Crypto and blockchain technology is still growing, and the hype around it has led many companies to create their own blockchain coins.
Unfortunately, many of these coins are worthless, while others are still being developed. So what makes one coin better than another?
This list of fake crypto coins in 2022 has been created by analyzing the various scams on Coinmarketcap.
We want to give you some tips to help you know which coins are the real ones and which are not.
The Following Are 7 Examples Of Fake Coins
The Following Are 7 Examples Of Fake Coins on Coinmarketcap that you probably didn’t know about.
1. Bitcoin Bull – fake BTC, fake token
Coinmarketcap reports this as a fake coin on their website, Coinmarketcap dot com.
However, we actually think that it’s very possible to make an alt-coin that looks like the most popular cryptocurrency Bitcoin. Unfortunately, though, it’s hard to make a Bitcoin clone.
For example, Litecoin looks nothing like Bitcoin or even the Bitcoin-clone, Namecoin. However, you can create a coin that looks like a BTC.
This is because there are a lot of alt-coins out there that are trying to create the same look as Bitcoin. All you need to do is design an alt-coin and get a community to use it.
Then you will become a successful coin, the fake version of Bitcoin. For example, Bitcoin Bull is a fake alt-coin.
It actually does not have the BTC logo at all, so you can’t copy Bitcoin at all. The funny thing is, though, that in August 2017 it was the 4th most popular cryptocurrency.
2. Ethereum Classic – fake alt-coin
Coinmarketcap reports this coin as a fake alt-coin on their website, Coinmarketcap dot com. However, there are actually no exchanges or wallets for Ethereum Classic.
Since this is an alt-coin and doesn’t have the Ethereum logo on it, you can say that it’s the fake version of Ethereum.
There is no community of people using it, and it’s not even possible to start an ICO with it. This Ethereum alt-coin is actually Ethereum with the number next to it.
It’s a version of Ethereum that has the same functionality as Ethereum but with the number added.
The creators took the Ethereum symbol, then made another one that had the Ethereum number, and they used that.
You can see that there’s no difference between the two except that the other version doesn’t have the Ethereum logo.
3. IOTA – clone
This coin was actually created in 2014, and the alt-coin can be seen on this list of fake alt-coins on Coinmarketcap dot com.
They decided to call this coin a clone because it has the number next to it and because it uses the same function and algorithm as IOTA.
You can’t make a IOTA clone, though, because IOTA is not in beta and already uses the main technology of Tangle.
However, this coin does look different than IOTA in appearance, and the community of people using it is also very small.
4. Bitcoin Cash – clone
The developers of Bitcoin Cash took a few different coins and combined them into one. Bitcoin Cash looks like Bitcoin and works like Bitcoin.
There is even a Bitcoin Cash clone that doesn’t even look like Bitcoin, because the developers took the Bitcoin Cash logo, then added the number “BCH” next to it.
The community of Bitcoin Cash is very small, and the only exchanges or wallets for this coin is Bitfinex and the BCH blockchain itself.
5. DASH – clone
There is actually an Altcoin that was developed before Dash. It’s called Digibyte.
We saw that this coin isn’t a fake alt-coin on Coinmarketcap dot com, and there is a community of people using this alt-coin.
Unfortunately, though, Digibyte is a clone of DASH. When this coin was developed, there were already 10 or 11 alt-coins and other coins on the market.
DASH was created to fix all these problems, so there’s no difference between Digibyte and DASH.
However, the DASH developers decided to call it a clone because Digibyte doesn’t have the DASH logo.
This coin was created in 2017, and it is a blockchain that is going to be the biggest.
However, the developers call it a fake alt-coin because it doesn’t have any community of people that use it, and it is still in its development phase.
7. Bitcoin – clone
There are a lot of Bitcoin clones that have the Bitcoin symbol but also have a different number.
The creators of these coins decided to do this because a lot of people didn’t want to use the same number as Bitcoin.
So they came up with the new symbol with the number, and they used that.
The only reason why these coins look different from Bitcoin is because the Bitcoin creators are not involved in these projects.
Some of these coins have community of users and are also used as alternative coins. There are a lot of different Bitcoin clones out there, and all of them look very similar to the original Bitcoin.
The difference between the originals and these clones is that the originals have the Bitcoin symbol in their name. The only alt-coin that has this difference is Peercoin.
There is a lot of fake money out there that people invest in, and the fake money takes the place of real money.
This is especially dangerous in the cryptocurrency world because a lot of people have been tricked into buying this fake money.
People invested their whole life savings and even their families’ savings in this fake money.
8 Fake Crypto Coins And Scams
Crypto is a fast growing industry. As an investor you can earn money from just using your phone, laptop, tablet and internet.
Some people are getting rich while others are losing their money because of scams in the crypto industry.
The worst cases of scamming is getting hacked into and losing all of the money that you spent to purchase Bitcoin, Ethereum, Litecoin and other cryptos.
The scammers always promise a lot and it only becomes a scam when you invest your money and time. There are many scams that are spreading like a wildfire and they are all based on lies.
You have to be really careful if you are looking to join crypto projects. The following are the most common scam projects in the industry.
One of the most misleading projects is Bitcoin. People just see the names as synonymous with cryptocurrency. The original “Bitcoin” has no value at all and there is no actual company behind it.
They just claim to be the father of digital currency. There is no such thing that you can purchase or use this form of money.
It is only a scam and a bad investment. Investors should steer clear of the original Bitcoin and the other cryptocurrency project names.
Another similar scam is called altcoins. They are altcoins with a bunch of the same old projects such as Ethereum and Litecoin.
These scams are known for selling off projects that are not the actual company behind the project. The altcoin scams are using the same names that the companies behind them use.
They are just taking money away from the companies and using their names as if they are the companies themselves.
The Initial Coin Offering is another scam that is on the rise. It is a way for people to get free money and fast.
Everyone that joins is being promised to get money that they can make from a coin that has value.
However, there is no real company behind the ICO. So people are just trying to get their money back as soon as possible. Many people lost a lot of money investing into projects that are not even real.
4. Crypto Tokens
If the name sounds familiar, that is because they are very similar to the “ICO” projects. The only difference is that the “ICO” are not regulated.
So people are giving their money away to people that they have never met and know nothing about. They are the people that are running the projects.
5. Smart Contracts
Another crypto scam is known as “smart contracts”. They are also very similar to the “ICO” scam. They also do not have any real value.
The main difference between the two is that the “Smart contracts” are more of a promise to pay.
Some people are receiving money for doing simple tasks such as making content or joining the community. The “Smart contracts” are basically a way to make people do a favor for others.
6. Crypto Exchange
Another scam in the cryptocurrency industry is the crypto exchange scam. The exchange is supposed to be a company that is regulated and is doing what it says.
However, they are just looking to make money off of people’s information. They are not going to be providing any services that are worth your time and money.
7. Coin Hour
Coin Hour is another crypto scam that is very similar to the previous one. They also claim to be regulated and there is a huge difference in the actual “Coin Hour” and what they are promising.
“Coin Hour” are only promising to be there for a short amount of time. They will only be making money when people join or when they sell their coins.
Mining is another type of scam. When people invest in mining, they think that they will be making money off of something. Mining is supposed to be generating currency.
However, the only thing that you will be making is electricity and some money for having a computer.
That is if you are making a profit. I hope you enjoyed our article about the list of fake crypto coins. If yes, then do share these articles with your loved ones, family, and friends.
Thank you for Reading!