How to Know If Your Chosen Cryptocurrency Is Authentic?

Blog by Dagcoin

Cryptocurrency has been a hot topic for scandals ever since its inception. And not without good reason – as it is an invention that has barely existed for a decade and offers plenty of opportunities, it is as open to abuse as it is for success stories. How then, can someone make sure whether the cryptocurrency they’re using is the real deal and not?

Cryptocurrencies with open development

What makes a ‘reliable’ or ‘trustworthy’ cryptocurrency? Every single one of them offers an opportunity to earn and trade, after all. Here we’ll discuss open-source cryptocurrencies, which means all development logs and updates are open to the public and also available to outside development.

If something is open source, it ideally means that it is open to feedback and through it, improvement. With this type of cryptocurrency, it is important to see just how much development goes into not only keeping it functioning but also easy to use. One of the means to check this  development process is the web repository called GitHub.

If you’re new to the whole cryptocurrency deal or not particularly familiar with tech, you may not know what exactly Github is. While its primary purpose provides to software engineers and developers, it has proven itself as a valuable platform for virtually anything that requires data logs and open source updates (some people have even used it as a travel log open to input from users). And, it can also be a convenient tool for those who wish to keep an eye on cryptocurrency development.

Cryptocurrency is software, after all. What Github primarily does is store different versions of public software and various information on it, so one can easily track what goes on in the development of various cryptocurrencies, apps or programs. Well, that’s interesting, but what should you keep an eye on, then?

The key characteristics

So, you’ve chosen a cryptocurrency that can be easily found on Github. There can be some trustworthiness in it, since several cryptocurrencies bank both on public investors and public developers, making them a crowdsourcing effort on different levels. What’s next?

Take a look at how much extra information is presented about a specific cryptocurrency and whether it is being updated. This leads to the two things to look out for – how much development is going into it in general and how frequent are the commits displayed in the repository.

To put it in short, the key characteristics you need to look out for are:

  • Regular updates
  • Recent updates

Of course, there are some other factors you might consider, but for the regular user, this is what you should check for on the technical side in terms of authenticity.

Constant development does not mean faulty software

You might take a look at an open source cryptocurrency and see the amount of fixes and updates in the code as problematic signs. But nothing could be further from the truth. To put it simply, our whole cyberspace is relatively stable thanks to the constant updates it receives through the tireless work of developers.

Every day brings new technology both good and bad, that can require some form of response through development. Take the frequently renewing iOS for example, or even the regular Windows updates – these are a sign of care, rather than carelessness. And it is essential to take note of this care (or lack thereof) when considering openly developed cryptocurrencies.

Read more: Choosing Your Cryptocurrency: 3 Things to Look out For