What is a scam coin?

If you’ve wondered what a scam coin is, we have the answer for you. Shit coins or scam coins are fake cryptocurrency coins or tokens with no long-term worth. This form of cryptocurrency scam aims to convince a potential investor of the value of an unknown coin by requesting that they buy it.

What are crypto scams?

Crypto scams are like any other financial scam, except the scammers are after your crypto assets rather than your cash. Crypto scammers use many of the same tactics employed in other financial crimes, such as pump-and-dump scams that lure investors to purchase an asset with fake claims about its value or outright attempts to steal digital assets.

Is a cryptocurrency White Paper a scam?

Whitepapers are documents that include all of the information you need to know about a cryptocurrency, which means the coin could be a scam if there is no white paper. In addition, legit coins have active Github pages and websites with correct URL spelling.

Are all close sourced cryptocurrencies scams?

Avoid Close Sourced Cryptocurrencies: This does not mean that all close sourced cryptocurrencies are scams. It just means that all the coins that have gotten into lists of scam coins are close sourced. In other words, they do not reveal their source code. The worst scam coins do not even have source codes.