Whether you like to admit it or not, scammers are everywhere including the cryptoverse. There is always someone out there who is looking for a way to scam you out of your hard earned cryptocurrencies. While you may not be able to eradicate scamming, you can still thrive in the cryptocurrency industry if you are extra cautious.
Tips to Keep Your Cryptocurrency Safe From Scammers
1. Stay Away From Over Hyped Projects
So, you’ve suddenly stumble upon thousands of banners and fake accounts that are promoting a coin you’ve never heard off and hyping it like its the best thing that has ever happened to the cryptoverse, well, it’s probably a scam. Make sure you do enough research before you trade your cryptocurrencies in for this new wonder coin.
2. Use Only Trusted Software
The peer-reviewed software is the most reliable out there. Don’t go for obscure wallets that have little or no reviews to back them. Only keep your cryptocurrency in trusted wallets.
3. Don’t Be Quick to Click
Be careful what you click on. Don’t click on unsolicited links. Scammers can use this to steal your cryptocurrencies and more.
4. Don’t Transact on Social Media
There are many reliable and verified places where you can buy and sell cryptocurrencies securely. Social media isn’t one of them. So, don’t fall into the trap of performing a cryptocurrency transaction on social media.
5. Use Open Source Platforms
Open source platforms allow transparent cryptocurrency transactions. A scammer is more unlikely to attempt scamming on an open source platform. This doesn’t mean you should not be careful on these platforms. It means if you have a choice to choose, open source should come first.
There are so many other things you can do to keep your cryptocurrency safe. Little things like bad grammar or wrong spelling on a website should be enough to get you running. Always be on the lookout. Don’t let anyone steal your hard earned money. If it looks too good to be true, run away.