Can a fake blockchain be easily identified?
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The world is fast evolving in the digital currency aspect, with different coins and pay-to-earn games to earn tokens also storming the market. In this era of blockchain, it isn’t news that they are also different fake blockchains out there and it can only be known from the way the networking is done, it usually has or gives a certain significant factor. The digital and virtual world consists of different networks and blockchain and 90% of them end up being fake and because of the hype, people fail to notice that they are walking into a scam scheme.
There are some that claim to give free Bitcoin through using their website for search or browsing purposes, I remember last week my sister came to me and said there is a website that you can mine free Bitcoin just by using the browser for your searching activities, I don’t know how real or fake it is but I just didn’t want to take any chance, I just told her to find out how real it is first before installing the app to use it to avoid any scam activities in her device.
The popularity of blockchain is gotten from the activities being done by businesses, startups, and different enterprises, and with this, it has gotten a lot of recognition in the digital world. These recognitions, it has created a way for developers and scammers to create different type of fake blockchains and this causes confusion from traders and investors on which coins to buy and which is original.
Identifying a fake blockchain isn’t an easy task but if you understand the concept and fundamentals of the factors that come along with it, then it can be prevented from causing any harm to society and crypto traders.
One of the major ways or factors is creating a proof work that is completely dependent on the case of blockchain and the blockchain can be used in applying for things that are similar to a block that multiplies. The creation of blockchain by Satoshi Nakamoto was to allow digital information to be recorded and easily distributed and not to be edited and requires a full proof of work in which crypto gets from the network.
Blockchain has its limitations in applying to things that can multiply the chain rapid rate and it usually requires full proof of work which occurs frequently when sharing nodes in the networks by the users.
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Currently, there are hundreds of different platforms that have been established on blockchains, identifying the real from the fake can be done through thorough research of the blockchain and the developers themselves.
Some major red flags of fake blockchains are; downloading of malware and Bitcoin phishing impersonators. In terms of downloading malware, this can occur when Bitcoin is used as bait for allowing users to download unwanted software into devices.
For Bitcoin phishing, countless impersonators are currently on social media pretending or acting as different brands of crypto, impersonating the original brand and this is usually used to garner victims for the scam. Like I said earlier about my sister using a free mining browser for Bitcoin, phishing websites will freely offer free Bitcoin mining services to attract users and entice them to enter their Bitcoin private key, and in doing so the keys can be phished and they access your wallet.
Ways to avoid all these are simply easy
Avoid clicking URLs advertising an easy and simpler way to get Bitcoin or any crypto coins.
Engaging with brokers on social media or when engaging, being vigilant is a must, and knowing when to back off when the conversation is not favorable.
Also, websites or apps that offer free mining by using them or using the apps
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A related question is if tokens need to be in a blockchain to have value?
The stock in a corporation is essentially a token. One could have a web site that allows people to buy, sell and trade the tokens. People might use sites like etrade even if the company doesn't use blockchain technology.
Is the blockchain the thing that gives value? IF a group of people set up a network of independent computers that processed established blockchain code, would that group of computers start generating money?
PS: When I look at investments, I ask what value a project brings to the table before investing. Simply seeing the buzzwords associated with blockchains does not make me want to invest.
I suspect that most of the things we see using the buzz words are garbage.
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we can't be certain, might or might not generate money, it depends on the network
Great article, there are way too many ways to get ripped off on the internet, and with crypto in the mix, wow.
The problem is the lack of education. The general public has no idea how the blockchain works with its various crypto coins.
From the general public point of view people are getting rich with crypto overnight, and hence are looking for their easy payday as well.
Exactly too many ways to get ripped, sometimes having the knowledge isn't enough, they scammers always come up with different ways that the fake look more original LOL. Bitcoins, Ethereum and other coins all have different tokens breaking out of them and one might not know the original or fake