How to Invest and Stay Safe in the Web3 Space

By Justino | An Angle of Truth | 16 May 2023

Have you been approached by the Worldcoin operators in a mall in your country? I have. They are also in 25 countries and counting. Did the orb operators fully explain what it is? Here's an article to help you answer a few of your questions.

Worldcoin is among many of the cryptocurrencies that have come out since the creator of Bitcoin used Blockchain for its first use case. For those who don't know, as I need to remind myself sometimes, a Blockchain is a digital ledger that is extremely difficult to edit or delete. Another cryptocurrency made its way into the scene - Ethereum.

This is what Worldcoin is built on. The Ethereum Blockchain enables one to build smart contracts, which the Bitcoin blockchain cannot. Think of a smart contract as a vending machine - a self-executing program that enables two or more entities to exchange something of value.

So is Worldcoin (and the other cryptocurrencies) safe? As long as it's built on a Blockchain, that’s one way of knowing it’s relatively safe. What makes the whole cryptocurrency space unsafe is that people (scammers) take advantage of your ignorance.

As the title of this article suggests, when educated about how crypto works, you can definitely invest and stay safe in the space.

Here's how:

  • Don't give your money to people to invest (trade) for you. Learn to invest for yourself after research.
  • Invest what you can afford to lose. First, have a plan before you invest, be cautious and avoid the loud noise, especially on social media of people telling you to buy into something.
  • Invest in an offline (hardware) wallet - looks like a USB stick. Centralized crypto exchanges are online (software) wallets, so remember, “not your keys, not your coins”.

As long as a crypto project does not pressure you to buy in, guarantee you of profits, and built on a blockchain, you'll be just fine investing in it. Non Financial advice, of course! ;)

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