Sunday, September 25, 2022

Is cryptocurrency investment a scam? Let’s dig deeper

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Crypto currency was introduced to the world in the year of 2009 and since then, this particular virtual currency has undergone several ups and downs. Believe it or not, the crypto market is quite volatile. Apart from this, there are plenty of rumors and scams on the BitQZ auto trading app  market which negatively impact the value of the crypto currency.

These crypto scams generally target the private information such as passwords, security credentials, et cetera of the users. Due to these crypto scams, many users worldwide have suffered immense losses. 

Common scams of crypto currency

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Before you learn about the measures to keep yourself protected against crypto currency scams, you should learn in detail about the most common scams affecting the crypto world. 

  • During trading, many novice crypto investors get call from scammers who claim themselves to be seasoned investment managers. Finally, they steal the money.
  • Another common type of crypto scam is the rug pull scam where the scammers lure novice crypto investors to purchase crypto currency and later, they design the code for these investments in such a way that these crypto investors are unable to sell those crypto currencies ever. 
  • You must have heard of the romance scams where the scammers gain the trust of the novice crypto investors first and later, make them give money to crypto currency of the scammers’ choice.

Apart from these scams, there are phishing scams, the man the middle attack, social media cryptocurrency giveaway scams, ponzi scams, fake cryptocurrency exchanges, fraudulent employees etc. Every day, there can be irrelevant websites that crop up, and that can never be beneficial to your overall investment plan. 

How to protect yourself against these scams related to crypto currency investment?

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If you have complete knowledge on how to keep your crypto currencies protected, you won’t have to worry about crypto scams at all. Let’s learn a few tips and tricks.

  • Stay away from the trading platforms and especially crypto investment managers who promise you that with their support you will gain a huge profit from the crypto market.
  • If you see any website mentioning that it accepts only crypto currency for the payment for their goods and services, you must steer clear of them.
  • If you are working with the help of an exchange and you have a crypto investment manager to guide you, then you must check the review of the exchange and the background of the manager to avoid any kind of foul play.
  • Last but not least, if your trading manager promises you any type of free money for investing in crypto currency, you should be sure that they are scammers. If there is any promise regarding multiple crypto transactions in one day, you should stay away from these crypto trading sites as well.

What are the preventive measures to keep yourself protected against crypto currency scams?

  • If you have a deep understanding of the crypto investment, you will be protected from all types of crypto currency scams. So, before investing in any crypto currency know how it works at first.
  • Never invest in any crypto currency based on the advice of your online friend whom you personally don’t know.
  • Stay away from crypto currency giveaways and promotions you get to see on various social media platforms.
  • Another thing, never share the private key or public key of your crypto wallet with anyone. Keep the key in such a place where it cannot be hacked, preferably off-line.
  • Also, if you are not actively trading on crypto currency, try not to leave your coin on the crypto exchange.

Believe it or not, the transaction with crypto currency is much safer than that of traditional currency. Apart from this, crypto currency offers low transaction fees, great transaction speed, the anonymity of the users, etc. So, despite all these backlogs, crypto currency will keep on showing outsized returns in the future. 

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Since you know that there are the hot and the cold wallets for crypto, you have to be very patient when you deal with the entire lot of cryptocurrency and save all your major crypto safe from hackers and phishing attacks.Here, if you follow the aforementioned guidelines for safety against crypto currency scams, you can invest in crypto currency worry free. If possible, try using the trading app- bitcoin Auto-bot for an excellent trading experience.

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Ethan More
Hello , I am college Student and part time blogger . I think blogging and social media is good away to take Knowledge

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