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Every day, dozens of cryptocurrencies are launched. Even though cryptocurrencies got battered and bruised by market crashes in 2018, there has been a rejuvenated interest in recent times. With this increased interest comes more Total Value Locked (TVL) into these coins, leading to scammers who want to take advantage of the influx of new users. The more that investors show interest in a given cryptocurrency, the more likely they are to invest in fraudulent projects designed off of these tokens.
In many cases, most investors eager to make “quick” gains from a new cryptocurrency tend to fall for crypto scams. The development of blockchain and cryptocurrency technology is intensifying, and even expert investors may fall for crypto-related scams because of the veritable sea of terminology and protocols. Investors are not always left with assurance that a project or blockchain-related startup is legit or will eventually be successful. However, in this article, we will explain key concepts surrounding these scams, and a list of tactics investors can use to keep their portfolio protected. But first, what are the common types of crypto scams?
With these scams, users will be directed to a payment portal on another page. For instance, you may end up opening a link that looks like a legit website because scammers have created a fake URL with 2 instead of a letter 'z'. The website will take you to a landing page that looks near-identical to the legitimate website, making it easier to be deceived by its appearance. To avoid these scams, always ensure that you carefully check the URL of any website before you begin to invest.
Android users stand to be more exposed to this kind of scam due to the relaxed verification of their app database, and every investor using Android technology should be aware of this. Therefore, it is vital to check the logo, spelling, and other necessary details before downloading any crypto application online.
These kinds of offers usually demand that you deposit some amount of your cryptocurrency, which you will not get back if it is a form of scamming. It is better to avoid any offers like this entirely, as in general they are highly insecure and untrustworthy.
There are lots of methods investors can use to verify that their money is being handled by professionals, but most of these methods are centered around three important concepts:
This is probably the most important element of avoiding crypto scams. Knowing the administrative team or developers behind a speculative project is often a good way to judge their legitimacy. Many projects can become adopted by investors worldwide if a notable crypto-related personality is added to their team, as investors will trust these figures. For this reason, it is possible to find fake projects that create fake founders with well-constructed biographies that mimic real figureheads.
When you cannot find a developer's social media account like LinkedIn, Twitter, etc., you need to be alert to the possibility of a potential scam. If they do have profiles but you feel any doubt regarding legitimacy, confirm that their activities match the number of likes and their number of followers. Scammers that use bots to create a façade of a following will have tremendous disparity between followers and follower engagement. The scam bots usually cannot replicate real human interaction such as reactive conversational comments, making accounts seem hollow and empty if they rely solely on these followers.
A whitepaper is the foundational document of a project. The whitepaper discloses information including a project's background, goals, strategy, with the timeline the company has followed With this information, companies share their carefully constructed plans and build trust with their interested users.
It is essential to analyze the whitepaper of any project carefully before hopping into an investment. Users should look for a roadmap that the company details executing its goals, financial models, legal concerns, and SWOT analysis. Other precautionary measures should also be used, but these details are paramount for safe investment. Any company without a publicly-available whitepaper should be strictly monitored or avoided. Scams with convincing whitepapers can still exist, but generally a whitepaper should answer all the safety questions you may have as a potential investor.
The idea of getting rich instantly from an easy investment is tempting for many investors. Always be on the lookout for these types of investment schemes that “promise the moon” but deliver something far less impressive. Projects that sound too good to be true are likely scam-related. For example, "invest $x and get $30x your value in only ten minutes" is a popular scheme variant scammers use to attract potential victims who are naive about these scams.. Along with reviewing the whitepaper, investors ought to check reviews and question others who have invested in a project before investing their own capital. Having patience as an investor may seem as if you are missing gain opportunities, but the gains lost are far outweighed by the losses avoided from not being scammed.
Whether you are a day-trading investor or use trading applications to maximize the long-term value of cryptocurrencies, crypto scams are a danger to your portfolio. Hopefully, the ideas we have shared today can help you spot these malicious attempts by scammers and help keep your investments safe in the future!
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BiSwap is one of the fastest-growing Decentralized Exchanges (DEX) on the Binance Smart Chain (BSC) and is currently ranked 2nd on BSC’s DApps Ranking with $388,738,132 in Total Value Locked (TVL).
BiSwap also passed an impressive milestone with over 1 billion total transactions completed on the platform. The DEX has steadily grown in popularity and is indicative in this figure.
Biswap aims to become a benchmark for DEX platforms. We want to take up the mantle in becoming the leading DEX platform on the market for token swaps. - BiSwap announces its long-term target to be the leading DEX platform in its Project Overview.
BiSwap launched on May 24, 2021, with an audit from Certik, one of the leading blockchain security companies, and a commendable 89 security score. Audits by reputable blockchain security firms are fast becoming a necessity with the increasing frequency of attacks by malicious actors.
BiSwap boasts the first three type referral system and the lowest platform transaction fee at 0.1%. It is a platform that allows for the swapping of BEP-20 tokens on the BSC network.
BiSwap aspires to provide its community with a fair and innovative platform that offers high-quality products and services. A comparable competitor to BiSwap within the same network is PancakeSwap.
A few features that exist on both ecosystems are the burning mechanism, lottery, and Non-Fungible Tokens (NFTs) integration. PancakeSwap recently announced its NFT launch will take place on September 30 to mark its one-year anniversary.
The result of a platform that only went live in May this year is impressive. Although in terms of TVL, BiSwap is far behind. It has a chance to establish itself as an alternative to PancakeSwap, despite being only a few months old.
At the time of writing, PancakeSwap has a $9.8 billion TVL. BiSwap’s TVL is only 3% of that total. The BiSwap platform is powered by its native token $BSW and is now trading at $0.69. The PancakeSwap token, CAKE, hovers around $20 in value.
BiSwap has achieved many milestones within a short period of time. This is mainly contributed by the spurt of growth in Decentralized Finance (DeFi). The team behind BiSwap has shown that they have a blueprint that they are working on extensively. Alternatively, taking a peek at the closest competitor would also give some hint on maneuvering ahead.
There are a few checklists that BiSwap has satisfied. It has an insurance fund for its users, known as BiSwap SAFU. The insurance works as an emergency fund intended to protect its users in the event any untoward incident is to occur. 1% of all outstanding tokens are allocated for this use.
The second initiative that the team has implemented is a bug bounty program. A system of incentives that rewards users for taking active steps to prevent exploits are one of the most effective ways to improve security.
A DeFi ecosystem is still evolving and developing new standards and benchmarks. The start has been promising and BiSwap has been achieving the right results. Platforms such as BiSwap will be tested time and again by malicious actors in this space. Therefore active preventive measures by the team are instrumental to the success of the platform.
Where to find more about BiSwap:
The Philadelphia Sixers, of the National Basketball Association (NBA) in the United States, have selected Crypto.com to become their new jersey patch sponsor in an intriguing new partnership.
The deal will see the hugely popular sports team sell Non-Fungible Tokens (NFTs) that fans can purchase. The sponsor will also appear in other arena promotions at the Wells Fargo Center this season. Crypto.com announced the latest exciting deal through their official blog.
“We are thrilled to launch a long-term partnership with such a progressive team at Crypto.com, a company that shares our drive for greatness,” President of Business Operations, Chris Heck, stated. “Crypto.com will be woven into the fabric of our identity, and together, we will change the landscape for how crypto is integrated in sports.”
The move further signals Crypto.com’s determination to establish itself on the world stage. A step into the premier world basketball league marks a significant milestone for crypto to become mainstream.
This deal is the latest in a long line of partnerships that have seen the crypto giant partner with Formula 1, Paris Saint-Germain, and the National Hockey League’s Montreal Canadiens. The 76ers deal is, however, the very first partnership with the NBA, and more partnerships should follow.
Crypto.com’s partnerships with just sports brands have totaled over $400 million and will likely yield a good deal more money through the huge exposure provided.
Users throughout the crypto space will welcome this news as it could herald a further step toward mass adoption, or at the very least, invite an additional significant number of people.
The global sports industry has already been a hot topic in crypto with exciting projects like Sorare and Chiliz announcing partnerships of their own.
As these deals continue to be signed, there will be a further impetus to educate prospective users about blockchain’s incredible possibilities.
Cryptocurrency scams are becoming increasingly more prevalent and effective, utilizing new cunning tactics to deceive investors. In order to maintain a safe portfolio, it is essential to know the different forms of scams and how to avoid them.
Every day, dozens of cryptocurrencies are launched. Even though cryptocurrencies got battered and bruised by market crashes in 2018, there has been a rejuvenated interest in recent times. With this increased interest comes more Total Value Locked (TVL) into these coins, leading to scammers who want to take advantage of the influx of new users. The more that investors show interest in a given cryptocurrency, the more likely they are to invest in fraudulent projects designed off of these tokens.
In many cases, most investors eager to make “quick” gains from a new cryptocurrency tend to fall for crypto scams. The development of blockchain and cryptocurrency technology is intensifying, and even expert investors may fall for crypto-related scams because of the veritable sea of terminology and protocols. Investors are not always left with assurance that a project or blockchain-related startup is legit or will eventually be successful. However, in this article, we will explain key concepts surrounding these scams, and a list of tactics investors can use to keep their portfolio protected. But first, what are the common types of crypto scams?
With these scams, users will be directed to a payment portal on another page. For instance, you may end up opening a link that looks like a legit website because scammers have created a fake URL with 2 instead of a letter 'z'. The website will take you to a landing page that looks near-identical to the legitimate website, making it easier to be deceived by its appearance. To avoid these scams, always ensure that you carefully check the URL of any website before you begin to invest.
Android users stand to be more exposed to this kind of scam due to the relaxed verification of their app database, and every investor using Android technology should be aware of this. Therefore, it is vital to check the logo, spelling, and other necessary details before downloading any crypto application online.
These kinds of offers usually demand that you deposit some amount of your cryptocurrency, which you will not get back if it is a form of scamming. It is better to avoid any offers like this entirely, as in general they are highly insecure and untrustworthy.
There are lots of methods investors can use to verify that their money is being handled by professionals, but most of these methods are centered around three important concepts:
This is probably the most important element of avoiding crypto scams. Knowing the administrative team or developers behind a speculative project is often a good way to judge their legitimacy. Many projects can become adopted by investors worldwide if a notable crypto-related personality is added to their team, as investors will trust these figures. For this reason, it is possible to find fake projects that create fake founders with well-constructed biographies that mimic real figureheads.
When you cannot find a developer's social media account like LinkedIn, Twitter, etc., you need to be alert to the possibility of a potential scam. If they do have profiles but you feel any doubt regarding legitimacy, confirm that their activities match the number of likes and their number of followers. Scammers that use bots to create a façade of a following will have tremendous disparity between followers and follower engagement. The scam bots usually cannot replicate real human interaction such as reactive conversational comments, making accounts seem hollow and empty if they rely solely on these followers.
A whitepaper is the foundational document of a project. The whitepaper discloses information including a project's background, goals, strategy, with the timeline the company has followed With this information, companies share their carefully constructed plans and build trust with their interested users.
It is essential to analyze the whitepaper of any project carefully before hopping into an investment. Users should look for a roadmap that the company details executing its goals, financial models, legal concerns, and SWOT analysis. Other precautionary measures should also be used, but these details are paramount for safe investment. Any company without a publicly-available whitepaper should be strictly monitored or avoided. Scams with convincing whitepapers can still exist, but generally a whitepaper should answer all the safety questions you may have as a potential investor.
The idea of getting rich instantly from an easy investment is tempting for many investors. Always be on the lookout for these types of investment schemes that “promise the moon” but deliver something far less impressive. Projects that sound too good to be true are likely scam-related. For example, "invest $x and get $30x your value in only ten minutes" is a popular scheme variant scammers use to attract potential victims who are naive about these scams.. Along with reviewing the whitepaper, investors ought to check reviews and question others who have invested in a project before investing their own capital. Having patience as an investor may seem as if you are missing gain opportunities, but the gains lost are far outweighed by the losses avoided from not being scammed.
Whether you are a day-trading investor or use trading applications to maximize the long-term value of cryptocurrencies, crypto scams are a danger to your portfolio. Hopefully, the ideas we have shared today can help you spot these malicious attempts by scammers and help keep your investments safe in the future!
