Crypto coins are still a mystery for some and for some it seems to be an easy way to earn money. However without knowing the entire process which goes behind mining of cryptocoin, people with partial knowledge get lured and land up being in a loss which they cannot recover. If you talk about the year 2019, there were over 200 cryptoscams which created a buzz. The victims were none other than people who had no clue about the investment process in crypto currency. Here is 4 ways you can get lured to Crypto Scams, sensing the same you can stay beware off.
- The Crypto coin investment does not involve risk
- A sure shot guarantee of profit as the rate will increase
- The trade is not speculated
- Lack of a mediocre who can help you understand the risk involved
How can you save yourselves from being trapped?
Research more about the crypto coin you are going to invest so that you can understand how popular the coin’s miners are and what can you expect in the long run.
Once you are sure about the miner’s profile through the track records, then only use the credit information to buy one for yourselves.
Be very open to read the agreement aligned with any digital purchase of the currency wallet. Generally, these companies don’t provide 360 degree security on covering the risk of currency in case a theft takes place.
Who should invest in cryptocoin?
Crypto coin investment should only be an investment plan for those as follows;
- If you are a risk taker
- If you do have funds which can help you take a back-up
- If you are a thorough crypto market reader and analyzer.
What should you do if you are scammed?
If you consider yourself a victim of crypto scam then contacting CFTC at 866-366-2382 is one option which you can try, or you can file a complaint online for the action.
Never ever share your confidential information such as Passwords, Private Keys with anyone while you deal in cryptocoins.
Don’t invest in an IRA which claim to be IRS or IRA approved.
Through some of the site which you can refer to and stay updated about the latest crypto scams , and the ways you can procure yourselves from the same. One of them is Scamcryptorobots.com. The website works thoroughly exposing scams[one of the recent one was the bitcoin evolution ‘scam’ reveal] and helping the individuals who have just begin trading in the cryptocoins. A small tip from the experts from scamrobots is that one must always keep a check before you go forward and invest.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.