The evolution of projects now are on the high side compared to years back. Now, everyone wants to launch a project either to scam people and make good money, establish their own coin on different exchanges or make people grow their page and then end up as dust. This reminds me of the Avacoin project majority were expecting will do well.
It ended up in dust except for those who looted it much. Someone may ask, how did these projects come about? How can someone just create a coin that has value and can earn people money? Let's go deep into what crypto projects mean.
A crypto project is a business venture that uses Blockchain technology or leverages on it to create their own digital currency aimed at providing solutions to various problems and offering new services that solely rely on decentralisation and can also earn one financial stability as the case may be.
Creating a crypto project is not an easy task as it requires some steps, criteria, validation and the likes of them. Not all projects today are legitimate as the space is full of scams. They make people perform tasks for them and they end up not distributing their digital currency to these ones.
To create a project, you most have an idea of what you want your project to aim and envision. This brings about the first step known as conceptualisation.
The idea you want your project to carry out must be either to provide a unique service or to improve technology that are existing. The aim, goals and objectives must be analyzed.
After the conceptualisation, developing your whitepaper which is a detailed proposal of the project's aims and objectives, how the project want to run or what it is all about, how the project will be used and who runs it, future plans and information about the project's developers.
The whitepaper of the project gives people an overview of what the project is all about and how legit it would be.
The idea you want your project to carry out must be either to provide a unique service or to improve technology that are existing. The aim, goals and objectives must be analyzed.
After the conceptualisation, developing your whitepaper which is a detailed proposal of the project's aims and objectives, how the project want to run or what it is all about, how the project will be used and who runs it, future plans and information about the project's developers.
The whitepaper of the project gives people an overview of what the project is all about and how legit it would be.
Building a team that includes the developers, marketers, advisors and business developers will help the project be successful in terms of promotion and regulatory compliance.
Fundraising, marketing and community building, launching of projects, maintenance and updates are all essential when creating a project.
You may ask why the crypto space has lot of scam projects and how it can be identified. One major reason for scam projects is lack of regulation. In the crypto space, there are limited regulations compared to financial systems which gives scammers an exploit over unsuspecting investors.
The anonymity of the Blockchain space has provided a high placed level for scammers to create fake identities and projects that would make it difficult for them to be tracked or held responsible.
Ponzi schemes initiative and fear of missing out is another reason for scam projects integration. Examples of such scam projects are the bitconnect, onecoin and plus token. You'll spend so much money accumulating these coins which will later crash without value.
The fall in bitcoin's price was expected. Just as it fell when bitcoin reached $49k last bull run, it also fell when bitcoin reached $70k. We aren't expecting a dip as the target using historical movement isn't reached. This past movement has guided my trading decisions and I've been on profits levels using these movements.
The drop in price was due to the removal of a large amount of bitcoin from the market. If Market is really repeating itself, we'll be expecting a surge from $66k to $74k before the main dip as this happened last bull run year …..July-August, 2021…….
 | History Repeating Itself |
|---|---|
| All screenshots are from my binance app. |
Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have
