How to identify fake cryptocurrencies? How to identify fake cryptocurrency app?

How to identify fake cryptocurrencies? Everyone is talking about cryptocurrency these days. This currency has neither been given the green signal in India nor has any ban been imposed on it. If any kind of fraud happens to you then RBI will not take responsibility for it. Due to not being regulated, there is a high risk of fraud in it.

This is the reason why cryptocurrencies are being considered as risk assets. Its prices have seen tremendous fluctuations in recent times. Squid game-based currency tokens such as squid, cocoaswap, ethereum saw a huge jump in a short time, but some of its tokens saw a tremendous decline. Due to this, the money of thousands of investors got stuck.

Despite this, the number of young, retail, and corporate investors is continuously increasing in. This is the reason why fake cryptocurrencies have also come into play. Today in this post we will tell you how to identify fake cryptocurrencies. Let’s start-

What is cryptocurrency?

Before we tell you the identity of fake cryptocurrencies, let us first know what is cryptocurrency at a glance? Friends cryptocurrency is made up of two words crypto and currency. Here crypto is a Latin word, which is derived from cryptography. It means hidden. Whereas currency means money, money transactions.

In such a situation, it is clear that cryptocurrency means hidden currency. This is also a kind of currency, which you cannot see or touch, but you can keep it with you. Not in the form of solid currency like any rupee or coin, but in digital form. Yes, transactions can be done with this. Like you can buy stuff from it. can trade. You can invest, but cannot keep it in your pocket, safe, or bank locker.

Ask friends and simple language to tell you that cryptocurrency is a digital money system (digital money system), computer algorithms based on (computer algorithm). It stays online only in digit form. Therefore it is also called digital, virtual, or electronic money. There is no control of any country or government on this.

India neither recognized nor banned cryptocurrencies

Initially, it was outlawed, but over a period of time, it has been made legal in some countries due to the popularity of bitcoin. Even some countries are bringing their own cryptocurrencies. Cryptocurrency is neither recognized nor banned in India.

However, the e-rupee was released amid the discussions of cryptocurrencies. Prime Minister Narendra Modi has recently warned about the spread of cryptocurrency and its existence in India.

How to identify fake cryptocurrencies? 

Friends, this is very smart and informative news. Let us tell you that there are many fake crypto exchanges and tokens on social media, which are showing people the dream of becoming rich in a few days. All such investors, who want to become rich in no time, are the target of scammers.

Let us tell you that the business of cryptocurrency is completely free. There is neither government nor any bank on this. Friends, let me tell you that it is very easy to identify fake cryptocurrencies. Assume that such coin is fake-

  • If the crypto coin is promising to give very high returns in a short period of time. This could be a fraud.
  • If scammers promising to give cryptocurrencies cheap ask investors to send them some coins to verify bank accounts. It may happen that scammers are collecting your bank information.
  • If there is a social media page of a celebrity claiming to make huge profits in a particular crypto immediately. There is a possibility that hackers are doing this.

Keep these things in mind before investing in cryptocurrencies-

  • Before investing in any cryptocurrency, study about it. Understand life.
  • View his history. Investigate.
  • Go through his white papers.
  • Gather thorough information about the operators and exchanges of cryptocurrencies.

Google deletes 10 fake cryptocurrency apps

How fraudulent is going on in the name of cryptocurrency, you can understand it from the fact that in the month of August this year, Google removed 10 fake cryptocurrency apps from its Play Store. These apps were doing the work of duping people by showing them the dream of higher returns.

How to identify fake crypto currency app?

After Google’s move, it is very important to identify such apps so that people do not download them and avoid getting caught in any kind of fraud related to cryptocurrency. These methods are as follows-

1. Pay attention to the star rating of the app. Actually, people download an app mostly by coming in the impression of reviews with more like 5 stars rating. But let us tell you that most of these ratings are fake. You should focus on less and only 1 star rating if possible.

2. No app is published on any app store without developer’s profile. If you are downloading an app, then check its description. Also check the profile of the developer. You will also find information related to its website here.

3. Do not download any such app on your phone, which you do not know much about or you have never even heard of.

4. Most fake apps also request access from you that they do not need. For example, if a financial app starts asking you for access to the photo gallery, then be careful.

How does cryptocurrency work?

Friends, this question must be coming in your mind that how does this cryptocurrency work. Let us tell you that cryptocurrencies are used through blockchain software. This digital currency is encrypted i.e. coded.

In this, every transaction is verified through digital signature. Its records are kept with the help of cryptography. The purchase made through this is called crypto mining.

A digital database of every information is created. Those who do mining are called miners. It has been claimed that it is almost impossible to copy its code.

How are transactions done through cryptocurrency?

This is a very important information. Let us tell you that whenever a transaction takes place, the information about it is recorded in the Blockchain. That is, it is kept in a block. The minor does the work of security and encryption of this block. He finds the appropriate hash code for the block by solving a cryptographic riddle and secures the block, connecting it to the blockchain.

Now it is verified through another computer in the network. This process is named Consensus or Consensus. Consensus simply means that the block is secured. After this the cryptocoin is given to the concerned miner. This is also the proof of work.

What are the types of cryptocurrency?

This question must have come in your mind that how many types of cryptocurrency are there. Friends, let us tell you that there are more than 1800 cryptocurrencies available around the world. Among these, bitcoin is the most popular cryptocurrency. Apart from this, cryptocurrencies like Dash, Ripple, Ethereum, Litecoin, Dogecoin, Faircoin, Peercoin etc. are also in trend.

What is meant by cryptocurrency market, how is the buying and selling done?

Friends, let us tell you that the cryptocurrency market is the place where the buying and trading of cryptocurrencies takes place. It is also known as cryptocurrency exchange, digital currency exchange, coin market and crypto market.

You will undoubtedly be surprised to know that the value of cryptocurrencies is much more than physical currency. Some of the top cryptocurrencies are worth thousands of times more than a dollar. Now let us tell how buying and selling is done through this.

Friends, we have already told you that there are some famous Indian companies like WazirX, Zebpay, etc., which are doing this work. Apart from this there are also platforms like coinswitch kuber, coin dcx go.

Let us tell you that all these shopping platforms are open 24×7. To buy or sell cryptocurrencies, you need to sign up on these platforms. After this, after completing your KYC process, money transfer will have to be done in the wallet. After that you will be able to shop.

Many Indian companies in cryptocurrency business

Friends, of course you may feel that this currency has not been legalized by the government, then the companies here will not be in this business, but your thinking is wrong. Let us tell you that many Indian companies are doing business of cryptocurrency bitcoin. Among these, the names of WazirX, Unocoin, Zebpay etc. can be taken prominently.

Indian investors’ investment in cryptocurrencies reached $66 billion in 2021

Friends, let us tell you that in April, 2020, Indian investors had an investment of $ 92 million in this currency. This has increased to $ 66 billion in May this year. From this, it can be estimated that what step investors are worried about investing in this currency in India.

Such irregular fluctuations are being seen in cryptocurrencies

The kind of erratic fluctuations that are being seen in cryptocurrencies, its hallmark has been seen in many coins recently. The latest example is the unknown cryptocurrency named ARC governance token. The fortunes of the investors who invested in it turned overnight.

The price of ARC Governance rose 2.8 million percent within an hour to $9,991.70 from $0.34 a day earlier. But investors couldn’t get more chance to celebrate. About an hour after reaching the top, it lost 90 per cent of its lead.

Prime Minister Narendra Modi cautions about cryptocurrencies

Friends, let us tell you that while addressing the Sydney Dialogue held in Australia on November 18, 2021 through digital medium, Prime Minister Narendra Modi has also cautioned about cryptocurrencies. He said that it should be saved from falling in the hands of criminals or wrong people, otherwise the future of the youth of the country will be ruined.

There were reports that cryptocurrencies are being used for criminal acts like drug intoxication, smuggling etc. Payment is also being made in digital currency for the purchase of arms etc., across the border. Due to lack of any kind of control on this currency, this activity and practice is flourishing.

What is meant by cryptocurrency?

Simply put, it is a digital currency, through which you can buy goods, pay for them, but cannot keep them in concrete form.

Has the Indian government given a green signal to cryptocurrencies?

No, cryptocurrencies have not been given the green signal by the Indian government.

Has the central government banned cryptocurrencies?

No, the central government has not even banned cryptocurrencies.

Is trading with cryptocurrencies illegal around the world?

No, it has been legalized in some countries. However, it is still beyond the control of any country.

Are Indian companies also in the business of cryptocurrencies?

Yes, there are many companies like WazirX, Zebpay, which are in the business of bitcoin cryptocurrencies.

How are transactions done with cryptocurrencies?

For this, the consumer has to do the KYC process by signing up on the platform of the company doing business. After this, money will have to be transferred to the wallet. After that you can make purchases.

How much is cryptocurrency worth?

The value of cryptocurrency is much more than physical currency. Some are worth a thousand times more than a dollar.

How many types of cryptocurrencies are there in the world?

There are more than 1800 types of cryptocurrencies in circulation around the world.

Which is the most popular cryptocurrency?

Bitcoin is the most popular cryptocurrency.

Are Fake Cryptocurrency Apps Also In Trend?

Yes, given its popularity, many fake cryptocurrency apps have also come into play. Google has removed 10 such fake cryptocurrency apps from the Play Store.

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