How to Avoid Common Cryptocurrency Scams (Basic)

How to Avoid Common Cryptocurrency Scams (Basic)

General Information Tips & Tricks
April 20, 2021 by DanCurranJr
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If you have fallen victim to a cryptocurrency scam, you’re not alone, and millions of people around the world have been taken advantage of by these swindlers. Furthermore, a total of 1.7 billion dollars was lost to cryptocurrency scams during 2018 in the US alone. There are a variety of tactics that are used by these
Scam

If you have fallen victim to a cryptocurrency scam, you’re not alone, and millions of people around the world have been taken advantage of by these swindlers. Furthermore, a total of 1.7 billion dollars was lost to cryptocurrency scams during 2018 in the US alone.

Here is a basic guide to avoid losing your coins, at some point I may write an advanced version:

    • Stay away from any initial coin offering that guarantees that the cryptocurrency will take off.
    • Make sure that there is plenty of accurate information about the coin that’s being created, and if insufficient information is offered about the cryptocurrency, it may be a scam.
    • Be on the lookout for shady practices, including market manipulation and insider trading.
    • Read the Whitepaper (See: How to Read & Analyze a Crypto Coin Whitepaper)
    • If you find that the bulk of investments in the altcoin are from a singular individual or organization, this is a major warning sign.

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