How do I avoid and identify scams?

[Mate2237]

To avoid scam and scammers is simple and hard. It is simple in the sense that, you have to avoid any unnecessary link send to you from unknown person. And you don't have to pay things when you have not seen. That is you have to pay on delivery. And also it is hard because those scammers will do all their best to influence and convince you to do what you won't do. They will bring different methods to lure you for you to fall for them. There are sometimes they will make advertisement that is legit to scam people.

So all what you will do s to be contented of what you have and avoid any unnecessary advertisement and links that come on your way. These are some of the ways to avoid them.

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[Kasabus]

Don’t trust altcoins in the market as they can’t be trustable and stay valuable for long. Most of them are just too good to be true at first and after seeing some crashes in the market, eventually altcoins have start to lose their value and end us shitcoins. Instead, focus and prioritize bitcoin. Bitcoin has been the most trusted crypto in the market, you will never go wrong with it.

[Lida93]

The first easy step to discover if a project is scam is to go into research about that coin, getting informations about it's operations and also to know if truly they are actually listed in the exchange they are laying claim to.
Be mindful when their promises on their ROI are too juicy to be true. That's one of the easiest sign to raise suspicion. And not because a coin has so much publicity on social media platforms doesn't mean it's absolutely legit, most of those publicity could be a paid adverts and marketing.

To be on the safer side as a newbie, start your investment with bitcoin, through your time with bitcoin you will get to know more about other cryptocurrencies and why bitcoin is unique of them all.

[Finestream]

Learn not to trust strangers around especially in social media where they keep you pushing to invest in those coins who seem too good to be true. Instead, DYOR and never stop learning until all your doubts and hesitations have vanished. Scammers could be smarter than us that’s why we should avoid trusting people easily. And stick with bitcoin. Do not mind it’s expensive price. Because I believe the most reason why newbies fall into scams because they keep avoiding bitcoin due to its high price but end up trusting altcoins that are cheap and affordable, when it’s considered the playground of all scams.

[lionheart78]

There are good articles online that give us suggestions and advice on how to avoid potential scams.  You can try to follow the suggestion list given on the image below and click it to be redirected to the sites to read more information about the lists.



While this link: https://consumer.ftc.gov/articles/how-avoid-scam provides information about the four signs of a scam and suggestion on how to avoid them.

Listing what is stated in the article here(you can visit the link for the explanation):

Four Signs That It’s a Scam
1. Scammers PRETEND to be from an organization you know.
2. Scammers say there’s a PROBLEM or a PRIZE.
3. Scammers PRESSURE you to act immediately.
4. Scammers tell you to PAY in a specific way.

How To Avoid a Scam
1. Block unwanted calls and text messages
2. Don’t give your personal or financial information in response to a request that you didn’t expect
3. Resist the pressure to act immediately
4. Know how scammers tell you to pay
5. Stop and talk to someone you trust

[GiftedMAN]

Your ability to resist giveaways will save you from becoming a victim of scam. I have come in contact with some one who was scammed through free giveaways of coins which was initially given to him as airdrop but later on he was advised to buy the coin because he was decieved that the price of the coin will be ×5 if it is listed in the market.

As you have been advised, stay away from strange investors who come in form of helpers just to decieve you with the aim of helping you with investment related issues, they only come knowing that you have little knowledge so the easiest way to get your trust is them offering you help at first to to gain your trust before scamming you.

[GeorgeJohn]

You can identify a scam project through the furtherance of the project, so projects that is not reliable and have a low reputation can be seen as a scam project, where you can see a scam projects is of the alternative coins where projects is been launched every time without a good sponsors. To detect a scam project you most make a research of the project and mainly to check a prominent and pronounced investors who you know that have firm, if you not be able to figure out some prominent investors who invested you can decide to withdraw your intensions over investing such platform.

But some newbies does not make a positive research before investing to some projects and that's why they get scammed in some of the investment, but without I know quite well, it's the newbies who always be the victim because don't make a research before investment, while old investors make a proper research before investing in any platforms and that is while they don't get scam easily during their investment in any new project.

[Ojima-ojo]

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.

That have been the major limitations with altcoins and at that we all must come to term with the reality of the fact that altcoins are best for speculations and not for long term holding,  this is so because altcoins instability and centralization have brought about a lot of scams in the system and this development have given the cryptocurrency space a bad general image.


And the best possible way is to totally avoid them,  because if altcoins are not avoided,  chances are there that,  you may lose some or all of your investments.

To avoiscamsam in cryptocurrency, invest in Bitcoin only because it is one of coins coin that is decentralized and trusted.

Holding Bitcoin is the best possible mechanism to stay at a safer level in cryptocurrency and if you must diversify,  then it is better to hold a limited number of coins and which if possible should be decentralized coins since central coins can gfrozeneze in your wallet.

[Bitcoin_people]

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.

Cryptocurrency has the highest number of scam projects that will ask you to invest. They are mostly considered scam projects so it is better if you can avoid them. Many new investors who want to invest without experience are facing such scams on various social media. But if you notice one thing then you may not face such scams firstly you need to follow all the guides which will benefit you. Before investing in any coin recharge them well and monitor their websites well. Check the various sites of the project and then be aware of how free they are. If you find them perfectly fine then you can invest but altcoins are mostly scams with risk of losing money. So I will suggest you to avoid altcoins rather invest in bitcoin it will be good for you and will do good in future.

[uchegod-21]

Every scam project has the quality of scam and we all know what a scam looks like but the difference is that scam is dynamic and that is why scammers succeed because they keep inventing and reinventing scamming strategies.
Maybe below could be some signs of a scam project;

• When the project team does not have a face 
• When their is no clear road map 
• When the website is hastily built
• Plagerised whitepaper 
• When they emphasize on staking even being new

Etc. These and many more are the things you look upto when trying a new project.

[yazher]

To be safe, if you are a newbie in this kind of industry and you still don't have any actual idea of how the crypto market works and you are eager to invest because you already have the money. You can always try minimum investment with the existing popular altcoins and while doing that, buy bitcoins as well to secure your profit. Because not top altcoins are guaranteed to give you profit because throughout the years, there are lots of altcoins from the top who never recover because they happened to face some serious trouble with their legality or funds, so they ended up dismissing any developments or updates and ended up making their coins to crash and never recover again.

[Jon_Hodl]

Everything except for Bitcoin is a scam.

Now, before you criticize me too quickly, let me elaborate a little.

One of the most essential elements of bitcoin is that nobody is in control of it and one of the critical characteristics that is not under anyone's power is the total supply. When these new coins are created out of thin air, they are almost always some sort of pre-mine or have some sort of "feature" that gives power to a centralized authority or founder. This is why so many of these new "decentralized" coins are able to suspend service or shut down or prevent new transactions from being validated. The stories are a dime a dozen. 

The issue with centrally controlled supply is that the founding members can inflate the total supply and dilute the amount that you have in relation to the total. That's the same scam as fiat currency. that's the same scam that Bitcoin was made to prevent and obsolete. I could go on for a while but the bulk of what makes everything but Bitcoin a scam is that all elements of Bitcoin are decentralized and not under the control of any single entity. It can't be shut down or censored without controlling so much of the network (which is not possible).

I know that it's not glamorous or sexy or anything like shitcoin marketing promises but if you want to avoid scams just stack sats, move them to your own self-custodial wallet, and HODL until you are ready to spend. It's that simple.

If you're interested in learning more, a while back I also wrote this article on all of the most common bitcoin scams and how to avoid them that I think you might find useful.

[kawetsriyanto]

Don’t trust altcoins in the market as they can’t be trustable and stay valuable for long. Most of them are just too good to be true at first and after seeing some crashes in the market, eventually altcoins have start to lose their value and end us shitcoins. Instead, focus and prioritize bitcoin. Bitcoin has been the most trusted crypto in the market, you will never go wrong with it.

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. As long as the altcoins have good fundamentals or they have great developers/owners, we can believe that the altcoins can survive a long time. We just avoid to invest in shitcoins, meme coins, or the new coins that have weak fundamentals/no fundamentals. Those altcoins which only rely on the hype are better to avoid.

Sure, the safest coin to invest for the long holding, Bitcoin is the best choice. Everyone must have Bitcoin in their crypto assets, it should be the main asset for holding. As Bitcoin is the king of crypto coin, it always deserves to be prioritized. However, I'm sure many people won't miss the chance to take high profits on good altcoins as well.

[Stepstowealth]

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.

To avoid being scammed and buying fake coins, invest mostly in bitcoins and maybe other cryptocurrency that have a good name and have been long in the market. Invest in them through the proper way and method, not through any shady steps that someone who do not know online suggests to you in the disguise of trying to help you. Quite a number of people have been scammed by people that first appeared to be trying to help them. To avoid being scammed, learn to trust less and confirm whatever you are told before you put it to try it out.

[Maslate]

To avoid scam and scammers is simple and hard. It is simple in the sense that, you have to avoid any unnecessary link send to you from unknown person. And you don't have to pay things when you have not seen. That is you have to pay on delivery. And also it is hard because those scammers will do all their best to influence and convince you to do what you won't do. They will bring different methods to lure you for you to fall for them. There are sometimes they will make advertisement that is legit to scam people.

So all what you will do s to be contented of what you have and avoid any unnecessary advertisement and links that come on your way. These are some of the ways to avoid them.

Yes, learn not to be greedy and settle on things that you currently have. Scamming will be easier if you keep on wanting more, and by being so greedy, it will lead you to take advantage every opportunity that is offered by strangers. In crypto, do not fall with these too good to be true altcoins in the market. Remember that altcoins is the playground of all scams, and you can’t easily avoid them if you keep on trusting them. Focus on bitcoin, that way you can avoid being scammed.

[CryptopreneurBrainboss]

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.

Just to add to what others have said, identifying scams are very easy to spot on social media. Those tokens you see regularly on your feed aren't to be trusted. They're either scams or over hyped project been influence by paid advertisment. Scammers depends on advertising on social media because they know newbies are on those platforms in their numbers trying to look for the next Bitcoin so they can invest. Since you're not familiar with cryptocurency, just buy Bitcoin for the time been and you'll fall in love with Bitcoin and keep accumulating it until you have gotten enough for your satisfaction.

Altcoins aren't going anywhere so don't think you have missed anything. There'll be more reasonable altcoins with better blockchain in the future but for now all we have are duplicate of each other looking to sell you that their project is better than the rest meanwhile they're all trashed. Just ignore any ads you see about crypto project on social media because alot goes on there that can lead to hacking of your wallet or you losing your money to scammers. There isn't a lot of choice to make, though we have lots of cryptocurrency but your choice should be to invest in Bitcoin.

[Questat]

How to avoid them?
 - don't invest blindly, you have to do research and dig deeper
 - don't trust someone who offers you BIG rewards or says multiplying your capital xxx
 - invest only in those projects that have a use case and most of all, those projects that have a long market existence and tradable

Everything is at your discretion, not us nor these strangers. You can decide what you think is right.

[icalical]

I think this kind of question has been asked so many times and the answer is not much different from ten years ago util now. The main idea of avoiding scam is quite simple actually if it seems too good to be true, than it's not true. Keep in mind that it is impossible for crypto or anything to make you rich quickly. Don't be too greedy, and only invest in something that you understand. Always be skeptical.

[Sandra_hakeem]

Avoid getting pronned to things on the net... It's sometimes impossible to know which is a scammy project and Which is not so that would prolly be the best advice...
Don't always be in a hurry to make funds outta anything you see.. always try as hard as you can to get viable informations from genuine sources and - and three good yeses from there could build a concrete confidence. Never invest more that you spend... Never invest what you cannot lose, Be vigilant...

Sandra 🧑‍🦰

[Lady_Versatilebae]

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 expect someone to come here and tells you this is the coin or crypto project to invest on and this one is to be avoided, things aren't done in such manners, you have to engage on making research about them and take the risk after you would have been satisfied enough with your findings about them, there are few additional information i will like to let you know are needed when searching for a crypto coin for an investment.

1. Run a background check on the people behind the coin or project
2. Try to understand their aims and objectives for the project work they developed
3. Try know there liquidity pool, market cap and those major investors of the coin project.
4. Research on their precious projects and success made in recent times on same field.
5. If it appears to be too good to be real then it may just be too bad for an investment.

Well spoken, you have actually stated what should be considered before any investment, I have really learnt a lot from all your advices and opinions concerning this topic, as a newbie I don't really no much about cryptocurrency let alone identify a scam projects but with just reading all the messages here it has sharpened my mentality on how to avoid scam projects.