Spot the Fake Coin in Crypto.
Scams, frauds, fake projects and campaigns , duality are parts of our life. No one can't eliminate this factor totally from the business but there are some essential precautions to adopt and keep assets safe.
Fake Coins in Crypto are common and lot of users loose their money by involving in these projects due to high margins, high returns and greed of golden future without efforts. Almost all the chains and main nets including Bitcoin , Ethereum , BnB and polygon.
If any coin giving you promise of high returns and it doesn't have transparent code , clear information, website and licence Then stay away from it and don't believe on its decorations and sky high offers on initial stage like IDO, presale or even after Dex listing because it will never survive longer. Every other day we hear about such cases where projects collapse within hours and users stay barran and empty pockets. Even a coin can't trace as fake through BScan because it gives only basic info about any Coin by using its smart contact. Is someone remember Bitconnect ? A famous Crypto coin which developed in 2016 and till 2018 it generate around $2.4 billions capital by high returns on depositing Bitcoin on platform and promising high returns. At the end the team ran away by end of 2018 and platform sinked down.
So question rises in mind that how we can spot a coin as fake before investment? Yes , Crypto advisors always use an abbreviation "DYOR" in their blogs and interviews. Do your own research, before buying any Crypto asset we must insured it's credibility and integrity through different tools. Like ,
Dextools is one of the best site to know the credible information about any Defi protocol. Just take smart contract from your interest coin and paste it in search bar of dextools. It will give you all the information available on blockchain about that Coin. Dextools also provide assistance to traders and investors in different modules like pricing, indicating and analysing But key feature is to know any coin before investment.
Token Sniffer is a powerful tool to judge, verify and monitor any asset on blockchain. It also called scam token monitor. You can paste the contract address of the coin and this tool will give you authentic information about token. So it will be helpful before investment in any project.
Block Explorer Also fantastic way to evaluate and analyse any contract address before entering to in his project at any level.
There are more tools like unicrypt and BScheck to know about any token and by the help of these tools you can easily reach at conclusion about your initiative of investment. Although scammers and fraudulents are more clever then our expectations and they have skill to play with emotions, feelings and sentiments of human but still we can reduce the risk by some research on it .
Lead image: Pixabay (modified)