How do you determine if a cryptocurrency is legit?

[hasaan 289]

There is  lots of scam coins, and most of the users are aware about of this. The legit coins is pretty much unexpected for all of us, cause no one wants to get loose their assets. That's why most of the users always try to seek some good coins, they always look for some of the  good coins.

[duncun007 3577]

On 4/24/2020 at 5:36 PM, rekter said:

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.

many people on here dont even know about github, this is why so many people got scammed with ICO's back in 2017, anyone can make a logo and a coin so its not that hard, this is why we need to look deeper into any project before investing.

[Masterrex 559]

On 4/24/2020 at 6:02 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?

IMHO, I believe that we cannot guarantee that any project is legit except those legally accepted crypto platforms, even those big projects with has good market capitalization can be turn into scam anytime if there is no legitimate acceptance thats why its better to accept that crypto industry will remain like this until there were no regulation that put or take in place.

[sarahmoses202020 251]

On 4/24/2020 at 11:02 AM, 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?

Well you need to do a lot of research from different sources to be able to figure those ones that are legit. Review sites would also be of a great help because there you will find what other people have have encountered and they will likely warn you against those that don't pay. Also stay away from most of those that you going on telegram.

[rekter 8129]

12 minutes ago, duncun007 said:

many people on here dont even know about github, this is why so many people got scammed with ICO's back in 2017, anyone can make a logo and a coin so its not that hard, this is why we need to look deeper into any project before investing.

You are correct on that. Currect DeFi hype is almost identical to that ico craze, except i am not so sure anymore if my way of seeking good fundamentals was the right approach in the hindsight.

 

After seeing these people investing to new defi projects in uniswap like they would be in casino, without any having any time doing research and still they are making overnight millionaires. I mean i know it's a kind of a bubble, but i still don't know if this a start or an end of that bubble and if i can get in or not. I might jump in today as i am bored hodling and making just 2-5x in months.

 

I am drawn to high risk / high reward when i am bored.

[Goyaa 2414]

In order to determine which coins are legitimate, you need to be familiar with coins and you can check them on well-known exchanges. If the coins you research and list on well-known exchanges are definitely legit coins. In my opinion, buying well-known coins like bitcoin and litecoin is safer because it doesn't need to be researched and is definitely legal.

[SuperCrypto 7193]

Legal positions of countries between supporters and opponents of the circulation of digital currencies, and there are many reasons, so that some countries accept the circulation of these currencies and consider them legitimate is to adopt them as a commodity. As for the reasons that called some countries to prohibit trading in virtual digital currencies, they were represented by the technical and economic risks and finally the legal risks.

[leakydonney 1402]

Most of crypto tokens start ups with an airdrop so it's better to use your time wisely to investigate it deeply such as reading it's white paper well to identify it if it's has great and promising future for it's users 

Most of crypto tokens start ups with an airdrop so it's better to use your time wisely to investigate it deeply such as reading it's white paper well to identify it if it's has great and promising future for it's users 

[ramonn22 731]

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.

Yes, dear colleague, I totally agree with the comment that you have put on this topic, since it depends on each one and the trust that the Cryptocurrency deposit but above all, look for a lot of information about the project
 

  Big winnings and luck for the whole community
A big greeting

[wassim19 645]

You must ensure the authenticity of the currency through the coinmarketcap site, as it is a reliable site through which you can type the name of the currency and search on it, then if you find the currency, enter its site and read the currency project, the objectives and investments, and make sure of the correctness of the currency

[leakydonney 1402]

On 4/26/2020 at 9:45 AM, Laboni said:

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.

I agree with you my friend for what you said is right, but also I suggest to find and read it's white paper carefully to see if it's it has promising future to it's users or not it will also help you to identify it easily. 

[cryptolover45 1187]

Hey mate, you ask a good question about cryptocurrency legality, so my answer is cryptocurrency is legit and many country are adopted Bitcoin. So we can say that bitcoin is a legit currency and future is cryptocurrency.

[cryptovlek 2597]

I look for coins that get listed in big exchanges and read about them. I also read some news websites and get informed but trying to read about them from many sources and also from them directly if there is something I need to ask.

[Froshk 1828]

To determine the legitmacy of a particular cryptocurrency, 

You should 

1) Do a technical analysis 

2) Visit their official website 

3) Review their white paper 

4) Ask Experts for more information 

Edited November 5, 2020 by Froshk

[kizz 3370]

In my opinion you can determine if the crypto currency is legitimate if many people are investing on it and it is always in the mainstream in the market. You can also read or watch some reviews from the expert about crypto currencies. Stay safe to the scams out there.

[khan22 3478]

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?

There are so many crypto currencies but just some are register like just almost 5000 coins are register and peoples will invest in it and crypto market is the best and good and soon the market is going to be high and than all the ALT coins will touch the sky.

[Chief executive officer band 681]

In detail not anything plainly I more often than not manage a little new cryptocurrency if it is from a verified exchange, or if it has at slightest selected help or reviews. But if this cryptocurrency is an tip site on the exchange, afterward of course, it acting definitely no position.

[Chief executive officer band 681]

In detail not anything plainly I more often than not manage a little new cryptocurrency if it is from a verified exchange, or if it has at slightest selected help or reviews. But if this cryptocurrency is an tip site on the exchange, afterward of course, it acting definitely no position.

[DreamStage 2105]

Basically the main stats that you need to look out for a particular cryptocurrency are:

 

- Is it an active currency?

- Does it have a good amount of transactions for a 24 hour volume trading?

- Does it have price fluctations - thus even more active

- How many exchanges are using it for their own trading pairs?

 

Those kind of questions are what makes a good cryptocurrency worth for investment thus HODLING, buying or selling.

[yonkii 3205]

You see to be looking a lot into projects, I remember someone recommending me looking at whois too but aren't there most of them having hidden the information like email and the rest. I think that it can be an indication but not something that we need to base our suspicions.

[zhoutong 2188]

I don't look a lot at new projects. Usually if one is a scam it is proven later by the time I will still haven't tried even to know anything. I wait and it is safer this way. Jumping into presales is not what I like doing.

[Husnyjaf 1784]

To me in my own opinion and how I view it I think their are many features that will enable a person to know a legit cryptocurrency. Though scammers try other ways to try and convince people. 

[leakydonney 1402]

34 minutes ago, Husnyjaf said:

To me in my own opinion and how I view it I think their are many features that will enable a person to know a legit cryptocurrency. Though scammers try other ways to try and convince people. 

I agree with you my friend as there a lot of factors to determine a scam crypto project but on my side I normally use white paper of a particular token to see if it has any great future promising ideas.l before deciding to participate or not so it's better to use your time well for investigation 

[Artugul78 91]

There are many types of cryptocurrencies.  And there seems to be no way to tell if these cryptocurrencies are legal tender.  We need to keep an eye on crypto and verify the validity of this by our knowledge.

[TMilew 8]

I think the best way to get to know about legitiment of crypto currency is to check General info about it, check the volume on famous cryptoexchanges, to talk with support a little bit and maybe ask some aquaitance about it.