It’s been more than 10 years since Bitcoin was introduced to the world, and in that time, cryptocurrency has come a long way. At the start, people were skeptical about whether cryptocurrency could be trusted as an actual form of currency, especially given the notorious volatility of crypto prices. Nowadays, cryptocurrencies are accepted by major e-commerce sites and brick-and-mortar stores alike. Even governments are considering legitimizing certain cryptocurrencies as legal tender—the question remains, can cryptocurrency be trusted? If you have any doubts about crypto, read on to learn more about why you should be using it today!
What are cryptocurrencies?
One of cryptocurrency’s greatest strengths is also its biggest weakness. It’s completely decentralized, meaning it isn’t under any government control or regulation. Anyone can contribute to a cryptocurrency’s growth and development, which may make it very profitable in a few years. However, that means you have to be vigilant if you invest in cryptocurrency. You’ll need to learn how to spot crypto scams and avoid them; otherwise, you could lose a lot of money in an instant! Fortunately, there are ways to ensure your investment is both safe and worthwhile… Here are some key steps for investing safely:
– Research the history of the cryptocurrency. Know what has happened with the currency before so you know how to react when something happens now.
– Read reviews from other people who invested in the coin, especially those who left comments about their own experience using it. Are they still satisfied with their decision to buy?
– Investing only as much as you’re willing to lose will help keep your emotions at bay and prevent rash decisions when things don’t go as planned.
The risks
Think of security measures as your first line of defense against scams. They’re important for everyone, but especially for crypto-investors: If you lose your private key, you lose access to your funds forever. Here are some of the most common ways scammers try to hack their way into your digital wallet and what you can do to protect yourself from them: 1) DO NOT click on any links that appear in suspicious emails or messages (e.g., an email claiming that you’ve won a competition, but you need to pay a fee before getting a prize). 2) Install anti-virus software and keep it up-to-date. 3) Always double-check website addresses before entering personal information such as bank account numbers or social security numbers. 4) Don’t trust people who promise high returns with little risk. 5) Check the URL carefully and make sure that the web address starts with https not http. 6) Make sure all downloaded files have file extensions such as .exe, .pdf, .docx, etc.
Security measures you can take to stay safe online
How can you spot scams online and avoid them? There are a few telltale signs to look out for. Look for sites that are glitchy, have ads all over or ask you to do something before revealing what it is they’re trying to sell. Don’t trust sites without a valid SSL certificate, and don’t click on links in emails from people you don’t know. When in doubt, stick with trusted mainstream media sources like The New York Times or The Washington Post. To stay safe from every sort of scam and fraud (not just cryptocurrency), check out resources such as Scamwatch and MakeUseOf’s ultimate guide to staying safe online. The Federal Trade Commission has an excellent page on common scams targeting consumers, which includes the old classic – fake contests! They also offer tips on how to avoid the latest phishing scams targeting cryptocurrencies. How can you spot crypto scams? Always beware of emails that require you to send personal information or provide access to your computer system by clicking a link, downloading an attachment, or giving remote access via software such as TeamViewer. If someone offers too-good-to-be-true investment opportunities or promises big returns with little risk, be wary. You should never give your credit card number, Social Security number, account passwords, or PIN numbers over the phone unless you’ve initiated the call yourself and contacted the company beforehand.
How they can help your business
Whether you’re looking to purchase a product or invest in a project, cryptocurrency is a much more secure way of doing so. Each transaction, after all, is encrypted and has its own unique signature. And because blockchains aren’t stored on centralized servers, hackers can’t break into them and steal information like they can with your bank account. There are some risks associated with dealing in crypto—with trading scams being one of them—but smart businesses (and savvy individuals) know how to avoid scams and mitigate risk. One such example is using decentralized exchanges that allow users to directly buy and sell cryptocurrencies. As long as you trust yourself to learn how to spot crypto scams, you should be able to protect yourself from financial harm. For instance, if someone sends you an email asking for money under the guise of investing in a coin and offers no details about their background or how the coin will generate profit, it could be a scam. If this happens to you, don’t send any money before performing due diligence on the sender’s claims by researching the coin at question and learning about the company behind it. The same principle applies when making an investment: research who’s asking for money before sending any over.
Where you can buy Ethereum?
There are several places where you can buy Ethereum. Like Bitcoin, it is possible to buy Ether with fiat currencies like US dollars, euros and Japanese yen, but a more popular way is to exchange a different cryptocurrency for Ether. Many companies sell Ether for bitcoin (and vice versa), and there are even some ATMs where you can do that in person. There’s also an option to trade Ether with another user – similar to how cryptocurrencies work on open exchanges like Bitters or Kraken. That requires an existing account somewhere and your trades will be limited by that platform’s policies. One place where you don’t need an account is Changelly, which provides instant conversion from one cryptocurrency to another without any sign-up process. The only downside is the fees they charge, but they’re still competitive compared to other services out there. You can use their interface as well as input the amount of crypto you want to convert along with the address of your wallet on the other end of the transaction. The system then generates a unique address for you and asks for this when initiating the transfer. It goes without saying that if someone tries sending coins to this address, then chances are high that it’s a scammer!