Are you confused about cryptocurrencies such as bitcoin or Ether (linked to Ethereum)? You aren’t the only one who feels in such a way. Before using or investing in crypto, understand how it differs from cash and other payment methods. Also, learn how to avoid cryptocurrency scams and discover easily hackable cryptocurrency accounts.
What is Cryptocurrency?
Cryptocurrency is a kind of digital currency that is only available online. You usually use your phone, computer, or ATM to buy cryptocurrency. Although Bitcoin and Ether are well-known cryptocurrencies, there are many more, and new ones are constantly being developed.
Best way to get cryptocurrency?
You can buy cryptocurrency from,
- Cryptocurrency ATM
- Exchange
- App
- Website
In addition, some people make money with cryptocurrencies through a complex process known as “mining,” which involves using advanced computer equipment to solve difficult math puzzles.
How to spot Cryptocurrency scams?
Scammers are using tried-and-true fraud tactics but seek cryptocurrency payment this time. One of the most common ways scammers trick you into buying cryptocurrencies and transferring them is through investment scams. They also impersonate corporations, government agencies, and romantic interests, among other things.
Investment scams :
Investment scams sometimes advertise that you can “earn a lot of money” with “zero risk,” They frequently start on social media or dating apps or websites. Of course, these scams can begin with a random text, email, or phone call. Crypto is also important in investment scams because it can be used as an investment and a payment.
Here are some of the most prevalent investment scams and how to avoid them.
- A so-called “investment manager” calls you unexpectedly. They claim to increase the value of your money if you purchase cryptocurrencies and deposit them into their online account. The investing website they direct you to appears legitimate, but it is not, and neither are their claims. You won't be able to withdraw your money unless you pay exorbitant fees if you go into your “investment account.”
- Scammers make false promises of free money. They'll give you free money in cash or cryptocurrencies, but free money promises are almost always wrong.
- Scammers make forceful statements with no supporting evidence or justifications. Please find out how the investment works and ask queries about where your money is going, no matter what it is. Honest investment managers or advisors want to share that information and will provide details to back it up.
How to avoid cryptocurrency scams :
Scammers are always coming up with new ways to take your cryptocurrency. Here are some things to be aware of to avoid becoming a victim of a crypto scam.
- Scammers are the only ones that demand payment in cryptocurrencies. No respectable business will ask you to send cryptocurrencies in advance — not to buy something, and certainly not to protect your funds. It's always a hoax.
- Fraudsters only guarantee profits or significant returns. I don't believe anyone who claims to be able to generate money in the crypto markets rapidly and efficiently.
- Never combine online dating with financial advice. It's a fraud if you meet someone on a dating site or app who wants to teach you how to invest in cryptocurrency or asks you to transfer it.
