How To Avoid Cryptocurrency Scams : In today’s article, we are going to give you information about what is crypto scam and how to avoid crypto scam.
These days, if we talk about investment, then the name of crypto currency comes in everyone’s mind. Because crypto is the only thing that multiplies your investment manifold in a very short span of time.
There are many people who are earning lakhs of rupees by investing in crypto currency. But where it comes to investment, there comes the matter of scam. Yes, there are many big scams in crypto too, and you need to be alert from these scams otherwise you may have to bear the loss.
What is Crypto Scam?
Cryptocurrency Scams happen almost everywhere in the world. Scam means to steal someone’s thing fraudulently or to grab it by doing anything. Ever since the advent of the Internet, it has become easier for fraudsters to scam people.
In India too, you hear news of someone’s bank missing money almost every other day. Scammer traps you by giving some kind of greed or a strong offer. If you do not fall for any kind of greed then you are absolutely safe.
Because Scammers take advantage of greed, fear and haste the most. Crypto scams also happen like this. The problem with crypto is that once your crypto coin is transferred to someone’s wallet, it cannot be returned. Because you know Crypto Transaction is irreversible.
How to identify Crypto Scam?
If a scheme is so good that even your brother does not do that much good for you, then there may be something wrong with understanding. Think for yourself that if he knew such an easy way to earn a lot of money, why wouldn’t he have done it himself?
WThis is a plan to take money by giving greed, friends trade in crypto exchanges, the price keeps on changing all the time as in the stock market like food market, here there is no fixed return like FD of the bank.
No one knows how much the Crypto price will increase in the future, so why would anyone give you guaranteed returns by taking the risk of rising prices? This is the way of crypto scammers to trap low risk takers, such people easily get into things after hearing the name of fixed return, but if they want to take less risk.
So don’t get fooled by such people, rather do your own research and create your own crypto portfolio, that is, create your own coin collection.
If you go to any big website or app which has millions of users and see some common mistakes in English, then understand that it is a fake website which is either copying some big company and remember the whole matter is fraud. Big websites keep updating themselves and such mistakes are very rare on them.
Do not enter your login details anywhere other than the verified website or app in crypto currency, if someone calls or emails you asking for login details, it can only be scammers.
Taking the name of an important crypto exchange and being its official, asks you for login details, then you should understand that he is only a scammer.
How do crypto scams happen?
- Pump and dump method : This includes some special coins or tokens that are inflated by fraudsters by promoting them a lot through email or social media such as Twitter, Facebook or Telegram. After this, many investors rush to buy seeing the price rising. After the scammers succeed in driving up the price, they then sell their holdings, causing the cryptocurrency’s value to drop rapidly and many people lose out.
- Scam from fake website : Scammers sometimes create fake cryptocurrency trading platforms or fake versions of crypto wallets to dupe newbies. These fake websites usually have domain names similar to those of the sites they try to mimic. They all look very similar to the real sites, making it hard to tell the difference between a real site and a fake one.
- Fake apps: This has become the most common method these days, many scammers are creating fake apps these days and cheating people through those fake apps. Although these fake apps are removed from Google Play Store very quickly, but by then it is too late. Because many people use these fake apps and lose their money. According to a research, it has been found that even today thousands of people have downloaded fake crypto currency apps.
How To Avoid Cryptocurrency Scams in 2023
- Invest only in things you understand : If you do not know how any crypto currency works, then before deciding to invest, do a thorough research on that crypto currency, because this is the best way to save your investment.
- Keep your wallet safe : To invest in cryptocurrency, you need a wallet with private keys. If a firm asks you to share your private keys in order to participate in an investment opportunity, it is highly likely to be a scam. So that’s why you have to keep your wallet keys private.
- Keep track of your Wallet App : The first time you transfer money, send only a small amount to confirm the validity of the crypto wallet app. If you are updating your Wallet app and you see any issue, stop the update and uninstall that app.
- Always download apps from the official website only : By the way, you will find many websites from where you can download the crypto currency app. But you do not have to do this because by doing this you can get scammed. That is why you always have to download the crypto app from the official website only.
- Devote time to research : Scammers often lure you with various lures to get you to invest your money quickly. Like for example, if you buy this crypto then you will get a bonus on it or you will get a discount of some rupees. Do your research before investing any money and invest only after waiting a bit.
- Beware of Social Media Ads : Crypto scammers often use social media to promote their fraudulent schemes. Scammers may often use pictures of celebrities or big business people, or they may promise you free cryptocurrency. So in such a situation, you do not have to pay much attention to social media sciences.
What are Crypto Scams?
Crypto scam Means wrongly stealing other’s crypto, it is like other scams like trapping them and taking their money.
Some important ways to recognize Crypto Scam
If a scheme is so good that even your brother does not do that much good for you, then there may be something wrong with understanding.
How to Avoid Crypto Scams?
To invest in crypto currency, invest only by going to the decentralized crypto exchange, do not lose your money due to the greed of someone’s promises and more benefits.
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