather then a rule when it comes to new coins. And many of the new coins with devs that are using pseudonyms have exit scammed. In fact it could be all of them.

[magd 5231]

There are a lot of fake currencies, but I don't tire myself in worrying about cryptocurrencies because in short I only believe in old cryptocurrencies that have several years in the crypto market like Bitcoin, Ethereum, Bitcoin Cache and other old currencies

[bliznec 22267]

First of all, you need to look at the volumes of sales, purchases on this coin that you choose to buy. And this coin should be at the rate of bitcoin and thereby respond to changes in price.

[bitcoin-shark 1928]

it cannot be established from the beginning if a new altcoin is legitimate oe scam or if it will be successful you have to do your research on the internet to see if it has large volumes on the exchanges if the project team is valid can be trusted and if it can have practical applications on the market

[Moaz 7239]

In order to determine whether the cryptocurrency is legal or not, first use the Google search engine to obtain the largest amount of information about this currency, and also you must join the social media of this currency if they have a large number of members , this evidence that this coin may be reliable

[Michael0606 861]

To determine the legitimacy of a cryptocurrency, I do a preliminary study and research and if possible an interview with the administrator of the project of the cryptocurrency to study, to have a percentage of risk and benefit and not make blind decisions.

[Whited35 15285]

I first check the uniqueness of the cryptocurrency, team behind the project which has released the cryptocurrency in the market, total circulating supplies and the trading volumes on the different exchange platforms after that I can determine if the cryptocurrency is legit or scam.

[CryptoMaxim 3829]

For example, I do not invest in new cryptocurrencies as it is difficult to distinguish between scammers. But if there is a distribution or bounty then I participate. And if you invest it is better in old coins.

[Ms.o 3322]

Its hard to determine which is legit and not sometimes as many coins,will provide those informations that we need just to make us believe that they are real,so the best way for me,is never trust easily,choose those coin that are already in the market and perform very well. 

[Raqeebzy 6456]

You just have to check on coinmarket or any other reliable sources like the Google itself. There is no secret way to know legit ones from the scams, you just have to check on the market volume. 

[George10 9932]

On 4/24/2020 at 1:33 PM, Syed Al Mamun said:

I think there are no any specific criteria for Crypto currencies. It's totally depends on our belief. After that we can use Google search engine for getting enough informations about any Crypto currency of the world. Sorry for ignorance of me.

I believe with you mate it's hard to tell which Cryptocurrency is scam with the rise of many coins on the market but I think the use of Google search can be helpful on this matter.

[Honny143 13612]

Their is no option to say which coin is genuine and which coin is fake, but some research we knows this crypto coins information, like search in Google and carefully read this coins project FAQ and roadmaps, and take some experts opinion and search in coinmarketcap websites, then we collects all data then decides.

[Saj555 2250]

I actually only believe in those coins which are decentralised and not controlled by any third parties. I think there are quite some currencies that are quite legit. And I always trade with that. And if I need to trade a currency or token then before doing that the best way would be to research about it. 

[BrolySSJ 7899]

I think that the best way to see if a cryptocurrency is legit is to see if it is listen on the coinmarket site which lists all of the coins that are registered with them, thereby indicating if it is legit. If you are referring to different airdrops, then i think one of the other effective ways woudl be to google the actual coin and see the other people's reviews on that coin in different forums, thereby making a pretty indication of the legitimacy of the coin.

[Laboni 755]

I can easily determine if a cryptocurrency is valid by analyzing the different places in the forum with you. For this you need to analyze the market well. Then easily we will be able to get the right solution. No one can do anything illegally.

[Ch Ayyan 9781]

I check  detalis  about  currencies  at coinmarketcap  in which I am intrested . However  i mostly  invest in top or popular  coins. Or coins which have good rates from one year .

[Calvinpriva 17296]

The best way which you can use to identify fake coins is to search its reviews. You can use coinmarketcap to search that coin if it listed there. Most of fake coins are not listed in coinmarketcap and you can also find its reviews in forums.

[BTC Future 3946]

There are some that claim that 99% of cryptocurrencies are a scam one way or another. These claims are based on the fact that all of them used extremely aggressive marketing during 2017 and the beginning of 2018 and basically dumped huge numbers of premined coins on investors,right on the top of the bubble. I don't make or support this case, but the results might point that they are correct.

[pablomarwan 3082]

In fact, they know that it is a cryptocurrency and intangible, but they also know that it is relied upon in suspicious business and trade in the black market, so they will not agree with you in your opinion or agree with you that it is a peaceful currency and defied its positives.

[MrGox 880]

As you above wrote there are really a lot of cryptocurrencies, maybe + 5000. Sometimes it is really hard to determine, which one is legit.  l always prefer top altcoins and also most popular. 

[qua186386 226]

You today had to check on coinmarket or any other reliable sources like the Google itself. stop construction Here is no mystery way to know legit ones from the scams,last has to chek on the market volume.

[MrGox 880]

4 minutes ago, qua186386 said:

You today had to check on coinmarket or any other reliable sources like the Google itself. stop construction Here is no mystery way to know legit ones from the scams,last has to chek on the market volume.

It is so necessary to make research from reliable sources as mentioned like coin market. Maybe you can use the best popular cryptocurrency. It is more reliable than others. 

[rianpedia 816]

It is better if you find a new cryptocurrency you can inform on this forum, there will be many responses and users who do research and provide information to you. If it is legitimate you can try it and this will also be useful for others.