Hey everyone, got a quick question.
Is XEC (eCash) a scam? I picked up a bunch a while back and now I see my investment is down to just 1/10 of its value. They claim it's part of the Bitcoin Cash network, so why is this happening?
If anyone has insights, please share. Thanks!
There is a coin called eCash (XEC). It is having a marketcap of $247 million right now and ranked 148. You can read more about it on Coinmarketcap.
https://coinmarketcap.com/currencies/ecash/
Or you can visit Coingecko to read more about it.
The coin is not a scam.
Why did you ask if it is a scam? It is very possible that scammers is impersonating you inorder to scam you. Just be very careful of scammers. They can use anything to scam someone, even they can use bitcoin in their tactics to scam someone.
Avoid connecting your wallet to a site you do not know.
Or you can post more about the reason you asked if XEC is a scam or not.
eCash (XEC) isn't a scam project, they're even ranked #148 on Coinmarketcap. The price dynamics in this project are also not too volatile recently, so you shouldn't lose 9/10 of your portfolio in this project. Let me guess, you bought it around the ATH price, right? it makes sense that you would lose 9/10 of your portfolio if you bought it at the ATH, since the ratio between the ATH & the current price has decreased by -97%.
Additional information for you, this project doesn't stand on any blockchain, because they have their own blockchain (L-1).
If you're seeing your money down like 90% from your initial investment. It's the question for yourself, why did you invest in Bitcoin fork coin?
To explain Ecash is a rebranded version of Bitcoin Cash. That's the reason it's using Bitcoin Cash network. To say it's scam, i'm sure it's not yet a scam, but the development of project seems stalled. It also has no interest from the people to buy it, yet the pressure from Bitcoin early adopters who claimed theri Ecash, then dumping it to the market is too big.
So the price is plummetting so hard like there will be never end to it.
AFAIK, it's another fork of a fork. LOL
This is normal for the altcoins because not every fork can be the same as the original one. Well, the origin of this is bitcoin then forked by bitcoin cash and eCash is a fork from bitcoin cash. That's why people need to be careful about investing in altcoins, I guess that you've thought with so much supply of it, you'll likely get a good profit from having it.
I don't know how or on what basis you came to ask if this is a scam. It's listed on the top exchanges in the crypto space, OP. On HTX alone, its daily volume is at $1.5M, while on Binance it's around $350,000, meaning its daily volume across all the exchanges where it is listed still reaches millions of dollars.
So, it's quite clear that this is not a scam coin, because it has many traders buying this coin. Just because its coin value dropped doesn't automatically mean it's a scam; of course, it doesn't work that way, dude. Maybe you just weren't able to sell at the right time when its price was good, which is why you're saying that now. As you know, in the crypto trading industry, you also need to be skilled and knowledgeable in executing the right timing for selling and buying coins.
It's not a scam. The 1/10 ratio is due to the divisibility of eCash. It's divisible up to 10 units, while BCH is divisible up to 8. Devs made it this way to make XEC easier to use as digital cash. To clarify, eCash is NOT under the Bitcoin Cash network, but rather an independent fork of Bitcoin Cash itself. Your funds are safe.
But if you mean that you've lost 1/10 of your money, that's another subject. Since XEC is not that popular, it depends on other coins to survive. So if the whole market is going down, so will XEC. You'll have a better chance of making money by investing into BCH itself. Only if you're still interested in alts. Otherwise, BTC wins hands down. Do your own research to see what I'm talking about.
That's not a crucial lesson if we refer to @OP confusion about why his $XEC token portfolio plummeted. IMO, the crucial lesson here isn't to just buy & forget. As asset buyers, we must also constantly monitor our portfolio's performance, this can also help us avoid missing out.
Yep, as expected. That's why you experienced a decrease in the value of your $XEC investment portfolio.
Some years ago there was a blockchain split on the Bitcoin Cash network when their lead developer wanted to make some controversial changes. Very few people went along with the fork and the altcoin that resulted from the split was rebranded as eCash.
It still has a high market cap for a failed altcoin, but thats because it split from Bitcoin Cash when most of its supply was already circulating. The chart says it all. Its price has been going down its entire history, and it is not likely to recover.
For a PoS "shitcoin" promising near-instant finality (Avalanche) and high transaction throughput, I'm surprised it still has a high market cap. At least, it didn't go along other forks/copycat projects by carrying the Bitcoin brand/name. The lead developer (Amaury Sechet) tried to make something different, but ultimately failed. He should've focused more on reducing the circulating and max supply of XEC, and rewamp the project's marketing/promotion strategy.
eCash could've gained the attention of mainstream investors, leading to hype (thus higher market prices and market cap). Even Bitcoin SV is faring better than eCash. The OP is better off investing into another crypto instead. It won't be long before eCash fades away into oblivion. May it "rest" in peace.
So, it's your fault from being driven by FOMO to buy XEC just after it went up. You should have wait it until it crashes, then buy at the bottom. I know how it feels being trapped due to the dump, but i hope it can go up so you can get your initial investment back.
If you're not patience enough, you can think about to pivoting to the another crypto that has greater potential to go up.