How do you determine if a cryptocurrency is legit?

[Cryptic 0]

Always choose the popular Cryptocurrency so that you could prevent yourself from scam. But if you want the new one then better to search it, you can easily get the information that you want nowadays because of the technology so it is not impossible to know whether that crypto is legit or not. 

[Draven06 494]

For me i much prefer using cryptocurrency that is popular and more used in the market. I much rely on the well known cryptocurrency and never try unknown cryptocurrency. By that i am able to avoid scam cryptocurrency.

[BARIFILALI 6]

coin that has active development over a decent period of time is more than likely a legit project. Even a few of those will prove to be not so legit     but most coins with regular updates and active teams will be legit

[P A Ashif 2409]

There are different ways from which you can understand that whether this crypto is genuine or whether it's a fake. The first thing you can do is if you are invited through airdrop to a crypto platform then check whether the platform is promising impossible promises. 

Then the best thing is that check in which all platform the coin is listed. A genuine and good coin is listed in famous exchanges.

[Guru2050 8284]

It's simple, first you have take your precious time to search rigorously and extensively useful and valid information about the currency in some popular reviewing sites, like Alexa ranking reviewing sites, trustpilot and youtube. 

In addition check the value of the coins, price fluctuations and total volume in Coin Market Cap, Coingecko etc.

[Fixfin 2569]

I don't need to determine anything. I feel that except Bitcoin the other cryptocurrencies have nothing good and they are only there for the money of the many investors that bought without looking, I don't like any other cryptocurrency and perhaps after a while you will understand that they are all useless and only Bitcoin is the one you need to hold.

[Sid 589]

I don't know if this is the best way. But what I do is look for information through review sites, community forums and social media. Usually a successful project is active on various platforms and collaborates with parties who are experts in their fields. 😀

[Tunuu 2235]

Maybe by asking friends will be the better way to know a fake and a legit cryptocurrency. When you will ask many friends they will give you reviews and you will compare them to complete your research.

[Petatero 38]

I think there is no specific criteria for crypto currencies as it all depends on our belief and some advice or details from friends. We can also use Google to get enough information about any Crypto currency in the world.

[kryptonick 2659]

It needs to pass time to know, maybe years and hold a good price in top exchanges. Look at some coins listed in Binance they have dumped a lot and this is probably because the devs were selling. Some coins are just for that to make money and after exchanges have zero volume on them they delist them.

[Sykkuno 2887]

There is nothing to tell. You just minimize the risk by doing research, if you ask for one thing that proves that a project is legit this is only their work. What they have built so far and what they are planning for the future.

[Mwangi 5611]

I think alot goes into figuring this one out and most of the time there are so many ways that one must be able to understand a genuine and a fake project the truth is the tough idea is to understand this one , am not always in prevy of what happens but the truth is its one of the best and it does work perfectly for me and its one of the best to enjoy am always looking for project on legit sites and when I do get them am always trying to figure out there source from people who know exactly how legit sites do look like and one of it is on youtube it does work well there are a number of people there who can explain legit projects and coins.

[Mella 3680]

I am not look in many crypto my dear but only the top and this is help me to avoid the loss of time and money that other are lose in scams. Maybe this is a very good idea to do and not ever have this problem too.

[SatoshiGames72 68]

El 24/4/2020 a las 5:02, Naylor89 dijo:

Como ahora existen más de 5.000 criptomonedas diferentes. Algunos tienen nombres realmente turbios y algunos de sus sitios web ni siquiera tenían otra información de contacto que una dirección de correo electrónico e información oculta de whois, por lo que parece que algunos son estafas descaradas. Entonces, ¿cuáles son las mejores formas que realmente se pueden usar para distinguir las legítimas como criptomonedas?

Hoy en día hay 7500 criptomonedas en el coinmarketcap que en mi opinión solo un aproximado de 100 de ellas son proyectos legítimos y con buena tecnología las otras son puras shitcoins

[Shaza Ahmad 1682]

There are many criteria that indicate whether a project is a fraud or not, such as who is behind this project, the team, there are many teams that have a good reputation and a history full of achievements in other global markets and also the white paper of the project is very important to know where this project will go. Over the next few years.

[1mstfcngz1 29]

The white paper is read first. Then it is checked whether your team consists of real persons or anonymous accounts. If these two stages give hope, the project and the product are looked at.

[Chrenova 182]

I agree that there are many more cryptocurrencies than there should be. Because many of them are scams, they promise that their price will be very good and they actually have a price that is not worth a penny on the dollar. Because some don't even have a good project behind them to support their value. It is also very good that before you can invest, or that you put the money in any of these currencies, investigate very well where you are getting into, I think it is the most important thing above all the things we must do before investing in any crypto .

[tiposamuel 59]

I always look at the market cap of the cryptocurrency, in addition, in the project that supports said cryptocurrency, just as money is supported by governments, cryptocurrencies are supported by projects. In addition to that, there are many entities that are in charge of auditing cryptocurrencies and validating their genuineness.

[shervin77 361]

There are many ways to check cryptocurrency.
Including what projects are supported by cryptocurrency, and researching that cryptocurrency and looking at its background price can help prevent fraud and loss.

[annayks 2314]

I don't think there is a way to be sure. Some years ago people were avoiding premined coins thinking they were all scams. Then Ethereum apperaed and it was 70% premined with no effort or hash power done, the genesis block created 70 million Ethereum, so we don't know which coin can be scam and which not.

[Onden 2098]

To determine which cryptocurrency is legal or not, you can look for it on Coinmarketcap, there are thousands of cryptocurrencies that are registered and legal. You can find past prices to charts all the time. I think you can also see the types of cryptocurrencies on yobit.

[Ponnnu 962]

Hey friend, before investing in any cryptocurrency ensure that is safe and secure from the reviews of other members and senior investors. If many people assure you about something, it will not be bad for you. But dont just rely on other investors, they may mislead you at times so go for your own research and studies about that cryptocurrency. One suggestion i would give you is, always choose cryptocurrencies which have good reputation and popularity like Ethereum, bitcoin, litecoin etc. 

[Syedbesharat 5423]

On 4/24/2020 at 3:02 PM, 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?

You can check project at coin market, coingeko, coinpaper and many more reliable sites who gives you authentic data of coins. You have to check their site information with alexa and know more by Google search. Also you can use forums like BT, crypto talk. 

[BraveHeart01 1569]

At the starting points of the coin or token it seems that it is very much good project with amazing team but after some time we find tbat it was a scam too.

[Artugul78 91]

It is very difficult  to know determine crypto currency is legend. Not recognize correctly.. You must acquire proper then you determine crypto currency legit.. You all time active this forum and acquire knowledge then determine crypto legit..