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How do you avoid scams and frauds in the cryptocurrency space?

  • Thread starter Thread starter Grant
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Grant

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How do you avoid scams and fraud in the cryptocurrency game? I think it really comes down to investing only in well know and established currencies. I won't invest in anything too new, as I don't want to risk it. So I will only invest in currencies that are legit and established. What about you though?
 
One of the best way to avoid scams and fraud in the cryptocurrency game is to gain adequate knowledge about cryptocurriencies. Many people do not know anything about cryptocurrencies but they are interested in it and so they give their money to scammers to trade for them.
 
Grant said:
How do you avoid scams and fraud in the cryptocurrency game? I think it really comes down to investing only in well know and established currencies. I won't invest in anything too new, as I don't want to risk it. So I will only invest in currencies that are legit and established. What about you though?
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It is very important for you to trade with someone who you know or someone who you trust very well. Also, it is good to be sure of a token before investing in it
 
By doing due diligence.


I'm always surprised when some people choose to invest in a particular coin based on word of mouth. As there ever been anyone who said bad things about a product he/she wants to sell, even when the person knows that product is awful? No way.


Making detailed research before investing will save one lots of headache.
 
Grant said:
How do you avoid scams and fraud in the cryptocurrency game? I think it really comes down to investing only in well know and established currencies. I won't invest in anything too new, as I don't want to risk it. So I will only invest in currencies that are legit and established. What about you though?
Click to expand...
You cannot invest in new cryptos, except that you have to be careful. Be cautious of any cryptos programs you wanted to join. Don't join any programs that look like high yield investments programs. Hyip programs are scams. There are still some genuine crypto programs online.
 
I think the best thing you can do in the crypto space to avoid falling into scams is to stick to the well-known platforms, that is, exchanges with a long history and also to the cryptocurrencies that have been with us for a long time and continue to develop and show that they have a solid team behind.
 
It is possible to avoid cryptocurrency related scams if you are very sceptical of cryptocurrency projects . That being said, you need to carry out proper research before investing on cryptocurrency project as well.
 
Avoiding scams and frauds in the cryptocurrency space requires a combination of caution, due diligence, and awareness of common red flags. Some steps to look out for are; research and educate yourself, use reputable platforms and exchanges, beware of phishing attempts, protect your private keys, be cautious of investment, verify wallet addresses, stay informed about scams, trust your instincts. Taking the time to educate yourself and practicing caution will go a long way in avoiding scams and frauds.
 
Stay informed and keep up with the latest news in the cryptocurrency spaces to avoid scams and frauds in the cryptocurrency space. Follow reputable sources and stay informed about common scam techniques and emerging threats.
 
Grant said:
How do you avoid scams and fraud in the cryptocurrency game? I think it really comes down to investing only in well know and established currencies. I won't invest in anything too new, as I don't want to risk it. So I will only invest in currencies that are legit and established. What about you though?
Click to expand...

Rugpull is one of the easiest way cryptocurrency scams are carried out because a lot of people are going to be deceived into investing in a particular coin because it has a potential of increasing in worth but which all of a sudden is going to dump like a very worthless coin. So you just have to invest in the coins that you know that are reliable and popular.
 
A lot of people run after new coins and tokens without knowing fully about it and thus get scammed. One of the easiest ways to avoid getting scammed is by investing only in the top performing coins and the coins that have existed for a long time. Check top 10 or top 20 coins by market cap and try to invest in these coins.
 
For me, the main principle in cryptogames is that the project must be supported by large companies and famous people, because in this case they risk their reputation, so they will not support a scam project, although this strategy does not work 100 percent, because for some, money is more important than reputation
 
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