Blockzeit
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
  • EnglishEnglish
    • EnglishEnglish
    • DeutschDeutsch
    • PortuguêsPortuguês
Buy Crypto
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
No Result
View All Result
Blockzeit
No Result
View All Result
Home Education
Avoid crypto

Avoid crypto

Avoid These Mistakes In Crypto

Aaron Moses by Aaron Moses
June 17, 2021
in Education
Reading Time: 4 mins read
0
Share on FacebookShare on TwitterShare on LinkedinShare via WhatsappShare via Email

The cryptocurrency industry can be extremely lucrative. In their lust for profits, people easily forget that this is still a young industry. And in every young industry there are risks and scammers. The crypto scene still lacks simplicity and transparency which can be scary for new investors entering the industry. We outlined a few mistakes that you should avoid in crypto.

Sending funds to wrong address

Unfortunately, many newcomers to crypto don’t do their due diligence of research. The most important thing to learn before buying crypto is studying wallets. There are wallets that are not compatible with certain types of crypto wallets. For example, one cannot send Polkadot to a MetaMask wallet because MetaMask is not configured for Polkadot. If a person accidentally sends their crypto to an invalid address, they could potentially lose it. In most cases this is a problem that can be solved, however, there are instances where the funds are irretrievable. When trading crypto, it’s very important you double check when sending tokens another address. There is no institution in crypto that reimburses them when they lose their tokens.

Avoid scammers by following this important step

A fruther crucial mistake is to fall for scams. There are still a lot of scammers in several areas in crypto. A new method which many scammers use is sending a message on Telegram or WhatsApp that contains a virus which breaches the security of individuals wallets on their phones or laptop. Often this is easily protected through having a wallet with two-factor authentication. This way you’ll be alerted if anyone breaches your account’s password or seedphrase. It’s another step in security which makes it very difficult for scammers to get past. One flaw with MetaMask is that the application does not have a two-factor authentication (2FA) feature as it should. To best protect your crypto, it is highly in their interest to choose a wallet which has 2FA. Otherwise, your wallets are much more susceptible to being hacked.

Other scams to be aware of:

  • Never send your crypto to someone who you do not know or who might be impersonating a celebrity. It has been revealed for. example that Elon Musk impersonators have made several million dollars with these kinds of scams.
  • “Get rich quick” scams. If you have been in the crypto space for a while you will have surely been contacted by people who would promise you crazy returns. Usually, your first return will be good, so that you will invest more money, but then they will suddenly disappear. Be aware of these “get rich quick”-scams.
  • Fake IDOs. If. you decide to invest in an IDO, you need to make sure that the project is legit. Too often people invest into a project and the next day the website disappears and they disappeared with your money.

Be aware of impersonating projects

One of the easiest ways to be scammed in crypto is connecting one’s wallet to a fake version of a certain decentralized exchange. For example, there are many fake Pancakeswap websites which will prompt a person to connect their wallet. And once this is done, they will take the tokens out of the wallet faster than one would likely be able to counter them. It’s very easy to avoid this scam. All that needs to be done is to bookmark the correct exchange in your browser. A straight-forward way to verify whether it is the real website is to find it on the company’s Twitter page. Make sure there are many followers on the Twitter page and also that there are some influencers following it, so you know it’s not a fake Twitter page – which may also exist.

Final thoughts

It can seem really scary to jump into the crypto game with all of these potential risks. One way to stay ahead of the game is to join reputable Telegram groups which are constantly educating their community about current trends in crypto. Also, you can stay on the bigger exchanges as they are much more safe and will be a lot easier to use. As long as you do your due diligence and are cautious, you will most likely stay out of harms way. There’s always that 1% chance that something could go wrong. However, in a young industry as crypto, there will always be some risks.

If you liked this article you might also like: How to protect your crypto – 5 easy way

Aaron Moses
Aaron Moses

Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.

Tags: CryptocurrencyMistakesSams
Previous Post

Neil Armstrong Joins Metaverse On Blockchain NFT

Next Post

President Biden Wants To Work With Russia To End Ransomware

Related Posts

Avoid being a victim of crypto pump-and-dump schemes. (Photo Source: Flickr)

Crypto Pump And Dump: Red Flags That Lead To Them

by Giancarlo Perlas
February 2, 2023
0

Crypto pump and dump often leaves vulnerable investors who missed selling from the peak with a very low valuation of...

Crypto research  source: Nansen

Top 5 Essential Crypto Research Tools for Investors

by Edmond Herrera
February 2, 2023
0

Discover the top 5 essential crypto research tools for investors. Get hard to acquire information on news and chains –...

Cryptocurrencies now fall under the "Digital Asset" reporting in the updated 1040-SR form of the IRS. (Photo Source: Wikimedia Commons)

Here’s How To Properly Declare Your Crypto To The IRS

by Giancarlo Perlas
January 31, 2023
0

With the stricter regulations in federal income tax reporting that now include digital assets, there’s a need for cryptocurrency owners...

Load More

Get updates to your inbox!

Subscribe to our mailing list to receive daily updates!

FOLLoW US:

Blockzeit Logo 10 1

Blockzeit was founded in 2021 in Switzerland with the mission of bridging the gap between the complex blockchain technology and the general public. Blockzeit is a news and education platform that aims to make blockchain more accessible and bring more transparency to the scene.

Popular Categories

Categories
  • Bitcoin News
  • Business
  • Education
  • Investing
  • Markets
  • Metaverse
  • NFTs
  • Politics
  • Press Release
  • Switzerland
  • Technology
  • Trends
  • Uncategorized

Important Links

  • Privacy Policy
  • Disclaimer
  • About us
  • Contact us
  • Blockchain Jobs
  • Events

Contact & Social

For guest posts, contact us via info@blockzeit.com

 

Contact: info@blockzeit.com
Press: press@blockzeit.com

Facebook Twitter Linkedin Instagram
  • Home
  • Markets
  • Investing
  • Technology
  • Trends
  • NFTs
  • Education
  • Events
© Copyright by Blockzeit.com. All rights reserved.

Disclaimer

Start making money with crypto.

Buy Here
No Result
View All Result
  • News
    • Business
    • Politics
    • Metaverse
    • NFTs
    • Markets
    • Investing
    • Technology
    • Trends
  • Tools
    • Crypto Charts
    • Crypto Heatmap
  • Education
    • Reviews
    • Guides
    • Bitcoin Price Analysis
  • Crypto Exchanges
  • DeutschDeutsch
  • PortuguêsPortuguês

© 2021 Blockzeit by Blockzeit.