Avoiding Cryptocurrency Scams

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It is not right to say that it is not possible to keep in mind precautions to avoid scams in this world as there are a lot of scams occurring nowadays while dealing with cryptocurrencies , so I am sharing some of the steps and precautions which you can say by following such kinds of scams can be avoided.

• Educate Yourself: Basically your earning and education should be very strong. It means you should learn about how cryptocurrencies work and then you should also stay updated about the latest development in the crypto world .

• Research and Verify : In most of the cases we do not research when we invest on something but in most of the cases due to our negligence we also become a prey of any fraud that’s why before investing on any cryptocurrency or in any kind of projects, it is necessary that you should take self research because nobody else can do research for you and while researching on particular cryptocurrency and project it is generally required that you should verify the background and credentials of the team which is behind it.

• Beware of Unrealistic Promises : Yes there are things that you can judge that could be a scam and it is then that if there is any investment opportunity you ever have in your life, and if a specific project is offering sure promise of giving you tokens or some personal gains without any form of risk, then it could probably be most likely a scam for the reason of that cryptocurrency investment always comes with risks and gains are not always certain.

• Secure Your Wallet :At times, due to low quality wallet and unreliable wallet, you may also keep your tokens into security risks, so always select any of the cryptocurrency wallet that has good reputation and make sure they have the security feature like two factor authentication and also regularly get in touch with any change of password regarding your wallet.

• Avoid Suspicious Links and Emails: I have personally observed and statistics also describes that nowadays sending or forwarding suspicious links and emails activities are rising up with the message of time. So the kind of phishing attempts you need to steer clear of are: you should not click on any link of the email and you should not download any kind of attachment that is malicious, and there are also double check email addresses offers available for doing such kind of scams so keep in mind all these thing for precautionary measures of tokens

• Use Trusted Exchanges : If you wish to trade the assets, it is crucial to understand that for buying and selling purpose, you should use a recognized exchange; if you are using an exchange that is new to you then firstly try to learn more about that including its security measures, reviews of various users who have used it and its compliance to the regulatory laws.

• Beware of Pump and Dump Schemes: You should always be very preventive over such features as sudden increase and decrease in the price because there are some tricks that pop up at social media and try to make a very big hype in the system and these tricks always manipulate the price and simply make it go very red before dumping the investors.

• Protect Your Data Now this thing is very much important for you is to make sure that your private information is safe because if it is private then it should not be public so never share your any kind of password or any sensitive info to anyone even though how much close that person is to you.

• Consult a Professional While I have stressed a lot on self research it does not in any way mean you should lack the opinion of an expert who is more knowledgeable than you and especially if you have the opportunity to invest but you have that funny feeling that something is wrong and smelling fishy then you should seek the opinion of a financial expert and ask him what he has to say about the project.

Finally I want to say that these were the steps to protect yourself from any kind of scam related to cryptocurrency, but now all of you already know the fact that Crypto currency is highly dynamic in nature and innovative, and there are new rules that may emerge in future so it is better for all of you to keep yourself update with the latest happening going on Crypto world, because it will make you more powerful by improving your steps for avoiding any kind of scam.

Posted Using InLeo Alpha

Posted Using InLeo Alpha