Four Solid Crypto Safety Precautions from The Currency AnalyticsJune 24, 2020
Cryptocurrency investments are risky as many top tier platforms will warn you before you engage yourself. Of course, it turns smart people into millionaire ls daily and it is evident that blockchain technology has come to stay. But the thin line that separates a person who profits from a person who loses in crypto is right judgement and good foresight.
Blockchain Technology is being adopted even by governments that seem to hate it the most a few years ago. It is a tool which cannot use itself, it has to be utilized either for good or the bad. While we, at The Currency Analytics, recognize the presence and impacts of the good blockchain-based projects, we are obligated to warn our readers frequently of the existence of bad actors. There are scammers and hackers who want all your money, if given the opportunity, they will rip you till you have nothing else.
Our Crypto Tips for Safety
We have compiled a few tips to keep you safe when dealing with crypto:
1. Educate yourself.
Don’t take all information (especially from social media) hook, line, and sinker. Go an extra extent to educate yourself and ascertain the truth. Read white papers from different projects that have been successful, read white papers from projects that are new. Take cryptocurrency-based online courses from popular platforms like Udemy and Blockdegree.org from Xinfin protocol. This will save you a lot from the brainwashing of scammers. When you read wide, you’d know which project is worth supporting. Read news from verified news sources like The Currency Analytics.
2. Keep your private keys private.
If you cannot afford a cold wallet backup your private keys on paper and not any online storage. Don’t share your private key with any unrecognized tool or wallet. Use verified desktop browser extensions like metamask for Ethereum blockchain, AutumnID and DigiID for Digibyte, and Xinpay for Xinfin. The access to your crypto assets is your private key or Keystore don’t share with anyone. SafeHaven will soon launch a platform where you can easily divide your private keys in part so you can share with your next of kins.
3. Be wary of Phishing websites
Make sure to use your search engines first to confirm the correct spelling of any platform you want to interact with. Scammers have been seen to twist the spellings of popular platforms to steal people’s funds. They use the logos of the original projects to mislead people. An example is Bittrexinvests.com which is a phishing website claiming to be affiliated with Bittrex international. The phishing website uses the logo of Bittrex International to mislead people. Unless you have performed thorough due diligence, you might fall prey to cheap scams like that.
4. Be Wary of Pyramid Schemes and ‘Get Rich Quick’ business models
Great Cryptocurrency projects take years of battle-hardened experiences before they are trusted by many. Through history, High Yield Investments Platforms (HYIP) and Pyramid Schemes have never been the answer. Do your own research (DYOR) before you trust any platform with your funds.
At The Currency Analytics, we care so much about what you read because what you read becomes your opinion.