How do I avoid and identify scams?

[Oceat]

Perhaps, one should stop investing to every advertised coins you see on every social media platform since it's a never-ending cycle of producing new coins every now and then. Just focus on a reliable coin(s) such as BTC or ETH. It takes some experience to play well in this market since it's all a matter of winning and losing.

Through experience you will know who are those person you should trust. But crypto currency are most likely a gamble thus risking your investment whether they win or fail in this market. Since there are lots of factors that a coin may win for now but would gone after a couple of week so it's all a matter of risking or gamble.

[cryptoaddictchie]

We know that scam coins are everywhere, mainly advertised on social media, I spent time trying to know the exact way to fish out scam coins but to no avail, despite how inquisitive we could be to generate more funds for ourselves through Cryptocurrency investments and to try new things, we should also be much aware of the scam coins and their possible pernicious damage.

Yes you must be always be on alert. The perfect example of misguided one is on social media. Example you follow an official twitter of certain project, then the scammer will post something related to that on the 2nd page as if they are the 1stu author but the truth is they are scammer who impersonating anf using the post of the original and attaching scam link or airdrop link that users wouldnt notice since they saw the first post and will thought that was just a follow up but in reality its a different person.

[knowngunman]

Yes you must be always be on alert. The perfect example of misguided one is on social media. Example you follow an official twitter of certain project, then the scammer will post something related to that on the 2nd page as if they are the 1stu author but the truth is they are scammer who impersonating anf using the post of the original and attaching scam link or airdrop link that users wouldnt notice since they saw the first post and will thought that was just a follow up but in reality its a different person.

Does having official social media account such as Twitter guarantee the legitimacy of the project? I doubt that. Twitter for example now is after money and as such everyone can request and pay for verification badge. You can not tell the difference between the real owner and the impersonator because they're very smart to use very similar Username that one can hardly notice the difference. Project like Luna with reputable and trust official account failed within a twinkle of eye. Yes, bitcoin has no official media accounts and it gain the trust and popularity.

Op, stay off alt coins and stick to BTC to minimize your chance of falling victim.

[cryptoaddictchie]

Does having official social media account such as Twitter guarantee the legitimacy of the project?

Of course this one could be a factor of such community. Verified account of a project the gold one of course not the twitter Blue.

You can not tell the difference between the real owner and the impersonator because they're very smart to use very similar Username that one can hardly notice the difference.

Of course we can. Im a long time twitter user and obviously will discern the difference of an impersonator and the original. Of course is Ive already followed the original, now the impersonator will pop anytime on the original posts,  and from that youll see that you arent following him.

[BIT-BENDER]

How to spot a scam is very important if you aim to avoid scams, to be honest scammers that are intelligent are very hard to overcome but it's not all too complicated to avoid getting scammed if you do the right things.

There has been helpful post on this forum about this very topic and looking back to how I have been able to cultivate some habit I got from reading through I can say it has really been helpful.

https://bitcointalk.org/index.php?topic=3329803.msg34802617#msg34802617

Apart from scammers hitting you up or getting scammed on social media there are also projects that are set out to scam people, here is a helpful thread that would help you.

https://bitcointalk.org/index.php?topic=5277299.msg55238236#msg55238236

[Botnake]

We know that scam coins are everywhere, mainly advertised on social media, I spent time trying to know the exact way to fish out scam coins but to no avail, despite how inquisitive we could be to generate more funds for ourselves through Cryptocurrency investments and to try new things, we should also be much aware of the scam coins and their possible pernicious damage.

I agree that there are a lot of choices to make regarding cryptocurrency but early dictation of this proposed scam needs to be checked.

Am not much familiar with cryptocurrency, and that's why I need more guidance so that if eventual I see one, I will know how to handle it, this will help me to have a good knowledge on the path to settle for.

Stick with bitcoin. That way you will come to avoid investing in those too good to be true altcoins that will only waste your time and money. And as much as possible, stay informed with the current hypes and FUDs in the market because that will alert you not to fall easily on the traps of scammers. And while we keep learning about crypto, know that scammers are certainly smarter than us that’s why we should always deal the crypto market with high caution to avoid us from regretting in the end.

[qwertyup23]

We know that scam coins are everywhere, mainly advertised on social media, I spent time trying to know the exact way to fish out scam coins but to no avail, despite how inquisitive we could be to generate more funds for ourselves through Cryptocurrency investments and to try new things, we should also be much aware of the scam coins and their possible pernicious damage.

I agree that there are a lot of choices to make regarding cryptocurrency but early dictation of this proposed scam needs to be checked.

Am not much familiar with cryptocurrency, and that's why I need more guidance so that if eventual I see one, I will know how to handle it, this will help me to have a good knowledge on the path to settle for.

The very first step is about knowing the website you are sharing your personal information to. Be wary of websites and giveaways where they are asking for your personal information upon registration. While KYC is normally asked in some gambling websites, but in normal websites, never share your personal information.

If a website is claiming to give free BTCs or any other type of freebies in that regard, never share your personal information without confirming if such website is genuine. Also, never believe that any website would give free BTCs or cryptocurrencies as these things typically never happen nowadays.

[Ziskinberg]

I agree that there are a lot of choices to make regarding cryptocurrency but early dictation of this proposed scam needs to be checked.

Early detection is way possible unless the team was so bulgar from their plan. Because I will tell you that these scammers are too smart as well and they perfectly hide their real intention until such time they've got money from innocent investors. That is why investing new projects are too risky and a possible chance of getting fallen into a scam project which is why it was encouraged to just invest only in those projects that already have a market record and shows potentiality as we can at least assure something about ROI.

[Viscore]

If someone is providing you some monetary benefits or giving you any coin which he says is worth millions if you trade it on a random DEX, that is a complete scam.
No one gives out free money to anyone in this world except MrBeast. Also, there are various topics already on this forum discussing various different types of scams going around.

Make sure you read more and type less, that way you learn more. Good Luck!

The truth is there is no free money everywhere. Some exchanges may give it freely but know that it has always its own way to get it back, more than what they give. That’s the reason why we don’t need to trust centralized exchanges at all, as it’s only a tool for scamming us and stealing all the coins that we are keeping on our account. Have your own non-custodial wallet, and stick to bitcoin and avoid altcoins as much as we can.

[SOKO-DEKE]

We know that scam coins are everywhere, mainly advertised on social media, I spent time trying to know the exact way to fish out scam coins but to no avail, despite how inquisitive we could be to generate more funds for ourselves through Cryptocurrency investments and to try new things, we should also be much aware of the scam coins and their possible pernicious damage.

In cryptocurrency their are some coins that are too real to be a scam coin, but at the end you will see the team dumping the coin on investors, i see all altcoins as a scam coin because anything can happen to them at any moment, most of all those coins you see that are being market on social media are just scam coins, if you want to invest in any coin then you should go for bitcoin, their is nothing like good altcoin, they can fail at any moment and everyone that invested their are going to lose their money, but when you invest in bitcoin and bad news comes in, the only thing that will happen is that bitcoin price will dump, and if you can hold, then it’s going to bounce back but it might just take time, so you should just be ready to hold.

I agree that there are a lot of choices to make regarding cryptocurrency but early dictation of this proposed scam needs to be checked.

When you see some projects, you can never believe that the project is a scam till after investing in it and they end up dumping it on you, but their are some projects which after launching they always end up dumping and die, we shouldn’t blame the team for things like this, sometimes it’s the investors that do end up dumping the coin, so we have to still call coins like this a scam coin, it’s really risky investing in altcoins because their is nothing like a trusted altcoin.

Am not much familiar with cryptocurrency, and that's why I need more guidance so that if eventual I see one, I will know how to handle it, this will help me to have a good knowledge on the path to settle for.

Don’t allow anybody mislead you to invest in any altcoins, if am going to advise you to invest in any coin, then it’s better you simply invest in bitcoin, but if you are planning to invest in altcoin, then you should also be ready to lose your money because anything can happen to your investment at any moment, don’t allow anybody deceive you to invest in altcoin. Just invest in bitcoin and be ready to hold, am sure you won’t regret investing in bitcoin later in the future.

[nakamura12]

There are many ways but IMHO the few basic ways are these;

~ Checking if the website is professional made. At first impression that the website made cheap and like a grade school project, that's one sign. But even with professionally made websites, you cannot be sure with them as well as they can still be a scam but as I have said, that's the basic one.

~ Look at the people that are working for that project. Most cheap and scam likely projects don't even think of the people they'll put as the developers of the project. Like grabbing of photos and name that are obviously copied and invented.

There are some scam projects where their website is professionally made and it would be hard to determine if it's a scam or not. What I would like OP to know is looking for people that are working for the project. For me, this seems much useful if the website looks professional as I have explained and your explanation says it all. If I am ask how to know to identify a scam is the same as you have shared but if I ever invest in it then I wouldn't spend too much money as it may be a scam and I still have some money left for other investments.

[Distinctin]

Study the forum well and you will see a lot of topics in the past discussion that talk about ways on how to identify and avoid scams especially on part of the beginners. Stay informed by doing your due diligence to learn how the market works and how it’s crypto coins work and attract profits. And to save yourself from rampant scamming, just focus on bitcoin. Bitcoin is the most secured and safest crypto in the market, so prioritize bitcoin over other cryptos in the market. And never be lured by exchanges, as the best way to protect our bitcoin is through keeping it in our personal and non-custodial wallet.

[Timmzzy]

Trust is the main problem in cryptocurrency, that is why any altcoin cannot be trusted as it may result to scam due its centralized nature.

To avoid scam in cryptocurrency, invest in Bitcoin only because it is one of the coin that is decentralized and trusted.

Well in my own opinion many want something that is going to do 100x if am not mistaken, lets say 100x in just few weeks thats just some hype mentality they put in newbies brain. and boom they fall into the trap... even bitcoin as a whole is unpredictable.

[Hyphen(-)]

Well in my own opinion many want something that is going to do 100x if am not mistaken, lets say 100x in just few weeks thats just some hype mentality they put in newbies brain. and boom they fall into the trap...

Exactly; due to greed and eagerness to make money.

But what is the assurance of having a coin that will go 100x as they may be expecting?
I fell that all these altcoin and some shitcoin investments is the same as gambling your money in a platform where you are not even sure you will get your own money back, and assurance of becoming profitable in such investment is very low because they all depend on Bitcoin to move.

even bitcoin as a whole is unpredictable.

Yes! In the sense that we can’t predict the price movement for short time, but we have the assurance that it have huge potential in future due to its decentralized nature and it is dependable due to how far it has come from the scratch.
Moreover, Bitcoin gives us financial freedom, while before we can invest in altcoin in CEX, we need to share our privacy with the exchanges and risk our coins in their custody.

[nelson4lov]

Am not much familiar with cryptocurrency, and that's why I need more guidance so that if eventual I see one, I will know how to handle it, this will help me to have a good knowledge on the path to settle for.

A rule of thumb in investing is that any offer/opportunity /deal that sounds too good to be true is probably not true (if you're in disbelief the first time you see the expected outcome) . This rule applies to crypto as well and it has kept me away from scams for a very long time. Whenever I see a new exciting opportunity or deal, if the expected ROI is too good to be true, I don't even dedicate efforts to follow-up on it and majority of the time, it ends up being a scam.

A couple of weeks ago, I got a discord message from a close friend (we've been workplace colleagues in the past) introducing me to a new opportunity that sounded too good to be true (guaranteed employment, high salary, etc) for a moderator? I just ignored it and moved on with life. 3 days later, I had like 5 of my friends having their discords hacked via the "exciting job opportunity". This could be in investment as well. The LUNA collapse for instance was flawed and a scam because they were artificially giving away ROI.

While there's a lot of possibilities happening in the crypto space, we've to be cautious of any opportunity before we decide to take action. T

[Ojima-ojo]

I have to come to the agreement and facts that have given me a personal conclusion that alternative cryptocurrencies have exposed the core value of digital currency which is freedom and limitations that have been placed in the world financial sector where the traditional banking system is in charge of all transaction,  unlike Bitcoin which is the only decentralized coin and the altcoin section instead becoming a true stability approach in the cryptocurrency industry have become a major for scam coins and that is why before you decided to hold any of that be it as investment or just for speculations you have to make adequate research as to speculate the right time and amount to hold at any point in time.


Although it is better to just hold Bitcoin if you want to hold it for the long term but then also we will have to come to terms as to for what purpose since there is much more importance to also DCA at some point.

[Russlenat]

Perhaps, one should stop investing to every advertised coins you see on every social media platform since it's a never-ending cycle of producing new coins every now and then. Just focus on a reliable coin(s) such as BTC or ETH. It takes some experience to play well in this market since it's all a matter of winning and losing.

Through experience you will know who are those person you should trust. But crypto currency are most likely a gamble thus risking your investment whether they win or fail in this market. Since there are lots of factors that a coin may win for now but would gone after a couple of week so it's all a matter of risking or gamble.

The truth is in any type of investment, whether it’s in crypto or out of crypto, we should only trust our own self. That is to avoid the chances of getting scam, and just focus on working our investment based on how we understand it, and based on our own experience. And most importantly, focus on bitcoin. Bitcoin will never turned into a scam, even if a lot of us have claimed it to be a big scam.

[Jon_Hodl]

There's no simple answer to this question but if you stick to buying bitcoin and are skeptical of anyone and anything involving your own personal stack, then you will avoid almost all of them.

If you are just staying humble, stacking sats, self-custody your sats, and don't get greedy or fall victim to all of the FOMO, you will be fine.

I also wrote this article on how to avoid some of the most common bitcoin scams that you might find helpful. If you would like to see a specific kind of scam added to this, let me know and I will do what I can to get it added.

[avp2306]

We know that scam coins are everywhere, mainly advertised on social media, I spent time trying to know the exact way to fish out scam coins but to no avail, despite how inquisitive we could be to generate more funds for ourselves through Cryptocurrency investments and to try new things, we should also be much aware of the scam coins and their possible pernicious damage.

I agree that there are a lot of choices to make regarding cryptocurrency but early dictation of this proposed scam needs to be checked.

Am not much familiar with cryptocurrency, and that's why I need more guidance so that if eventual I see one, I will know how to handle it, this will help me to have a good knowledge on the path to settle for.

You can identify scam if you meet this following.

Promise to good to be true profits.
Ask you to invite more so you can earn more bigger thru referrals.
Cannot show any specific proof of legitimacy and doesn't have transparency.
They decline to answer critical question and block people who ask legit question related to their investment or business model offered to their investor.

If you spot this then leave them since this is just one if many indicator that they are scam.

[Fuso.hp]

Currently, the new coins that come in the market are more scams. So, before investing in new coins, do adequate research about those coins and then invest. To avoid fraud, know the project's road map or the total supply of the new coin or the identity of the support staff of the new coin. Many times it is seen that some fake volume is shown in new coins so people must be aware of this when buying the coin after seeing the volume of that coin. It is better to stay away from coins that use fake volume because such coins will only be in the market for a short period of time. And when a lot of people will buy their coins then they will do a big scam on that coin so one should know and confirm about a new coin and then buy that coin.