What are the factors or how do one differentiate between a genuine and fake crypto projects. @admins**
As innovative ways are being created to use blockchain technology, more crypto-asset scams emerge… THE LITMUS TEST FOR BLOCKCHAIN AND CRYPTO-BASED PROJECTS ARE:
GENUINE BLOCHCHAIN/CRYPTO PROJECT. E.g Bantu Blockchain Foundation Bantu has an amazing Team of over 27 world class Professionals and a seasoned Advisory Group from world class Organizations and 7 active workstreams with individuals Heading these workstreams. Bantu project has a very strong leadership team and as with any organisation, the attitude and mentality starts at the top and cascades down to every member. This in turn has a calming, relaxed and positive effect on the holders and members of the community.
Transparency: There’s transparency at BBF, the team communicate with community on the workings in the Roadmap E.g. Listing date, mainnet launch, the transition from testnet to mainnet community were fully informed of the process and with enough time beforehand etc… Visit bantu website for more about the project team.
There’s honest and clear communications in BBF,
We share information with the community as soon as we receive it available at all our announcement channels and platforms… We actively request feedback from the community and adminstrator respond to all the questions asked on Telegram and other social media platforms.
WHILE a fake Blockchain/ crypto project will probably…
IDENTITY CONCEALMENT: Most projects which conceal the identity of their team
members are often scam projects. Genuine projects will have nothing to hide. Use of only
first names for team members is also a red flag.
UNREALISTIC GOALS: It is the duty of every investor to read through the white paper of any
project he or she intends to invest in. If the project promises overnight wealth with no clearly
defined or realistic steps on how that will be achieved, it is likely a scam project.
ASSET INVESTMENT HOAX: Any scheme that requires investors to buy and place crypto
assets in their care with promise of daily increase is likely a scam. Investors need not lodge their asset with any scheme for it to gain value. All an investor needs is a secured wallet and knowledge of how to buy, send, receive and sell crypto-assets.
These are some of the checklist for investors to use when they are about to adopt a new crypto-asset.
Above all i believe quality crypto education is the key, the only potent weapon to fight fraudulent actors. Regulators can issue warnings and enforcement agencies will arrest bad actors. However, since these organizations are mostly reactive, education presents a fascinating solution. When people are proactive as a result of sound crypto knowledge, they can easily beat bad actors.