Ever since the world has been introduced to Initial Coin Offerings, thousands of people have made made investments in startups and a great deal of money out of it too, but everything has two sides and so do ICOs. Today we will tell you more about the life-long question, ‘How will we know you are not a scam?’.
The world of finance has been going through big changes recently. One of the biggest changes in the past couple of years has been the introduction of ICOs. It’s no surprise that one of the most popular questions in the crypto space this past year has been ‘what is an ICO?’.
An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for bitcoin and ether.
ICOs are highly risky even under the best of circumstances, and have a high potential for scams.
There are some things you can pay attention to when viewing a project and it can let you know all about its intentions with your money.
Who are the Team members?
Before you begin to collaborate with any ICO, you must check who the Team members are. Use Social Media Platforms like Linkedin, Twitter and others to view information about them, review their experience.
Let’s take Bixtrim as an example. You can see Nodar Lomauri as our CIO, he has this information on his official Linkedin account and he is featured on ICObench as a verified ICO advisor!
Whitepaper
The Whitepaper is the outline of any great ICO project. It has all the information you need and before you invest in anything we strongly recommend reading the project’s Whitepaper thoroughly.
The main part you have to pay attention to is the Roadmap, Financial Forecast and Token Distribution. The Roadmap has to be realistic and consist of every stage in a logical way. The Financial Forecast needs to be a representation of the assets distribution received during the ICO and how it will affect the project in the future. As for the Token Distribution, it is crucial for the team to have a realistic cut in it while also mentioning what would happen to the unsold tokens.
Taking Bixtrim as an example, you can read through the Whitepaper if you haven’t done so already and make sure all the above-mentioned information is present in the best way possible.
Who are the Advisors?
Every legit team tries to have international advisors, experienced in ICOs and maybe even verified on platforms like ICObench or with a large following on Linkedin/Twitter. The problem is, even some of these advisors are trying to scam you or they have a past of fraudulent activities, which is never good.
Our advisory board at Bixtrim consists of people from 8 countries and all of them have been personally interviewed by our founders themselves. A great example is Simon Cocking, a famous advisor from Ireland with a great activity on Twitter and Linkedin.
Would you like to learn more about Bixtrim?
Read our full Whitepaper here, for the full details and insight.
Join our Telegram Chat.
We have an active Bounty Program right now, claim your free tokens here.
Or, visit www.bixtrim.comand see it all for yourself!