While we think that cryptocurrency is under no centralized authority, has no regulations, is decentralized and autonomous and is ‘safe’ to invest, but we can’t ignore the fact that with time cryptocurrency has been a soft target to make it fall into the category of scams. Its transparency has led it to be a target of hacks, phishing, fraud and theft.
Scam- this word has been closely associated with cryptocurrency today. Due to the increasing number of scams, the popular social media platform- Facebook, and the mega search engine- Google, has banned cryptocurrency advertising. I am glad at least they are concerned about the investors falling into such traps (directly or indirectly) and so are WE!
Here are a few pointers that you should keep in mind before investing your hard earned money and detect if it’s a scam:
- Don’t! directly invest into cryptos by just seeing a money making ad on social media
- Research for the team involved behind that particular currency
- Don’t judge them over a recent high spike in their rates
- Review their historical rates and progress
- Don’t believe in ads/posts promising you to make wealthier overnight
- It’s a pure scam if they guarantee you a profit by your investment
- Look for the transparency of the company
- Scrutinize every detail shown to you
- Research about the company and their motive
- Ask questions, and every every information shown to you
Lastly, Take your time!
Featured Image Credits: Daily Reckoning UK
