What’s your cryptocurrency scam story? Probably not you but a friend or just a random story. Whichever, scam tales are one of the most popular tragic stories on this space. Whenever they are told an investor(s) run into losses ranging from just a couple of dollars to a whole life savings. Sad enough, they hardly recover these losses. Well, at least they get consolation texts; sometimes they get blames instead.
Whichever one, their funds remain lost. Cryptocurrency is a wild wild west, many regulatory moves have been employed to either curb the rate of these scams or at least simplify recovery of stolen fund. But as futile as they can get, cryptocurrency scams still boom and your security boils down to one person – yourself!
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The more lucrative cryptocurrency gets, the more cryptocurrency scams continue to evolve and grow stronger. Strategies used to break into user accounts are ever evolving, everyday births a new way to break into ‘secured’ profiles. The internet is filled with phishing links, in the guise of website links, hackers are able to obtain details stored on your device through special links and applications which breach your device permissions and give away vital details stored on your device.
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 on the internet.
Thing is, it is easier to stay safe on the internet than on crypto space. This space boast of amazing software technologies, in same way, it is home to refined and crafty scammers. Testing their toxic technologies on vulnerable cryptocurrency investors, they make enormous amounts through scamming investors and organizations. Cryptocurrency exchange hacks are unarguably the most lucrative way to get involved in the crypto space.
Mt. Gox hackers would be sitting on cryptocurrencies worth billions of dollars, other exchange hackers could boast of similar amounts or just a bit lesser. Despite actions to get these defaulters to book, they are still nowhere to be found. Victims of these hacks still nurse their losses.
Every safety tip only makes you safer, not absolutely safe. Due to the ever-evolving means of scams, only experience could teach you better than anyone else. Want to get even safer? Here are some easy safety tips
Now, do me a favor; Fix your greed!
All that glitters are not gold. Regardless of how many times this warning is being sound, people still get unhealthily drawn towards shiny things. Shiny ideas, shiny projects, undeserved gains. The simple truth is, “if it sounds too good to be true, then it’s probably not true”. But greed clouds personal cognizance and in the pool of our greed, everything sounds good and everything is possible…like getting $3000 daily from a $1000 investment in a shady mining firm.
Human greed is the biggest tool for scammers, tricking your greed and getting the best out of it. The most tactical scams are simply ones most developed to put your greed to work in the best way. Scams are the biggest threat for every cryptocurrency investor. Falling into one is way easier than you’d think but also relative to your greed level. Greedy investors are more vulnerable. Fix your greed, said it for the second time!
Keep it secret, as much as you can.
Here’s one advice, “if you can’t keep secrets, then consider learning it before investing in cryptocurrency!”. Not just cryptocurrency, the internet and most other forms of investment. Your keys, your investments; every vital details of your involvement in cryptocurrency should be kept as secret as possible. Now that’s one hell of a task, but one you must perform if you must have a nice story to tell about your investments.
Blockchain level security protocols are almost impossible to breach without external aids, hackers are aware of this. As a matter of fact, most hacks are actually socially engineered. The easiest way of getting your security breached is through you. 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.
Developing strong passwords is just one step towards your security, keeping these passwords safe is another (more) important step. Each of these are tedious and sensitive processes. A couple of writings on security tips suggest the best practice in password development. Taking a look at these tips, developing abstract passwords is the safest way to do it.
A password without reference to a common knowledge of you is unarguably harder to guess. Popular ways of developing passwords such as; a combination of your names, birth date and other notable dates, hobby e.t.c have simplified ‘hacks by guessing’ in many known cases. An abstract password makes guessing harder for the intruder. However, a strong password not properly stored is in fact weaker than a weak password. It all boils down to one thing; ‘keep it secret, as much as you can’.
Hey, your exchange account is not your own
Keeping over 20% of your investments on a platform controlled by another person is simply scary! Bad enough, most investors fail to realize how scary this simply is. ‘Not your keys…’ Exchange hacks are unarguably most profitable for cryptocurrency scammers; incidence of exchange hacks and exchange scams lead to loss of huge amount of funds. Mt. Gox, Bitfinex, Binance, Kucoin, bilaxy; the list is actually inexhaustive.
Regardless of how ‘SAFU’ the exchange promises you that your funds are with them, your cold wallet which you (and only you) hold its private key is the safest place to store your cryptocurrencies. Blockchain technology assures fund security, but this is only when they are truly in your custody, and this is as long as you’re the (only) one with the knowledge of your wallet’s passcodes and private keys.
The warning is continuous, but the recent exchange hacks reveal that most people are yet to take the advice or learn the lesson. So; hey, your exchange account is not your own.
Three ‘very easy things’. Sending 1 BTC to receive 3Btc in return is clearly a bigger temptation than leaving your funds on exchange or not keeping your passwords safe. Eventually these causes 90% of security breaches and scams, each one equally important. Crypto is growing, scams are also evolving at the same pace and everyone is a prey. Regardless of your knowledge of the technology and experience, a good trick might still sweep you off your feet, so here’s one advice; ‘do these easy things’.