What are the crypto scams that you have to watch out for?

With the number of people entering the crypto world as of late, they should be aware of crypto scams. Here are some scams that they should avoid as they can hurt their burgeoning portfolio. This will also be helpful to some crypto veterans who are unaware of scams that can hurt them.

Crypto is one of the biggest assets in the world right now. It has grown exponentially over the past few months with the rise of Dogecoin to stardom due to Tesla CEO Elon Musk’s support. Even the computer parts industry has been affected by the rise of crypto as graphics cards have been in demand as it helps with the mining aspect. 

It is not as simple as free CSGO skins as crypto is known to be an asset that is accessible to many. As long as you have the funds to afford the first investment, you can assert yourself into the crypto market. However, you should be careful with your moves as there are people who want to scam you out of your tokens and/or money. 

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Fake bitcoin exchanges

Some people struggle when it comes to Bitcoin as they still don’t know the basic mechanics to earn more Bitcoin. It has a volatile value over the years and it has taken investors on a rollercoaster ride since it was created back in 2009. 

With this popularity, they have attracted so much attention which has also affected the people who have bad intentions. This includes some people making fake bitcoin exchanges. Back in 2017, there was a fake exchange called BitKRX in South Korea. 

They presented themselves as the largest trading platform in the country while they took people’s money without remorse. That was scary given that there were people who were interested in making it work but they struggled to keep it working as authorities managed to expose the scam. 

Hopefully, people can appreciate that authorities can fix the issues as long as they cooperate properly. It will be tough for people to see this considering that crypto’s nature is to be decentralized. Being smart with money and researching the companies first before investing is the right move to do. 

Fake cryptocurrencies

One of the most common scams in the crypto market is people presenting new crypto that can be an alternative to bitcoin. There are many up and coming cryptocurrencies in the market but you need to research first before investing in new crypto. Hopefully, some people have better outlooks on crypto because it’s not a get-rich-quick scheme, it’s something that you invest both funds and time in as you have to let it grow on your own merit. 

A crypto called My Big Coin was shut down in 2019 due to its fraudulent nature. The people behind it took $6 million from customers to invest in the fake crypto and then it was redirected to the owners’ personal accounts. That was a classic case of a scam in the crypto world especially as it takes advantage of the people who are interested in making a mark in the market. 

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The old school scams

While there are people who are aware of old school scams, there are still people who fall for messages that aim to get their money. People tend to be gullible and it’s unpredictable given that there are so many convincing messages in the mail or even on online platforms. 

Phone calls are also a source for this as there are people who use them for scamming purposes. Hopefully, you are aware enough to avoid those scams because you should have a solid perspective on how people can take advantage of you. 

Research is yet again the weapon that you can use against these scams as there are people who are aware that some new crypto investors are not interested in the info regarding crypto other than Bitcoin and other mainstream assets. 

Malware

Since crypto is mostly stored on computer devices, malware is a big part of the security issues. Some people can make programs that hack into your devices and possibly steal the crypto that you have. It is hard to prevent this if you’re faced with a smart hacker but you should be smarter with the emails that you receive. 

Clicking suspicious links is a big part of this as passwords tend to be stolen. Credit cards and bank account numbers have been stolen with this method over the years. With that being said, both crypto assets and even NFTs have been stolen by smart scammers around the world. Downloading some bad files is also a big part of this as people use those programs that you might’ve accessed on social media. 

You can see this properly by looking at the info that is put alongside the files. Some scammers tend to claim that programs allow people to mine Bitcoin or other crypto for free. Do not download that kind of program as you can get malware from those programs. You should be aware of this especially if you are internet savvy. 

Don’t fall victims to crypto scams by being smarter

Staying alert is a big part of being a member of the crypto market. There are potential scammers in every part of the world which is why you need to be smart. It’s not easy but that is the case with a decentralized market. You have to trust yourself but you need to refine your crypto mind as there are tough decisions in crypto. You also have to research every move that you make. 

Some people trust their instincts which is something that people should also do. Bitcoin and other crypto are volatile but you have to be patient and not make dumb moves. That is what scammers prey on which is avoidable by being smarter. 

The crypto market is not as simple as looking at free CSGO skins in the gaming world. Research and foresight should be the best asset that you bring to the table. Have fun with your crypto activities!

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Words: Pocholo Magsino