In my previous post (Part - 2), I had given introduction to the internet step we are moving, that is from Web 2 internet to Web 3 internet and about the scams that happens on Web 2 internet, that might not happens in Web 3 if we educate our self from the scams that can possibly take place.
Again, I want to remind you, that in Web 3, there are much more of 'Financial Losses' , due to lack of knowledge of these scams.
In previous post, I had told you about the scam where fake account holders all over in internet, mainly on Twitter platform, impersonate themselves to some big crypto holder and tell people, that they are giving free ETH, Bitcoin giveaways. To protect from that type of scam, I had recommended there at the end of article to always check weather that account or cryptocurrency is real from Block Explorer or ETH Explorer.
Now, let's know about second scam in Web 3 internet,
2- Be extremely cautious about crypto payments or exchanges :-
With the ever increasing word of crypto among all folks around the world, there are many cases where exchanges and payments of cryptocurrency are going in wrong hands. Due to small negligence in writing crypto address while sending funds, there can be massive loss, because as you see for different cryptocurrency , like ETH or Bitcoin, there is difference in crypto addresses.
For Ether (ETH), you will see it's address starting from 0x and it contain 40 hexadecimal characters.
Above are all examples of ETH network address.
For Bitcoin (BTC), you will see it's address ranges from 27 to 34 alphanumeric characters with each one starting with 1, 3 or bc1.
Above picture is a example of BTC transaction found on BTC scan website.
Here is also a trick of losing money, by which most of the scammers will scam us in case of Bitcoin which most of us don't realize while transferring funds or exchanges :-
Let us know what that is :-
There is a fork of Bitcoin called Bitcoin Cash (BCH), (Keep in Mind) it's address is easily identified because it always start with either q or bitcoincash : ........(address) .
(I will talk in my later posts in detail)
From now onwards, make sure to check the addresses twice while sending cryptocurrencies to anyone.
Another point came from above line 'sending cryptocurrencies to anyone', that you can't send cryptocurrency to anyone, like anyone on the Web 3 network, before knowing the aim of that person or company whom you are sending. Like, i had told you in my second post of this article, you have to check the company somehow, whom you are sending your money. There are sites from where you can find those companies addresses value easily, some of those are (according to the network) :-
1- https://etherscan.io/ for viewing all transitions that happens in ETHium network.
2- https://btcscan.org/ for viewing all transitions that happens in Bitcoin (BTC) network.
3- https://polygonscan.com/ for viewing all transitions that happens in Polygon (MATIC) network.
Why you can't send money to anyone in an fascinating manner ?
Ans :- We all know that to buy cryptocurrencies like ETH or BTC, we have to use our real money while buying it. In Web 3 internet, we don't have to deal with a banks, but we have to deal with third party applications for making our exchanges for converting our real money to Web 3 native tokens or cryptocurrencies. So, be cautious to whom you are sending money, weather it can be Web 3 games on the internet, because as seen from past years many of the big exchanges were closing down overnight, and majority of people who had send their money to those exchanges are losing their huge amount of money.
This is for this post.
I will discuss other scams in my next posts.
Thank you for reading.
Look at this my post, on How to setup Meta Mask Web 3 Wallet, if you haven't created till now, I have explained here in detail :-
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