Glossary

Scamcoin

Moderate

Coins that are created as "get rich quick schemes" by their developers are referred to as a scamcoin. 

What Is a Scamcoin?

A scamcoin is a fake cryptocurrency that was created to make money for the creator while stealing money from people who supported and invested in the coin. 

Coins that are created as "get rich quick schemes" by their developers are referred to as a scamcoin. 

These coins will usually have certain properties to them, such as being clones of an existing coin or being pre-mined.

The existence of scamcoins is one of the main reasons why many cryptocurrencies which are currently in existence have the potential to become worthless.

In other words, when someone creates an illegitimate cryptocurrency in order to steal money from people, they have, in essence, created a scamcoin.