Here are the 5 things you can do to protect your cryptocurrency investment:
As cryptocurrencies gain more and more popularity in this country, many people are seeking information on them and how to start earning by investing. As crypto-assets continue to grow in popularity among investors all over the world, it has also attracted lots of scam artists who are hoping to take advantage of those seeking a quick way to get rich. When looking for a digital cryptocurrency provider, the fact that they’re blockchain-powered is a good sign. Blockchain companies track detailed data to comply with regulations and there’s less risk of fraud. It’s also important to make sure they have a sound business strategy. Just because there is a new and profitable industry out there, it doesn’t mean everyone has the right intentions. Take these 5 steps to spot and avoid cryptocurrency scams:
Research on your own
It can be tough to ignore advice from industry leaders or authors with an enormous following on the web, but you should do your own research before making any investment decisions. To start, take a look at PCMag’s guide to purchasing, selling, and managing Bitcoin. If something seems questionable or far-fetched at all, it’s most likely are cryptocurrency scam.
Don’t Trust on Strangers
Treat any individual who reaches out to you in regards to cryptocurrencies or offers you a speculation opportunity for cryptocurrencies with caution. Don’t trust messages from people who ask you to pay with crypto. You don’t know what might happen if you do.
Make your Crypto Wallet Secure
You probably have a story of someone who lost a few hundred dollars by not being careful with their virtual wallets. Whether or not you own some crypto, never share your private key & seed as it will allow people to access what is stored inside. In general, storing your private data offline is a good idea.
Always use Multi-Factor Authentication
Take a multifaceted approach to verifying your crypto wallet to protect against the potential of cyberattacks. It’s never a guaranteed fire-proof method as we saw after the Coinbase hack, but it does offer you a fighting chance against numerous attacks.
Always check the URLs
If an email seems to be from your bank with a fraudulent URL, or there are other signs it might be fake, double-check the URL to make sure it matches the one you visit online. Ensure your site is secure, so look for the lock sign before the URL. Make sure to turn on your anti-virus software. One of the most effective AVs we’ve tried protects from phishing tricks designed for your benefit and blocks malware
Also Read:
- Top 10 Cryptocurrency events of 2022
- How DeFi Works – Decentralized Finance
- The Basics of Non-Fungible Tokens (NFTs)
