You will all agree with me that these days there are so many cryptos and icos, tokens ongoing which makes it very uneasy to determine the fake ones from the real ones. One factor to identify a genuine crypto is not the many adverts, nice web designs and wonderful crafted whitepaper. Of course we all know whitepapers can be manipulated and even copied or just drafted to do a presentation but inwardly doesn't underline the very identity of such projects
These are few things to consider to identity the cryptocurrecy
- The team involved in that project. The progress or failure of a crypto is majorly bothered on the responsibilities of the team. If there are no right team members ready to sacrifice their time, efforts and energy to the success of the project, then it is bound to fail. Most cryptocurrecy are majorly fronted by the CEO and one of few persons.
- What are the qualifications of the team. Getting a novice or mediocres is a proof that the project will fail. Every team must have experts and professionals who have experience or have worked at certain levels and have adequate knowledge of cryptocurrecy
- What are the motives of the team. If an ICO, token project is centered on greed, that means all they want to do is raise money and make money alone and leave the investors in the cold.
- The project must not be run alone by the founder. There are many projects where the founder is the one who receives payments, comments, does all the marketing, sales and things that others need to do. There is progress and success in diversity. And getinf specialists in various fields are important.
- I have noticed most cryptocurrencies do not have any good product to offer but this coin has great value in the exchange or market while cryptocurrencies with great and wonderful product and use cases are not even having great value in prices. Why because most of these coins without workable products do hype their prices and do pump and dump. But these cryptocurrecies with nice and good products take their time to grow.
- We must be careful of the scams that go on in crypto currency. Yes it has come to stay but we must be very careful so we don't fall into the hands of projects run by greedy people.
The emergence of cryptocurrecy is a wonderful experience. It will continue to gain momentum as more cryptocurrecies emerge from time to time