The cryptocurrency market seems beautiful and risk-free. Investors think when they invest their money into some coin, they will gain a 100X 200X gain in a few days or weeks. But that is not the way how cryptocurrencies work.
Most people know bitcoin, and most new investors to space think that all cryptocurrencies are like bitcoin. Bitcoin is safe, decentralized, and Bitcoin has a proven track record of 12 years, and it has 10000 plus nodes around the world.
Now there are over 8000 cryptocurrencies, and many are still coming into the market. Finding a good project that can be a good investment is not easy in the long run, and you need to dig deeper into the project before investing any money into new cryptocurrencies.
When you’re looking into digital currency companies and startups, we recommend you confirm that they are blockchain-powered and have a solid business plan to solve real-life problems. There should be an honest company and real people behind the project, and It should specify its digital currency liquidity.
Fake/Imposter Websites.
Website is your life on the internet. So it’s the same for cryptocurrencies and their companies. If the cryptocurrency you’re going to invest in doesn’t have a website or that website is not professional, be careful and do some more research on the project. If the team behind the coin is not visible, don’t invest any of your hard-earned money. New investors are always a target of these scammers. Most new investors are coming into the space to have some quick gains. If you are also like that, be careful.
Websites that don’t have .net or .com are more likely to be scams.
Fake Mobile Apps
There are some mobile apps that scammers are trying to scam people. These apps can be downloaded through the Google Play Store or Apple App Store. Although these apps are removed quickly, some people still get affected by these scams. Usually, you are more protected with apple and ios devices.
You should always be sure that you spelled the app correctly and aware of its logo before downloading an app.
Bad Social Media Presence
Social Media is one of the most crucial parts of a business. If the company/Cryptocurrency have a bad social media presence and bad engagement with it’s followers you shoul be cautious about the company and the project. There are some imposter social media profiles as well. Don’t trust offers that are too good to be true. Don’t give people your sensitive data for some “investment ideas”.
Scamming emails
If you are getting few emails a day from your cryptocurrency exchange be cautious and look at the sending email address and website. Some scammers buy domain names almost similar to real exchange name. Examples like binancee.com, coinbasa.com,and karaken.com. Many people are falling to these scams. Always be in the right mindset before investing any money. Always look at the domain name and email address to be sure.
If you are interested in reading an article like this, you are aware of the scams going through the internet and crypto space. Many people don’t read and take notes about essential details and treats and then get rekt. Now you know the basics not to be scammed by scammers. What do you think about scams, and Have you ever been a victim of these internet scams? Comment down below.
