Cryptocurrencies are in price discovery mode, big moves from most projects. interesting times! And what a time a be in the crypto space. The bull market brings many feelings, many new developments and while the charts looks green, so does the investors’ and the traders’ behaviors. You certainly have come across a good number of ‘influencers’ flaunting their portfolio and profits on the social media…probably yourself too. It’s okay the show it off, you deserved it! For staying put throughout the bear market and surfing through the red charts for years!
Elsewhere, the crypto space is also breeding in greed, deceit, propaganda and profit-oriented hypes. In a quest to get hold of the now valuable cryptocurrencies things could really get scary. Basically, there are two ways to get hold of cryptocurrencies; if you can’t buy them, you’ll have to earn them. Being unable to earn satisfactory amounts of cryptocurrencies via the right means have also pushed many to the alternative way. The crypto space has grown into a wild wild west.
Cryptocurrency wallets promises you an absolute security of your assets, if only your private keys are known to you alone. But for a number of times, this hasn’t really been the case. Electronic security is always breakable, smart technologies also have their own downsides. Security threats are ever evolving and scammers are constantly developing their craft. Means of breaking electronic securities are growing by the day, but socially engineered hacks are more frequent. Majority of cryptocurrency investors are here for the riches. The ‘quick money’ orientation will hardly leave the crypto space. Scammers know about this and the fact that the crypto space is home to greed.
‘Not your keys, not your coins’, regardless of the promised safety level of centralized exchanges and wallets, your funds are not SAFU. It is hard not to leave at least a little crypto on exchanges, this simplifies daily trading. However, cryptocurrencies on exchanges are exposed to the biggest risks. Exchange hacks are unarguably most profitable for cryptocurrency scammers, incidence of exchange hacks leads to loss of huge amount of funds. Mt. Gox, Bitfinex, Binance, Kucoin the list is actually inexhaustive.
Off the exchanges and inside your wallets, cryptocurrency scammers are genuine social engineers. Keenly studying your activities on social media and devising possible ways to exploit the human greed, ponzi schemes have been refined to an even more lustrous outlook. It is easier to fall for these tricks, especially when you have an opportunity to ‘double your crypto’ lol. But, Contemporary ponzi schemes are hardly pyramid schemes. Pyramid schemes are easily avoided by the prey. Many ponzi schemes disguise themselves as staking pools with very high APR, say 500% annual ROI. Tasty, huh? Legitimate projects hardly boast of 50% APR. Any shady staking or mining pool promising anything higher than this needs more scrutiny before putting your money on the road. Well, risks and rewards are brothers; but their relationship is a toxic one.
With these foregoing, how safe are you and your crypto?
It’s hard to stay completely safe amidst the horde but sometimes you deserve the blames for your predicaments, because you caused it! Hackers are social engineers; most hacks are done by tips given up by the owners of the accounts. Keeping your security details safe is your obligation. Social hackers devise means to obtain these details or helpful hints about them (your details) from you.
If you are unable to keep secrets, then may be this space is not for you. Not just the crypto space, the internet as a whole. Develop the ability to withhold from disclosing any information about your security details. Very tiny hint is all a social hacker needs to progress in their attempts.
While blockchain developers employ encryption technologies to improve safety, personal encryption also goes a long way to strengthen your guard as an investor. By personal encryption, I mean, developing crafts to keep your security details from discovery. Storing your password in ways which makes them hard to decipher gives you an edge. As social engineering tricks grows, being conscious of your actions on the internet becomes more important.
Investing is a plausible habit, but keeping your investments safe is of great importance. Ensuring that these highly treasured assets don’t go missing is equally important. In cryptocurrency, the risks are multiplied and the so also are the losses. You’re probably safe currently, but precautionary measures salvage the future.
Strategies used to break into user accounts are ever evolving, everyday births a new way to get to break into ‘secured’ profiles, looking out for existing and emerging means of scamming investors, taking precautions to stay safe from them by applying advised security measures is the most effective way to protect your funds and stay safe in the internet.
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