Cryptocurrency has become a popular topic today with many websites giving you updates on cryptocurrency prices and various topics like finding the best phone for crypto, and other myriad topics. Every year many cryptocurrencies are launched via initial coin offerings. This brings curiosity among the investors in exploring such opportunities, despite restrictions.
However, there have been risks involved too that drag the attention of scammers. And this all happens when investors are very inquisitive in spending money on a cryptocurrency that creates buzz. And this is where they become victims after falling prey to fraudulent ICOs. Now, this indeed becomes a concerning issue in how to deal with it. Well, there are solutions where you can spot ICO scams or in cryptocurrency. Some outlined measures are a must to follow to save yourself from the trap of ICO sams. The first one is:
Spotting scams in ICO
Teamwork
The best way to deal with such fraudulent techniques is to have proper research about the individual team members involved in the project, instead of making a hasty decision for investing. If it seems complicated for you to browse information about a founder or developer on any social media outlets, then better check if they are active with the likes and followers they are gaining. If not, then the person may not be true. In this way, you can be saved from scams in ICO.
Whitepaper analysis
A whitepaper, be it of ICO or cryptocurrency, is an underlying project. Always remember that an ideal whitepaper must include a proper background, timeline, goals, and strategy for the implementation of any blockchain project. Some companies have ostentatiously attractive websites but lack an engaging concept.
A whitepaper whether of cryptocurrency or an ICO is the underlying factor. Note that a genuine whitepaper comes with an engaging concept. You should be careful enough to study whether a whitepaper is appealing enough to be executed with legal concerns. Never trust those firms that do not have whitepapers. A whitepaper contains a roadmap that features the characteristics of the ICO or a cryptocurrency and its goal accomplished.
There are many things you need to notice in the whitepaper. It should not be too long which can make investors lose interest in it. Make sure it should be short and crispy including the relevant information that is needed. Other important things come from grammatical errors. Well, this is indeed very important as it gives a bad impression and does not seem worth reading.
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Studying the token sales figures
If you regularly follow crypto news, then it is important to be aware that an ICO is reliable on the currency system, especially in the case of facilitating the crowdfunding process. Hence, it is very essential to notice the progress of token sales. If you come across a company that brings complexity in charting its ICO growth, then it indicates an alarming bell. Some scams hide the progress of their token sales and pretend to be an individual contribution address.
Is the project reasonable in meeting the target?
If the Initial Coin Offerings and cryptocurrencies are acquainted with their basic structure, then it brings the possibility of competing with your competitors. There have been several launches that have created a buzz but failed with a drop in initial interest. The possibility of successful investments depends upon the firm having a suitable set of targets to be accomplished. Other than this, it is good to rely on a company that is in the process of development.
Be Careful
Be very careful in noticing the projects that claim to be genuine but might not be as per your expectation. Hence keep a tab on every detail and see if there is any information that does not seem relevant. If this happens, then it raises doubts.
Final words
So this is all you need to keep in mind when it comes to identifying scams in initial coin offerings or cryptocurrency. Follow these guidelines which will keep you aware of the risks involved in crypto investment or ICOs. Even though risks are uncertain and do impact badly on the credibility of cryptocurrency. So be very careful in keeping yourself safe from scams. Be smart enough in analyzing the whitepaper of the company and make sure whether it meets the need in making a project successful or not.
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