Cryptocurrencies are a real deal right now this pandemic. Of course, it means lots of things. Free money from faucets, for once. But don't believe these free bitcoin etc., because they're just not true most of the time. Those are legit are actually different from these things. From my experience and research, here are some of the most important tips you should know in order to recognize a scam.
1. Do Not Send Crypto
There's this type of basic faucet scam you can get by literally searching "Free Bitcoin" right now. Those are immediately scams because they will not return any money you will send right now. Unless those are Darknet-types of deals, then you're probably scamming yourself because that's not earning from faucets, but buying access.
Where can you also find these types of scams? Searching, and advertisements from other legit faucets.
2. Verify Websites by Checking Its Capabilities
Now, these things are more complex, as, on one hand, they can be working faucets, but most of the time they're not. These things are hard to avoid, especially due to the business of cryptocurrency. Of course, there are signs of untruthfulness to these websites. Stay alert! They might pay too much for them to handle, or they pay too few, or they want you to pay for withdrawal, which is impossible anyway.
3. Find Legit Communities
There are dozens of Crypto communities out there. By choosing select communities, you minimize the risk of scams, due to the community's knowledge. One community I know is HowToEarnBitcoinOnline by Earney Bitcoin. This person knows his job. Of course, his community is still small, but that can change.
Wait, did anyone notice the pattern? It goes from the easiest to the hardest things to do. Of course, if you call researching hard. People say their experience in scams and each one of them is important in knowing if you have the chance of being scammed. Brave Browser has a function that automatically flags ETH scam websites, which is a helpful thing. But we need more people to learn more about the Cryptocurrency world. Know which Coin is good and which one is bad, and which one might actually be fake.
5. Don't Join the Trends
There's a new circulating cryptocurrency under Beta called Pi Network, and I think it's a nice idea. "Mine" using phones and have a network for more mining hashes. It could work, but Pi Network is still trying to phase in its capabilities as a coin, and it's going to oversaturate the market once you can trade it. Which, I think is the sad thing about this.
6. Avoid Cloud Mining
There's no real Cloud Mining. Your money won't appear. Heck, it's best to just earn up for an Antminer and mine with your own money. Sure, they claim to be real, but the thing is that the server owners are the ones that can only "profit" from these tricks.
7. Trust and Verify. Don't show your Private Keys to Others.
Here's one thing I want others to know. You need to trust and verify anything in the cryptocurrency world. Cryptocurrency is from two words, Crypto and Currency. Crypto means being part of something closed or hiding something like a secret. Currency is a medium of exchange. Both means decentralized money altogether, and this decentralization is what gives people the ability to scam others. Do your research. Don't hop into something new. Join old communities that are helpful. Stay safe. Your Keys, Your Coins.
And here's a link for some reference if you want to know how bad scams can get.
Kate9981's Experience - https://read.cash/@Kate9981/xmas-farmfun-is-a-scam-5685a261
Here are links of all of Earney Bitcoin's websites, with my referral on it because you can also help to grow the community if you give referrals. Spend and Replace.
Earney Bitcoin's main website
One of Earney's earlier websites, with good links for legit cryptocurrency sites
One of the forums he opened up for Bitcoin discussion
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You can find this post over to read.cash!
Stay safe, everyone!