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Business Insights Eight must-haves to distinguish your project from scammers in crypto

Eight must-haves to distinguish your project from scammers in crypto

  • Beginner
24 Jan 2023
6m

Today, there are over 20 000+ cryptocurrencies in circulation. But only half of them get into active trading. For the last ten years, the crypto market has grown extensively, got overhyped, and covered with scandals and triumphs. As a young market with an ambitious plan for the future, changing the mindset and status quo of the global financial system, it’s attracting both professionals and startup amateurs. And people who like to “test” any market for gray schemas and shortcuts, the hackers and scammers of different kinds, got used to the crypto market and made some serious noise recently.

Traders don’t like when their money disappears from their sight. We mention the positive tendency of the market maturing, embodied in well-measured traders’ reactions. They became more cautious about investing in new projects and requested more details about the projects entering the market. A more mature audience demands a more solid presentation now.

Nobody will look at your intentions if your deeds don’t support them. Your initial task as a crypto startup is to build loyal relationships with your investors, avoiding making communication mistakes that would associate you with a scam-like project. 

This short article will describe some best practices and must-haves for a crypto startup to ensure their audience the serious intentions for market and future business.

Communication-related features of a crypto startup to prove you’re not a scammer

1. The official website

This is your business card or, if we may say so, a credit card of trust for your potential investors. Without a website or with a clumsy one, you’ll be as one-day projects that don’t plan to stay on the market for long. Despite what you communicate, if your website is foggy, buggy, or messy, you won’t earn even a moment of attention from serious investors. That’s a scam—they think before leaving your page.

Be clear in your statements on your website. Communicate openly with direct messages and give plenty of options to contact you. Show your achievements within the timeline. Demonstrate your mission and vision of the future of your project. The main goal of your website is to earn the respect and trust of your future investors. 

2. Community management

Any project has a community space that’s easy to find for an interested audience. It may be a subreddit or Discord channel, a Twitter core account with active comment sections, or an Instagram or Telegram channel. Everything will work, where your project can share news and announcements, and people can react to this content. Sometimes crypto startups start working on their community for some time and suddenly stop. Because of, for example: “We didn’t get any business results from it.” But should you get any “profit” anyway?

The community is not a place where you earn money; it’s a comfortable place for your audience. Here, people who show the first signs of interest in your project can find accurate information about you and interact with others. That is all about the first touch and further involvement. And if you won’t support the fire of conversation, most visitors will abandon your project, no matter how many on-market activities you launch. 

People need a safe space to communicate with each other about their losses and success, especially in crypto. Never give up community management and support!

3. Public mentions of your token or coin

The website is not enough. As the pages of search results can contain more than one link, you must consider what other pages can fill it up. With a single link on your website, you’ll be at least suspicious. So make it more popular through publications in various media, ratings, and platforms like CoinMarketCap, Yahoo Finance, CoinTelegraph, and others.

These efforts will boost you more than SEO marketing, which needs time to bring first results. Achieve positive mentions, as many as possible, and don’t be afraid to get even some critical or negative reviews. The upset customers will show you plenty of room for improvement and a reason to initiate a serious conversation with your audience.

4. Marketing of your value

At last, marketing your project is a must-have. Modern people get used to attention from brands, and if you’re not active enough, you’ll drown unmentioned in the ocean of other tokens. You may know that marketing crypto is in a gray zone, and most marketing platforms won’t allow you to advertise yourself directly. 

You should also know that the marketing strategy of scam projects typically consists of buying an influencer’s voice to create a vortex of hype. With this, they push thousands of people to buy tokens on IEO/IDO and disappear. 

Keeping that in mind, you can promote your ideas and the way your investors can benefit from your project. Your token or coin is only an instrument for your business, not an end goal. You have to talk about it only from your investor’s point of view.

Business-based features to prove the project is reliable

5. The positioning and value of the token or coin

Nobody needs another token. It might sound quite the opposite of what you think about your project, but it’s a sour truth, you have to admit. Without core mechanics of what makes your token liquid, your project may fail or look unreliable. The explanation of your core value mustn’t look like this:

You must be clear to anyone, even those unrelated to crypto. 

Also, define the people that will have fun and benefit from buying and selling your token. Your correct positioning made by specialized crypto marketers is key to the subsequent success of your trades. Offering to “everyone” or “anybody” will take you nowhere. 

6. Project liquidity 

This activity can drop off your attention, even if all previous points were evident to you. So as a P2B exchange, we explain and demonstrate how the exchange works with newly listed projects and why your liquidity is the first thing you must consider in advance.

From the moment your token gets into the market, you have to be sure there are enough opportunities for different investors to buy and sell it. Consider how to provide enough liquid orders if there’s an opportunity to buy and sell tokens 24/7 and if the price has a natural trend that isn’t too curvy or straight.

7. The team behind the project

This reason is based on human psychology. No matter how digital our world is, we still look for faces to set eye contact. Crypto depends on vivid personalities and enthusiasts sharing their ideas and inspiration. Even if you think that your team is “nothing special,” let your audience has a look at those who are working for you. Showing your names and roles, inner structure, even speaking out loudly about your internal events—all these actions demonstrate your transparency and openness, which are not typical for scammers.

In terms of money and investments, people trust people and only then—their ideas.

8. The development roadmap

With each bigger fish coming into your pond, you must be ready to catch it. People that get used to investing considerable sums of money have a rightful habit of asking about plans for your project. Naturally, investors want guarantees for having their money back, and it’s better to be ready to return them multiplied. 

To earn their trust, you’d better prepare a roadmap of your business development for 6+ months. The main thing to show here is your realistic planning. It’s good if you can create a whitepaper for ten years of development, but who’s going to read that book by their own will?

Stay clear and precise with your plans, and be argumentative and persuasive. Your development roadmap should be doable in any case, and it’s better to include a few scenarios to be maximally honest with your investors.

Share your vision of anti-scam features

So there you have it: if you decide to stay in the crypto market for longer than scammers, you have a lot of things to do. It’s always more complicated—to be honest and transparent, than foggy and scammy. But the crypto market is maturing very fast, and soon even scammers won’t get into the market that easily!

So if you see that we haven’t mentioned a critical feature of a non-scam crypto project, please let us know! Let’s make the crypto market safer for trade and your project—more profitable and viable!

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