Steps to Identify Cryptocurrency Scams
The massive growth of blockchain technologies and cryptocurrency in recent years has created plenty of opportunities for fraud. Fraud projects are called scams. Identifying scam crypto project takes a lot of research. Sometimes legitimate cryptocurrency projects that were out-and-out frauds from the beginning appeared to become the biggest and weirdest scams.
What to know about cryptocurrency project
- Team. All projects are created by people. Look at the credibility and experience of the team behind a project. Check if there is a channel to communicate with the project creators.
- Experience. Look at the company’s prior experience in the crypto market and other projects they’ve worked on. Do they have a proven track record of success and a solid history developing crypto projects or not? Why and how did they enter the crypto market?
- License. When the cryptocurrency project creators have a clear vision, they take care of running their business legally.
- White Paper and Road Map. Every time a new cryptocurrency is released, they usually bring out a white paper. A white paper is a document produced and released by a crypto project that gives you information about its concept and project plans to grow.
- 24/7 customer support. You as a customer must be able to get their reply no matter what day or time it is. No need for phone support only: messenger inquiries, web site live chat or e-mail running without disruption and downtime are good signs too.
- Information. Reviews can be really valuable to build trust on their website but not enough. It is important to have information on independent sources. Preferably on unbiased and trustworthy international websites.
Is Bitcoin Additional scam?
The younger any cryptocurrency is (like Bitcoin Additional), the more doubts arise as to their potential use. However, it is a big mistake to consider a flow of new coins as scam projects.
Bitcoin Additional has been developed for three years by Quan2um Cryptocurrency Exchange registered in Estonia.
Let us evaluate Bitcoin Additional looking at above mentioned 6 factors:
- The Bitcoin Additional project team includes developers and a creative copywriter:) To see team member profiles as well as their areas of concern click here. Nikita Ionov is an experienced blockchain product manager and the Bitcoin Additional project manager.
- Before developing Bitcoin Additional we created a user-friendly web interface Quantum Exchange. You can trade here major cryptocurrency pairs like Bitcoin, Ethereum, and Dogecoin etc.
- Quan2um is a European licensed crypto exchange with license register in Estonia. Moreover, Quan2um Exchange has successfully been supervised by Anti-money laundering Authority (Rahapesu andmebüroo ― RAB, Tallin).
- The Bitcoin Additional White Paper includes 7 chapters with all fundamentals of the project: idea and advantages, economic model, prospects of the Proof-of-Stake algorithm and team background, details and plans of the project’s development etc. Click here to see Road Map. Read White Paper.
- The project team always stays connected in Telegram and other social network platforms. We’re making it possible that both moderators and project leaders are usually there to answer any questions. Our customer support team is very helpful in resolving all issues in English, Russian and Turkish.
- Bitcoin Additional is accessible not only through the project website and social media. Convenient and secure trading with the Bitcoin Additional project is now available on AppStore and Google Play. Bitcoin Additional coin has been listed on HitBTC and Quan2um Exchanges. Get more information about Bitcoin Additional through such trusted sources like CoinMarketCap and Bitcoin Talk forum.
Don’t put all your eggs in one basket even if you are totally confident of the team and the product. Rather than investing all of your money in a single asset, consider allocating it to a variety of assets: diversifying its investments. The goal of diversification is to maximize returns and minimize risk by investing in a number of different assets.
Scammers would appeal to invest all your money in their project. To start mining Bitcoin Additional, you’ll only need a minimum of 0.001 BTCa coins ($31 as of the time of the article). Yes, the more you invest, the more opportunity there is for your investments to go up. But, for sure, it doesn’t mean to invest all your money looking for a high-yield return.
Be very cautious and careful!