Did you hear the news? Bitcoin has surpassed its highest historical levels, seeing over $64,000 in value in recent days. The crypto community is anticipating even more growth in the upcoming months. More and more people are beginning to believe in Bitcoin as a safe and secure currency in 2021.

Tina McClure/ByteFederal

As with anything else, with growing interest and expansion, comes more people involved and as a result, higher risks. This should come as no surprise to most, and certainly be of much concern. Why? Well, because we are going to give you the low-down on how to keep your crypto funds under lock down, safe and secure from fakes, scammers, and frauds.

Tina McClure/ByteFederal

Let’s Start With Crypto Frauds…

Ugh. No one likes a fraud. Really, there are few types worse than the phony. If you have ever been disappointed by someone or something that didn’t quite exceed the expectations which had been set, then chances are you are quite familiar with “the fraudulent” type.

Isn’t that just thing about fakes and flossers though? They seem real at first. Like the seemingly genuine guy who really knows his stuff and just wants to help, or that bag that “looks just like [insert designer name here]” and “know one will be able to tell”.

Tina McClure/ByteFederal

When dealing in cryptocurrency, safety must be a priority, leaving no room for fakes and frauds. The best way to avoid getting bamboozled in this business, is to keep your eyes peeled at all times. Fraudulent websites can be a real pain in the wallet, ya, know?

Simply stated, there are plenty of posers out there pretending to be something they are not, especially when it comes to crypto wallets and the likes. Always be sure to double, even triple check your site URLs before entering any login or identifying information. Oftentimes, fraudulent sites , similar to that of popular, well-known sites and online wallets will be lurking, waiting for the tired eye to graciously give them the key to their coins 😨.

Tina McClure/ByteFederal

The Crypto-Space Can Be Susceptible To Scammers If You’re Not Careful…

Ah. The scammers. SMH. Unfortunately, these traps exist is every corner of the universe, if you’re not paying extra close attention, you too could get “got”. Have you ever purchased something from an online retailer/merchant which wasn’t at all as the site had described? Oftentimes, people will run scams like this, acquiring payment for an item that they have no intention of supplying. Pair this with little to no customer service and a strict no-refund policy and you’ve got yourself a real BUMMER!

Tina McClure/ByteFederal

Similar to the popular scam mentioned above, sometimes people will enter into the crypto-space in search of prey, or newcomers who feel intimidated by the process/ maybe don’t quite understand cryptography and blockchain, and how it works. Sometimes, scammers will go after older generations, who may be less tech savvy. Usually these scheming types, will promise that they can help you make more money off of your investments into cryptocurrency than you could ever possibly make yourself. 🙄They will oftentimes approach you through social media platforms such as Facebook or Twitter, offering grand returns, with too-good-to-be-true turnaround times.

As a general rule in life, if it seems too good to be true, it likely is. Of course, there are exceptions to every rule, but don’t let your wallet become susceptible to scammers on this chance. Always do your research and NEVER send your coins to a stranger who promises to “double your money” or whatever dream they may try to sell you.

Tina McClure/ByteFederal

Fake Out! Don’t Be Fooled By False Crypto Coins

As far as faking people out, the limits that scammers will go to in order to make a buck, sees no bounds. That is why it is a top priority to those attempting to navigate the crypto space, to on the lookout for shady characters pushing sheisty coins!

You may have heard of something like this before, perhaps from a friend or a coworker; Someone boasts the benefit s of a “new coin”, something “not yet listed”. They invite you to get in early with the promise of seeing ample returns, similar to that of those who invested in Bitcoin early on. Naturally, this is appealing. Most everyone enjoys a good tip every now and then, especially one that will cushion their pockets.

Tina McClure/ByteFederal

Unfortunately, many scammers like this have deterred uniformed members of society from investing in crypto. That being said, even though, it may seem a little overwhelming, investing in cryptocurrency doesn’t have to be scary. To avoid getting manipulated into buying “the next big coin” in the crypto space, by a seemingly knowledgeable, and likely charming individual after your crypto wallet, make sure to verify , with independent regulators to be sure that the coin and investment firm’s projections aren’t too good to be true.

At the end of the day, we aren’t going to tell you that navigating the cryptocurrency space is as easy as, perhaps….taking a nap?…But at ByteFederal, we also believe in helping people take control of their financial future and that’s what we intend to do. By following these few simple, yet effective habits and strategies to avoid fakes, frauds and scams you too, can be safely on your way to financial freedom.

Ready to Bank Yourself?

Source: https://www.blockchain.com/