How do I avoid and identify scams?

[lalabotax]

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 best step to avoid scams is to avoid investing in new projects. Because no matter how convincing the project looks, we will not know for sure if it is really legit or just a scam. because all this time, more and more scammers are making their scam projects as if they look very legit. In fact, they also have hundreds of thousands of followers on their social media which are quite active. What's more, there is not only the danger of scam projects but also projects that are easy to pull out, this is because of the hype. So don't get hooked on the hype project too easily. Or, also avoid investing in platforms that look too good to be true, let alone promise super high profits in a short time, this is also one of the characteristics of a scam.

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[Issa56]

Not all altcoins are bad, there are some altcoins can be trusted. There is nothing wrong to trust the top altcoins such as ETH, ADA, BNB, XRP, SOL, TRX, MATIC, DOT, or XLM.

You listed a pretty strong altcoins that have been in crypto space for a long time, those coins which you listed above might be strong, but I don’t trust them, no matter how strong a altcoin is, it can fail us at any moment, some altcoins which we considered as strong once can disappoint us at any moment so we should just trust any altcoin.

But the worst is you investing in shit coins or meme coins, people investing in shit coins are just taking unnecessary risk which I believe it those not worth it, their are lots of strong altcoins which you can invest in, even if they are not reliable but they are better than shitcoin, but some people will still end up choosing shitcoin.  The best investment which I do advise people to invest in is just bitcoin, any other coin I do discourage it, and anybody trying to invest in altcoin should do it with caution.

[Hypnosis00]

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 best step to avoid scams is to avoid investing in new projects. Because no matter how convincing the project looks, we will not know for sure if it is really legit or just a scam. because all this time, more and more scammers are making their scam projects as if they look very legit. In fact, they also have hundreds of thousands of followers on their social media which are quite active. What's more, there is not only the danger of scam projects but also projects that are easy to pull out, this is because of the hype. So don't get hooked on the hype project too easily. Or, also avoid investing in platforms that look too good to be true, let alone promise super high profits in a short time, this is also one of the characteristics of a scam.

That is the very first thing to do and we have to anticipate the situation that new projects often turn a scam. In fact, there are a lot of promising projects that we know already and I don't think we have to risk investing in new projects. However, we can't just disclose the fact that because of the influence of known personalities, many individuals get fooled by such promising words and invested in the wrong projects believing that it was a good investment as was been said by the promoters.

[Zakhorpa]

To avoid cryptocurrency scams, conduct thorough research on projects and teams, verify regulatory , and be cautious with promises of guaranteed returns or unsolicited offers. Watch out for suspicious URLs, avoid sharing sensitive information, and use reputable wallets and exchanges. Stay informed about the latest scams and seek advice from trusted experts if needed. Always prioritize security and exercise caution in the cryptocurrency space.

[Adams0001]

If you want to prevent crypto scams, do your own research before investing. You can open your own account on Coinbase or another Wellet, research the markets, and invest your own money. No one in the market can be trusted.Cryptocurrency scams are mostly successful for a variety of reasons, including the lack of a mechanism for fraud detection, and after the fraud has occurred, there is no remedy available to reclaim the monies taken. Cryptocurrency investment is highly delicate and technical.However, it is advisable and worthwhile to hire the services of an efficient and proven funds manager who is well-versed in the fundamentals of Bitcoin investment and trading to guide you to avoid being scammed because most of the reviews you see on the internet are fake primarily designed to defraud infant innocent investors.

[mvdheuvel1983]

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.

There are too many scam projects out there that if you have been in t he cryptocurrency space for long you will be able to either identify based on the type of people promotion them, their media outreach and reviews.

People who are promotion scam projects don't change they only rebrand themselves. They move from one scam project whose cover has been blown to another scam project where they think newbies may not know them.

Their media out reach... characterized by slow and most times they are either unresponsive or unreachable. So of you have questions to ask about the project no one can give you any concrete answers.

The reviews... If you watch closely you'd see that experienced people in the crypto space have warned other to desist from investing in the project.

[YOSHIE]

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.

Have you ever seen the case that happened to Luna coin, no one has succeeded in dedicating that the coin is a scam and at the end of the story that's what happened, Luna is really a fraud.

For this reason many people say, if you have entered the world of crypto, we must be prepared to accept risks in all things, whether it's investing, trading and so on.

OP, this year are a bit confused about crypto types, Binance has recently removed a lot of crypto types being traded on their exchange, whether it's a scam or not, but that's a fact that happened, my advice is to keep holding Bitcoin, maybe it's better for us, rather than having to be confused about judging scam coins or not.

[HajiBagi]

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.

You're right, buddy; ever since I became interested in cryptocurrencies, I haven't been interested in any other coin besides bitcoin because it's the only decentralised coin that I've seen many people invest in and never regret. Although bitcoin has both a positive and a negative side, and it can also be scammed if someone gains access to your wallet and steals all of your money, it will be very difficult for you to invest in bitcoin and end up getting ripped off like that. I haven't invested in other coins besides bitcoin since I truly don't believe them after hearing stories about people being conned, losing money when they invest in them, and the coins devaluing to the point where you lose money you weren't expecting.

There isn't a single form of cryptocurrency that is impervious to fraud, but the most often used ones are any coins that aren't bitcoin since they are the easiest to defraud, and after you've been taken advantage of, there's no one who will give you your money back. Therefore, it is better to not trust anyone or take advice from anyone who advises you to invest in any coin other than bitcoin. You should also avoid anyone in the forum or any other place who inquires about your investment wallet because they may be looking to take advantage of your inexperience with cryptocurrency or the fact that you are a new member by scamming you. This is my brief advice as a friend.

[Obari]

It is assumed that most alt coins are scam and are always pump and dump projects that will definitely  end up breaking  your heart, so to stay safe in the cryptocurrency industry,  I will always advice that you stick to bitcoin  u til you're knowledgeable enough  to handle other altcoins. There are also several scam adept  and cases recorded in the industry  but I think all of the cases pipe down mostly to greed which is the trait to being scammed, so for your good, avoid offers that seem so good to be true else you'll  always have yourself to blame.

While trading on a peer-to-peer platform, always avoid clicking on external links as they might be phising  links and might end up giving access to youraway let and asset.
Also in course of your crypto journey,  please avoid cloud mining and anyone who advises you to get involved or make investments in cloud mining  is a petty thief and you should avoid such a person.

There sre several  ways you can identify scam and scammers but these are the few I can lay my hands on from my head at the moment.
So while learning, I will advice that you just buy bitcoin and hold till you think you're knowledgeable enough to explore  other spaces.
Goodluck

[Asuspawer09]

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.

I mean scammers, hackers, etc. are already part of the cryptocurrency space I guess, so we can't really stop them and they not going to go away, so we are the ones that gonna need to adjust to them. If you have enough knowledge your not really going to get hacked or scammed, your surely going to get in on your experience and knowledge, For sure you're going to get a lot here in the forum since this is where I get a lot of ideas about how I'm going to protect myself from this people.

Also, you might want to see if there are a lot of green flags on some of the projects, In my opinion, some of the token projects weren't actually real kinds of scams or something that they really plan to scam people, most of them are actually legit but the model of there project was just not that great so most of the time they just end up as a fail and some people think that it is a scam because they fail, and their money is already lost. Also were gonna need to study everytime because this hackers or scammers always find and create new ways to scam investors so you always wanted to get updated to there ways.

[stafstor]

If we talk about investing, I would never invest a dollar to any project, if I dont understand its way of earning money. For example if someone wants to open his own restaurant, I understand - that he'll prepare food and sell it. If some investment prospects talks about "an outstanding way to gain profit because of a unique blockchain technology that will change the web 2.0" - I bet it's probably a scam.
Other useful thing is to check legal status of the beneficiar. For example I know rather big cryptoprojects that dont have any legal business which would be officially registrated. How can I trust anyone who doesn't want to show his real name?

[gotzekrul]

 First, it's important to educate yourself on the basics of cryptocurrency and the potential risks involved. Second, be wary of any opportunities that promise unrealistic returns or ask you to invest without providing information about the investment. Third, always use trusted platforms and exchanges when dealing with cryptocurrency. And finally, never share your private keys or wallet information with anyone, no matter how trustworthy they seem. By taking these steps, you can help protect yourself from scams and keep your cryptocurrency safe.

[Abu-Naim]

First, it's important to educate yourself on the basics of cryptocurrency and the potential risks involved. Second, be wary of any opportunities that promise unrealistic returns or ask you to invest without providing information about the investment. Third, always use trusted platforms and exchanges when dealing with cryptocurrency. And finally, never share your private keys or wallet information with anyone, no matter how trustworthy they seem. By taking these steps, you can help protect yourself from scams and keep your cryptocurrency safe.

You're right, buddy, but is there a reliable exchange or platform? Before beginning to invest in cryptocurrencies, I believe the best course of action is to conduct thorough study on everything related to them.

Trust only Bitcoin.