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Are you looking for a quick return on the investment platform? Have you been promised by some random kind of multiplication of your bitcoins or of your investments in investments? Well, here's the truth and nothing but the truth – it probably is Fraud.
There are many opportunities on the Internet. At the same time, risks and uncertainties abound, putting your money at risk. Let's have a look at some of the things to do and not do in the world of Crypto.
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High return on investment and fast money schemes
You want to multiply your money overnight or get a return on investment (ROI) within a short period of time. The people behind these patterns understand your desires more than you and they build platforms that promise returns. Most of them claim to be traders who have perfected the art of trading while others claim to be miners willing to sell you hash power that will generate cryptocurrencies in exchange for your cryptocurrencies.
These promising high-performance opportunities are common across Facebook groups and are very well suited to attracting new ones into cryptographic space.
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Casual social media investors
Instagram, Facebook and Twitter are some of the social media sites where it is easy to come across fraudulent individuals who will try to lure you into lucrative business.
So that's how they do it:
- Spread a conversation.
2. Ask to view their profiles that are full of flashy lifestyle images.
3. Suggest to show you how to earn and become rich like them.
4. Share images of their families and themselves that are false. (Imposters)
5. Ask to invest as little as possible.
6. Promise returns and share evidence from other investors who earn and give feedback.
7. Insist that you are losing promotions and anything.
8. Engineer reverse the psychological tricks on you.
Most social media sites will block or close these accounts. You can do your part by reporting these accounts for fraudulent activity.
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Phishing sites and malicious software
At the time of writing this article, there are thousands of fake and malicious phishing software online. Most of the software on these sites claims to offer free encrypted or multiply your investments.
Once access is granted, phishing sites can access the information stored on the device, compressing it and allowing them to access your account information. Malicious software happens to do the same.
When you do a search on Google, for example for an exchange, always make sure you are in the right URL to avoid being phished. We recommend that you follow the links built on reliable cryptocurrency platforms. Avoid clicking on links from random sites or random individuals on the Internet.
To protect yourself further, make sure you have activated malicious software defenders.
Some cryptocurrencies, like Bitcoin, have certain algorithms that reward people who add new blocks to the Bitcoin blockchain. The process of adding new blocks to the chain is known as Mining.
To extract it, it is necessary to have the computing power (hash power) that is normally exploited by IT devices such as computerized processing units (CPU) and graphics processing units (GPUs). The cloud mining sites allow you to add the hash power online and start the extraction. The scammers a day are inventing fake cloud mining sites and fake rewards. So, you will acquire your hash power (false power hash) yes, and you will begin to dig (fake mining) while your earnings will be displayed on your dashboard. For a moment you'll be a happy man until you try to withdraw your earnings in bitcoins. You probably get an error or, in some cases, the transaction will only be successful to understand that nothing has really been sent.
Always do your research (DYOR). Pay close attention to site reviews.
Initial coin offerings have become the new way for startups to raise money to finance their organizations without necessarily involving legal structures and bodies. Airdrops, on the other hand, is a marketing tactic used by cryptographic startups to create a community. During Airdrops, free tokens are offered in exchange for your time to perform some simple activities like following and sharing on social media platforms. Start-up that Airdrop ends up raising funds also through ICO.
Of all the ICOs, 80% were scams and so were the Airdrops. Pay attention to the fake ICO and Airdrops looking for the following:
– Developer team.
– Identity of revealed developers. Identity of revealed developers.
– Working functional product. Absolutely free.
– Listed on certified ICO platforms listed on certified Airdrop platforms
– Vital and visible product.
– involved developers (webinars) involved developers (events, webinars)
Read more about Airdrops here
Pump and Dump, just as the word says, is a price manipulation action by sharing false fundamental news to drive up prices. You will come across these channels mostly on Telegram, where the pump and landfill organizers make calls on random cryptocurrencies asking them to buy at an agreed time of day.
99% of people taking part in pumps and landfill loses money. The 1% who derives profits from these activities are the organizers who buy the (to be called in token) a day before and sell it at the time of the call when the channel members are busy buying. Normally, it takes only a few seconds before the pump and the landfill are finished. Many end up selling at a lower price than they buy losses thereafter.
Watch a simple rule to invest in stocks or cryptocurrencies: buy when everyone else sells and sells when everyone else is buying.
- Economic cryptocurrencies and false support teams
For starters, you'll never have a cheap BTC. Nobody sells bitcoins at a lower price than the market price. Beat all the logic It is likely that anyone selling cheap cryptocurrencies is a scammer.
The original support teams will never send you emails asking for your private login credentials and will never ask for Eth or any encryption in return.
Avoid people who ask you to help them withdraw cryptocurrencies from some unknown sites, stating that they can not withdraw due to some national jurisdictions. Always confirm transactions with the relevant block explorers before exchanging any encryption with cash. We recommend that you use the commitment in any transaction.
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Portfolios and fake exchanges
In simple terms, a portfolio is a digital bag where you can store your digital assets like Ethereum. An exchange is a platform that allows users to buy and sell cryptocurrencies from one another without necessarily having to meet. The exchanges correspond to offers and requests from different users. Fake exchanges and false portfolios collect your deposited cryptocurrencies.
Always make sure to research before registering on any stock exchange. Visit CoinmarketCap to view some of the existing exchanges that are safe and have liquidity. Always keep your private and public key portfolios safe and, preferably, offline. The only way to recover your wallet is through these keys. Do not share your keys with anyone, not even with your relatives.
Take the time to familiarize yourself with some of the existing Cryptocurrency Common portfolios
It is advisable that you always do your research, never invest money that you can not afford to lose, be vigilant, be patient, never let greed help make you fool and while the internet evolves, evolve with it.
