Crypto Scams: How to Stay Safe

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The recent surge in cryptocurrency scams worldwide is anything but surprising. In fact, the whole thing really is the very definition of predictable.

As crypto currency continues to gain traction on a global basis, a growing number of dodgy dealers will seek to exploit it. Or more accurately, exploit those looking to get involved and make some quick money. The actions and activities of fraudsters are becoming more sophisticated all the time, but steering clear of typical crypto scams is actually quite easy.

Warning Signs
For the most part, it’s simply a case of keeping an eye out for the warning signs of a scam. Unfortunately, detection of something shady happening isn’t likely to attract the interests of local or national authorities. Unless it’s a pretty huge operation taking place, it’s just too tricky to exert any real control over crypto fraudsters for the time being.

As such, it’s up to you to stay safe. Once again, this means keeping a close watch for the kinds of warning signs, which typically indicate you’re looking at something suspicious.

For example, anyone going to extremes to advertise a crypto sale or offer of any kind is most likely out to rob you of your money. The reason being that when there’s a genuine opportunity to get involved in something big, investors are clamouring to do exactly that. Hence, there’s no justification or requirement for heavy and expensive marketing. Bitcoin being a perfect example – absolutely no money was spent on its promotion, yet it still became the most coveted cryptocurrency on the market.

In addition, any crypto deal or investment opportunity that promises too much is to be avoided at all costs. In fact, if any apparent promises are made whatsoever, you need to think very carefully about what to do next. The simple fact of the matter being that cryptocurrency is one of the most volatile and unpredictable markets in history. Even the world’s most capable economists and analysts have no real clue what’s going to happen next. Hence, a crypto deal that promises even a penny in return is a deal that’s out to mislead you. There are no guarantees with any type of investment – especially crypto-currency.

Along similar lines, anyone who isn’t honest about the inherent risks that accompany investing isn’t to be trusted. If they are willing to tell it like it is, it’s clearly not your best interests they have in mind. When considering any crypto-currency deal or investment therefore, assess the seller’s attitude and approach to risk disclosure.

As the Experts…
Of course, the easiest way to steer clear of a dodgy deal is to see what those in the know have to say about it. Before handing over a penny, carry out as much research as necessary to find out what’s what.

If it’s genuinely a deal to take advantage of, it will have earned independent recommendations and approval. If it’s something of an unknown nobody seems to be talking about, there’s probably a reason.

As always, try to remember that anything that seems too good to be true almost definitely is!

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