About Me

header ads

Crypto Scams: How To Avoid Them

From the infamous and famous Bitcoin, whose worth rose from a lowly 1 cent at its inception in 2009 to more than $17,000 today – you can hardly imagine doing business without the power of cryptocurrency, especially bitcoin. Many people use it as an alternative to traditional currencies because they are easier to manage, more flexible and offer better accessibility than other investments like stocks and bonds. In fact, there are two cryptocurrencies which have a significant market dominance over others when it comes to online trading, bitcoin and Ethereum. It’s no wonder then that these two are highly regarded by traders for multiple reasons: the ease with which you can start trading on them, the availability of a large number of digital coins as well as their relatively low transaction fees and minimal processing fees.

Image by mohamed Hassan from Pixabay 

When it comes to choosing between the top three crypto currencies out there, bitcoin has been the most popular crypto currency of 2020: it has almost gone through every curve ball thrown at it thus far, it was able to get back up after having previously lost millions and billions in value due to failed hacks, high levels of volatility, scams and fraudulent transactions. That said, what made bitcoin even greater is that it isn't restricted to any single location. You can trade anywhere in the world, but don't let that deter you from conducting transactions in your country of residence. Of course, there are limits to how much you can profit by using bitcoin, but you can never go wrong in investing in it either. This makes it one of the best investment opportunities in general. And since bitcoins can be mined easily, you should definitely consider cryptocurrency mining when planning your own investment.

Before making any money, however, you need to know if bitcoin is legal and safe to use. The law doesn't allow anyone to buy or sell bitcoin outside the United States. Even though there are many cases where some European countries have banned transactions and sales of bitcoins, such measures are not effective, especially when it comes to international trade. So, to conduct your trading in Europe simply carry cash with you and a paper wallet for safety. But even if you're still confused about whether Bitcoin is legit, check out our Bitcoin vs Litecoin guide on how to choose the right cryptocurrency. Otherwise, do a quick Google search on the subject, so you'll see plenty of information regarding the BTC vs LTC coin's strengths and weaknesses.

Once you'd made a few trades with your Bitcoin vs Litecoin (BTC vs LTC) pair, make a couple of additional trades using cryptocurrencies such as ETH and XRP (which are also supported by both LTC and BTC). As you make these trades, look out for red flags when making a trade which can indicate an opportunity for a scam. For example, when buying ETH with BTC, some scammers try to convince you to send money for their clients to deposit into your bank accounts online. These deposits may then be used to transfer funds to a personal account set up in order to withdraw your money. What you want to avoid is this. Instead of going ahead, make sure you send your funds through Bitcoin wallet to another address of yours with a bit of extra verification. When sending those money, always use a verified Bitcoin wallet. If you receive less than 100 BTC, immediately block the sender. Always remember that transferring money is one of the easiest ways for scammers to make you money. Once the transaction is done and all the necessary checks are passed – verify everything. Be careful. Don't fall for any kind of trickery or tricks. Only conduct trades when you're sure the market conditions will help you make a good profit. Remember, never use BTC/LTC alone for all trades. Stick only to USD pairs. Do not use other tokens for cross-border payments, just use BTC itself. There are several sites accepting transfers for BTC payment. Some sites even accept bank cards for transferring BTC. Before you start your first full day of trading, check the reputation of each website before entering your details – make sure that it’s secure, free of charge, real and legit. Any site that claims to work without cost won't seem legitimate and shouldn't be trusted. Beware of websites claiming to provide “unique” services from banks and other financial institutions as well as offering a discount for new users. They just claim to act as brokers and facilitate transfers in exchange for bitcoin. Unless you are a certified trader or member of an actual broker, any such offers are nothing but fake and illegal. After registering and completing KYC process, enter the following KYC codes to sign your account:

Step 1:

Go to https://crypto.fiatmarkets.com/ Choose "Signup for Free Account" Scroll down to "Sign Up Now." Enter captcha code (again, it must be unique to you): AFA9QK7QTJZB3yU3n3jdMgYMxD6qWg

Step 2:

Use BTC Wallet to send funds to a secured Blockchain account.

Step 3:

Visit https://crypto.fiatmarkets.com Verify account Details Enter Payment Proof Code - Enter KYC & AML CODES Provide your email ID and password Provide OTP (One-Time Password) Enter Binance Private Key Add your ERC20 Token Address Add Bank Verification Verify ERC20 Token Purchase Method Buy Bitcoin (BTC) Litecoin (LTC) XRP (XRP) Ethereum (ETH ) Change Amount 50 Million = 250000 20000 XRP 10000000 BTC/LTC 20000 XRP 1000 ETH 500 ETH/LTC 10000000 ETH/XRP 20000 XRP 5000 ETH/XRP 2000 XRP 1500 ETH/XRP 300 XRP 2500 XRP 2600 XRP 2400 XRP 3000 XRP 4000 XRP 3500000 XRP 350000 XRP 340000 ETH/XRP 35000 XRP 340000 ETH/XRP 4000000 ETH/XRP 400 XRP 35000 XRP 350000 XRP 360000 XRP 350000 XRP 350000 XRP 350000 XRP 350000 XRP 350000 XRP 350000 XRP 350000 XRP 350000 XRP 350000 XRP 350000

Image by Satheesh Sankaran from Pixabay 

Step 4:

Click on 'Submit'. Wait for confirmation Your transaction successfully completed! To conclude, it is very important to keep in mind that every time you are talking to someone about a purchase, ask them for a reference code. Not only that, don't go overboard when discussing anything related to Bitcoin. However, it is important to stay clear about being aware if you can afford paying for a specific amount of Bitcoin. Asking for a price for a Bitcoin worth 250 BTC is just foolishness that some investors make a mistake of doing. Being savvy enough to understand the risks is half the battle. And since not everyone is financially stable and not everyone wants to work hard to master the skills of how to operate a computer, it's easy to fall for the bait and switch.

Post a Comment