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How to determine the “quality” of the cryptocurrency?
How to determine the “quality” of the crypto currency. How to protect yourself from bad crypto currency?
Crypto industry recently demonstrates just amazing rates of popularity among users. More and more ordinary citizens pay attention to this resource and begin to consider it as one of the very promising tools for investing savings in order to obtain a large profit. Against this background, new coins of crypto-currencies began to appear in the network, which mostly work for the blocking technology. Today we will consider such a problem of the crypto-currency market as determining the quality and prospects of electronic coins, as well as the issue of user safety when performing operations in the world of electronic means of calculation. This set of information will allow you to avoid later problems associated with the loss of the fiat and electronic tools, as well as prompt tools for the most profitable investment of money.
What is a crypto currency?
So, considering that the bulk of users do not understand much about the intricacies of electronic payment instruments and understand the processes that are exposed to crypto-currencies, it’s probably worth starting with basics and security issues. In particular, it is necessary to touch on the topic of fraud in the crypto industry and the choice of safe forms of storage and purchase of coins.
Crypto currency is a specialized online settlement system based on the operation of Blockchain technology. In simple terms, any crypto currency is a piece of computer code that is generated by the information capacity included in the system, in which all the transaction data in the system is recorded. Sorry, but there is simply no simple explanation for this tool! Let’s continue, 10 years ago nobody heard about crypto-currencies except for a few advanced IT specialists, but thanks to their anonymity and high level of protection, as well as prospects in terms of development, electronic coins began to gain popularity. And today the main currency Bitcoin shows records of value – a maximum of about $ 20,000 per coin. It is such a rapid growth and the opportunity to repeat the success of crypto optimists attracts new investors in this field.
Against this background, the crypto market began to be flooded with various scammers who seek to earn on the greed of investors and their ignorance in terms of studying the operation of the crypto currency system. At the same time dealers use a variety of techniques of deception from simple and long-known to high-tech and complex. But no matter what tricks they use, their ultimate goal is to take possession of your means. Let’s look at several approaches to cheating investors in the crypto market.
Fake crypto currency
Against the backdrop of the appearance of thousands of electronic coins based on blockade technology scammers came up with a very sophisticated scheme of deception вЂ” the issuance of counterfeit coins. No, they do not forge the main currencies, but simply play on the so-called “forks” of known coins or issue their supposedly future coins in the future.
The distinctive features of the forged crypto-currency are such indicators and data:
вЂў Centralization of e-currency – fake crypto coins are issued in most cases by one issuer and do not offer a mining regime. Simply put, it is a program that runs on a specific service, and generates crypto currency code and distributes coins over the network. Such a crypto currency exists exactly until the server is shut down. To get the maximum amount of investors’ funds, scammers actively promote their product and disseminate information and prospects of the coin, after which they quickly close the project.
вЂў Lack of open liquidity – today the crypto industry allows to attract investment funds for various ICO projects, crypto-currencies have become substitutes for shares. In addition, the bulk of exchange platforms allow for the initial placement of electronic coins (Tokensail). For this reason, the network is full of various tokens available for investment and earnings. And this is a problem, as fraudsters disguise their projects under really promising crypto-currencies. Therefore, it is very important to study their liquidity indicators in the issue of determining bad creditworthiness. Fictitious crypto-currencies are usually offered only on one platform with a certain indicator of current liquidity. If you can not compare the cost of a coin on different platforms, then be sure that this is a hoax!
вЂў Closed code Blockchain – the bulk of crypto currency works in a decentralized mode, so very few people know where the servers of the system and the miners that generate coins are located. Taking this into account, openness is the main indicator of the legality and attractiveness of the instrument. This includes not only the openness of the crypto currency code, but also information about the developer of the forms of accounting for tokens and the final emission indicator. This clearly characterizes the legality of the new electronic coin.
As you can see, it is quite easy to distinguish a fake from a real crypto currency, be careful, and you will not fall on the hook of scammers. Now it’s time to learn how to find tokens that are promising in terms of earnings, which can repeat Bitcoin’s growth performance and allow you to earn a fortune.
How to determine the quality of the crypto currency and its prospects for investors?
Investors who considered the prospects of Bitcoin at the dawn of its appearance in free access were fortunate enough to earn a fortune with the most minimal investment. Yes, buying Bitcoin at $ 50 in 2009, you could earn about $ 5 million today. This success of crypto optimists does not bother many novice investors in electronic coins, so they are constantly looking for a new promising coin for investment and quick earnings. Today the network offers thousands of crypto-currencies and every day there are all new tokens that can become exactly the asset that will allow you to earn.
So, how can we find a profitable tool for investing among such diversity? In principle, it is not as difficult as it seems. The main thing is to know the most important factors and indicators that distinguish quality products from pacifiers. We offer you to consider in detail the indicators characterizing the prospects of the crypto currency:
вЂў What is the idea of вЂ‹вЂ‹a new token, what is its innovation and interest? At the same time, evaluate your own feelings that cause the product as a user and try to learn how other network members react to this idea. An excellent option is to choose a new technology that can solve any global problem or issue.
вЂў Mode of using block-technology. The fact is that it is new forms of using this technology that attract large institutional investors, so such products often become record holders for the growth of quotations.
вЂў Evaluate the stage of product development – if everything is just in theory, then investors are not very willing to invest, the opposite is a token, under which there is a prototype or already a ready product that requires promotion. Therefore, we choose ICO crypto-currencies, which collect funds to promote the finished product
вЂў What format of profit-making offers crypto currency – in this case there are several options:
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– Redemption of crypto currency by the issuer
– Standard dividends on ICO
– Use of coins as a means of calculation on a special service
– Profit from the growth of the value of tokens and their sale on the exchange market
Here, the choice is entirely for the investor, but it should be noted that the last format for obtaining profitability is recommended only for short-term investments with a short-term perspective, since it offers the maximum level of risks
вЂў What is the final issue of coins-in other words, how many tokens want to issue a project to raise funds, and is there such a limit at all? In this plan, it is recommended to use ICO with a specific restriction on the number of tokens and a small total amount of coins. Everything is extremely logical: the smaller the crypto currency, the more demand for it, and the higher its value and the rate of growth in yield.
вЂў The ultimate financial goal of the project – if initially the issuer has set completely unrealistic goals – in billions or hundreds of millions of dollars, then there is little hope that he can achieve the goal and become successful. The second point in this plan is how money will be spent. Here, pay attention to the share of tokens in the project costs and the amount of coins that remain to the issuer. If the number of reserve coins remains with the developers of the idea, then this is a project invented only to raise funds, after which the initiators of the ICO will simply drop their tokens in the free market and bring down their value, and investors will lose money.
вЂў How to get out of the project – in simple terms, to whom and how to sell the coins (do not take into account the possibility to sell the crypto currency in the free market)
As you can see, it is not difficult to distinguish profitable coins, the main thing is to take time to study all the important factors of ICO coin operation and the level of its prospects for investment. This is the way today to find those assets that can bring users and investors wealth!
вЂњGeneral Risk Warning: Binary options and cryptocurrency trading carry a high level of risk and can result in the loss of all your funds.вЂќ
6 Cryptocurrency Exchanges That Don’t Require KYC
These days, it’s taken as a given that KYC must be endured to trade cryptos on centralized exchanges. In fact, there are still dozens of exchanges you can access without having to risk your personal documents and identity. The following guide examines six such platforms, and considers precautions you should take when using KYC-less crypto exchanges.
Keep Your Privacy, Swap Your Crypto
Know Your Customer (KYC) legislation requires businesses to verify the identity of individuals using their service, particularly where the transmission of money is involved. This includes virtual currencies. As a result, the majority of crypto exchanges now enforce KYC. However, it is not mandatory to use a KYC exchange (also referred to as “surveillance exchanges” by their detractors) to trade. A number of exchanges legally operate in jurisdictions that do not mandate KYC, or have no official headquarters, placing them in a grey area in terms of legal obligations.
Generally speaking, KYC exchanges that are fully regulated offer better protections for their customers, and there may be greater redress in the event of something going wrong, such as a hack. However, this does not mean that KYC-free exchanges are less trustworthy; it is the duty of each trader to perform their due diligence and choose a reputable exchange.
It is not the case that only shadowy individuals seek KYC-less exchanges, such as for tax evasion or criminal purposes. In fact, many traders flock to these platforms because they recognize that KYC requirements make everyone less safe through creating a honeypot for hackers. If you value your privacy, and wish to keep your personal details out of the reach of busybodies and criminals, it makes sense to seek platforms where you can exercise your right to trade cryptocurrencies in peace. Here are six exchanges that fit the bill.
Low fees, a fast trading engine and advanced bidding tools are among the features that Nominex flaunts. Up to 3 BTC a day can be deposited and withdrawn without requiring KYC. The Seychelles-based exchange (registered in the same locale as Bitmex) operates a popular affiliate program, offers demo accounts for traders finding their feet, and is about to launch daily trading tournaments.
Stop, Stop Limit, Trailing Stop, and Scaled are among the order types that can be placed on Nominex. There’s 24-hour customer support and trading fees are reduced by 50% for holders of the native NMX token.
Bybit is a popular derivatives exchange that could become a lot more popular if Bitmex introduces KYC, as has been rumored. Founded in Singapore, Bybit doesn’t require KYC, although U.S. residents are excluded from trading. Its most popular product is its BTC-USD perpetual swap, although Bybit also offers futures for XRP, EOS, and ETH. Bybit features a clean and intuitive layout and good customer support that operates around the clock and in multiple languages.
One of the best things about Bybit is its guides to margin trading. These help traders learn the terms, tricks and tips required to effectively swap derivatives products. There’s a Bybit mobile app available on the iOS and Google Play stores, while regular trading competitions keep things fresh.
The world’s largest cryptocurrency exchange is also a bastion of KYC-less trading. There are some caveats though. For one thing, U.S. citizens must trade on Binance US, which comes with KYC. Moreover, there are signs that Binance may transition to full KYC at some stage as it’s compelled to comply with the numerous jurisdictions where it operates. For now, though, spot trading can be accessed without requiring KYC, and you can withdraw up to 2 BTC per day. For margin trading, however, as well as various other Binance products, KYC is required.
Bitmax is a popular altcoin exchange that’s carved out a niche since launching in 2020. There’s reasonable liquidity, margin trading, a wide range of coins listed, and a native BTMX token that provides discounted trading fees and other benefits. The exchange holds regular airdrops and allows users to earn USDT for lending BTMX. Fiat deposits can be made with credit or debit card and there’s no KYC requirement, with a 2 BTC daily withdrawal limit.
Many exchanges operate partial KYC , Kucoin among them. What this means is that most traders will not be required to complete verification unless there is suspicious activity or in the case of them wishing to exceed the 2 BTC daily trading limit. Like leading exchanges Binance and Huboi, Kucoin has transitioned into a crypto company that offers a broad range of services, operating under various subdivisions. Although the liquidity could be better, Kucoin has a lot of things in its favor. It’s easy to use for one thing and lists a number of tokens that aren’t available on major exchanges.
There’s a lot more to exchange.Bitcoin.com than merely the ability to sign up without undergoing KYC. BCH trading pairs, SLP tokens, and useful assets that aren’t available on other platforms are among its many attributes. There’s also the strength of the Bitcoin.com brand, which gives the exchange greater credibility than some of the other KYC-less platforms on the market. The clean and intuitive interface is free of clutter, and there’s a community feel to Bitcoin.com Exchange, which is particularly popular with BCH proponents.
DYOR and Don’t Leave All Your Crypto on Exchanges
It’s important to do your own research before signing up for a cryptocurrency exchange. Read reviews, check its policies on accessing the platform from different countries, and determine the quality of its customer support. Finally, and this applies to using all centralized exchanges, regardless of KYC, don’t leave all your crypto on there. Only deposit what you actively need for trading purposes and keep the rest of your stack in a noncustodial wallet. Trade safe, be smart, and keep your identity private by avoiding surveillance exchanges.
What KYC-free exchanges do you recommend? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool ? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
How to determine the “quality” of the cryptocurrency
Let me help you save your precious time. I’ve been actively collecting and researching the best cryptocurrency sites for the last few years. From my 9-year crypto involvement, I know that finding the most valuable crypto links (sites) can be very difficult, and It doesn’t matter if you are a day trader, miner, or just an experienced beginner, trying to start with cryptocurrencies. The best collection of crypto sites will remain 100% free-to-use and with zero ads.
The crypto space evolved through its reliance on community-driven networks, which helped in its establishment as a global phenomenon. From what we have learned so far from the technology’s unprecedented success, great things come from small beginnings. Crypto lit up the world because the first movers were always ready to discuss its technicalities. They found various means to share their knowledge with the burgeoning crypto community, and it helped spread the crypto story like wildfire.
One of the means by which crypto found its root as a valid disruptive tool was through networking on discussion boards and cryptocurrency forums. These platforms brought people from different backgrounds together to share in the wonders of crypto and its related technologies.
Cryptocurrency forums still exist today, and they continue to play crucial roles in the crypto narrative. In this guide, we will explore the fundamentals of crypto forums, and why you should utilize them. Afterward, we will introduce you to basic factors that should help you choose one as well as a list of the best crypto forums today.
What Are Crypto Forums?
A crypto forum could mean different things to different people. For some, it is a marketing tool, while some see it as a channel to get answers to questions relating to cryptocurrency. Also, we have some set of people who capitalize on the sentiments raised on discussion boards to reach an investment decision. Regardless of the reasons why people utilize cryptocurrency forums, you will agree that they are first and foremost a platform for the exchange of opinion related to cryptocurrency. Generally, these platforms are easy to use, free to use and come with simple user interfaces.
What Are the Types of Crypto Forums That We Have?
A typical crypto forum should allow discussions relating to subjects about crypto technology. However, we have those that fixate on specific topics like the ones that only discuss everything bitcoin. In a bitcoin forum, you get to exchange thoughts on the happenings in the bitcoin market. While this is a given, a majority of forums explore a wide range of cryptocurrency talk, as there are no restrictions as to which topic you can initiate. Here, the forums are not restricted to a bitcoin message board, and there is a horde of crypto-related subforums where you can voice your opinion or get answers.
Who Are the People You Will Find on A Crypto Forum?
For forums that solely enable cryptocurrency topics, they cater to a large demographic of crypto participants. These networks consist of the following set of people:
The crypto landscape is filled with all sorts of terminologies and technicalities, which is known to discourage newbies who are trying to participate in the crypto market. That said, crypto forums are safe havens for new entrants, as they offer them a place to present their plights and obtain answers quickly. And so, crypto forums have stood as the one-stop websites for new entrants trying to find their footings in complex crypto setup.
Experienced crypto practitioners are the lifeline of crypto forums because they are always putting out information and contributing to the efficacy of the platform as an educational ecosystem. They give insights, contribute to arguments, and develop new ones that will get people talking. On many of the top forums sites, members are ranked according to their contributions to the community. This common practice makes it easier to spot experts. However, note that crypto experts are sometimes at the receiving end on crypto forums. Crypto forums are the best place to become popular in the crypto space. Being active on a popular forum presents them the opportunity of enjoying the perks of top personality status in the crypto community.
Crypto forums house professionals who make a living off the happenings within the crypto economy. Such professionals include:
Crypto Traders: It is a basic requirement for serious crypto traders to analyze the sentiments of the crypto community before entering a trade. These people gauge the market trends and search for the best sites for cryptocurrency trading forum that might help them make price projections.
Crypto Journalists: Media outlets are aware that the hottest topics find their way to crypto forums. And so, they consistently track top cryptocurrency websites to stay ahead of the lightning-quick crypto space. In some cases, they initiate discussions that would help their reports and give them insight into the perception of the crypto community as regards pressing topics in the industry.
Crypto Marketing Professionals: As mentioned earlier, the crypto industry is a collection of closely-knitted communities. And crypto forums are the easiest way to get across this network of crypto communities. ICO/STO/IEO promoters are aware of this, and they dedicate a fraction of their resources to reach out to members of crypto forum websites. Hence, it is common to encounter one form of crypto advertisements, or the other, on crypto forums.
Crypto Developers, Startups, And Firms: Like marketing experts, startups are aware of the value of crypto forums. Forums are the most efficient way to reach out to the crypto community. Therefore, startups, looking to build a strong following for their project, take the time to engage with potential customers on crypto forums. They introduce their products, discuss its importance, and give feedback to questions asked. Established firms, on the other hand, use these platforms to gauge the performances of their products and connect with customers.
Scammers: Since crypto currency forums are the portals to the crypto space, scammers and nefarious entities have made it a habit to prowl crypto discussion boards. As such, you see them posting ads of scam projects. Also, they generate fake news to either initiate panic that could alter price movements, or cause crypto holders to fall victim to their schemes. Regardless of how these entities go about misleading crypto practitioners, you should always remember that hackers are lurking somewhere on your favorite crypto forum website.
Why Do You Need to Review Crypto Forum Sites?
By now, you must have discovered that there is a growing list of crypto forum sites to choose from. The essence of joining a forum is to become rooted in a thriving community. So, you should try as much as possible to join a community that offers something tangible to your crypto journey. This assertion, coupled with the fact that many forums out there lack sterling track records, establishes the importance of reviewing your options before opting for one.
What Are the Things to Consider When Reviewing Forum Sites?
The Niche of The Crypto Forum
Investigating the niche of a crypto forum website is very important, as it is the first step to determine whether the scope of the site caters to your needs. If your preference is a forum, offering discussion boards covering a wide array of crypto topics, then there is no need to consider forums that focus on a particular crypto niche. Do not expect to get much, in terms of value, from a btc forum when your immediate needs center around information relating to altcoins. As such, you ought to review the niches available on the forums, compare it with your crypto needs, and decide if it is the appropriate one for you.
The Design of The Website and How It Affects the User Experience
A typical crypto forum chooses simple designs that aid navigation and boost user experience. What is the essence of joining a forum that entails lengthy processes, whenever you want to voice your opinion or get insight on critical issues? The primary purpose of creating a forum website is to get people talking effortlessly. If this pivotal goal is defeated, then you had better get yourself an alternative. For us at Cryptolinks, we believe that new entrants should have no problem understanding the workings of a crypto forum. This assertion featured in the analytic processes utilized for our review catalog.
The Number of Active Members
The number of members actively engaging in a forum determines its size. Over the years, the top forum sites have attracted crypto practitioners, from different facets of life, to contribute to the growth of the crypto space. For new entrants, the more the experts contributing to a crypto forum, the higher the chances of obtaining valuable advice. Also, crypto professionals who rely on sentiments raised on crypto forums would find it difficult to gain tangible insights from deserted crypto forums. Therefore, you should gauge the metrics of the crypto forum before joining it.
The Quality of Discussion
While numbers show the size of a community, its knowledge base, on the other hand, portrays its quality. Hence, it is vital to go for platforms with members who have a deep understanding of crypto technology and its economy. Be wary of crypto forums where contributors have a knack for posting assertions without proofs to back them up. Although it is advisable to second guess everything you read on the forums, however, you should gradually develop a level of trust in the efficacy of your community. You might want to switch to a quality discussion group if it is hard finding meaningful dialogue on your present forum.
The Safety of The Forum
In as much as it is hard to curtail every form of nefarious activities on crypto forums, nonetheless, a crypto forum must have done enough to protect its users. As mentioned earlier, scammers and nefarious individuals have made it a habit of dumping fake news and fake projects on forum websites. It then falls on the administrators to put features in place that will make it a tad difficult for these entities to carry out their evil acts. These features include spam detection and blocking functions to give the members a fighting chance. You should avoid forums that cannot deliver basic security features.
The world is leaning towards mobile services, therefore, we expect online services and tools to utilize designs that promise mobile-friendliness. More importantly, crypto forums need to capitalize on technology trends that borders on mobile applications to cater to the needs of the increasingly inquisitive crypto community. Hence, your preferred forum should utilize a design that will allow you to network with the community on the go.
Cryptolinks List of Best Cryptocurrency Forums
Cryptolinks have done extensive research to generate a comprehensive catalog of top cryptocurrency forums in the crypto space. We did not limit ourselves to a particular niche or create a bitcoin forums list. Instead, we put together a forum site list that captured both the niche-selective forums and diversified forums.
How did we go about this?
Our team explored the workings of each cryptocurrency forum while ensuring that our analytic model aligns with the recommendations mentioned above. As such, each crypto forum featured on this list has undergone rigorous analysis to ascertain the niches covered on the discussion boards. To factor in the efficiency of the forum’s community, we took a look at the volume of activities recorded on each as well as the quality of such activities. Furthermore, we checked the security measures available on the platforms to protect their members. These checks helped us assess the safety of users, as it is crucial to list only platforms that enable standard security features. Hence, we discovered that some of the platforms on this list have subforums where advertisements are restricted.
Then, we analyzed the ratio of expert crypto practitioners to new entrants. This analysis helped us capture the level of help beginners can find in each crypto forum website.
Lastly, we took significant measures to examine the quality of the user experience of each website. Remember that user experience adds to the efficacy of these platforms. So, we tried to rate the design utilized and its mobile-friendliness. The questions asked here were: Is it easy for new users to navigate the website? And, is the design appropriate for users accessing the website from their mobile phones?
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