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Author Topic: What are common risks involved in crypto?  (Read 3968 times)

Offline Dabbystar

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What are common risks involved in crypto?
« on: November 26, 2021, 01:38:13 AM »
As you become involved in the new digital monetary system known as cryptocurrency, it doesn't take long to recognize there's risk involved in these transactions.
Many investors today had faced many challenges as a result of their ignorance of the cyber thefts. And most are not willing to share their ugly experiences from thier omen. Of which I have experienced during my short stay as an investor.
      Here are some common risks one could encounter during their process of stay in the crypto and Blockchain ecosystem.

1. As the world globally grow everyday digitally, so is the brain of a good scammer, here some scammers send you some email and it appears exactly as tho it was sent by a legitimate crypto currency company,.. don't be in a haste to invest with them, don't even try to click on the links in their message, try check if the logo of the company is identical and there's no slight difference or better still confirm from the help centers of the particular Blockchain using their websites.

2. What wallets do you use to store up your treasure?
So many fake wallets are in existence today, and these apps were created by scammers as a trap to withdraw every single coin you have stored into it. Watch the type of DExs of CExs wallets you use to store up your coins.

There are so many others everywhere, feel free to share some to get everyone especially the newbies aware of them and how not to fall for them. Thank you..

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What are common risks involved in crypto?
« on: November 26, 2021, 01:38:13 AM »

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Offline Natalie777

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Re: What are common risks involved in crypto?
« Reply #1 on: February 12, 2022, 12:10:20 AM »
Here's the story of my experience with Auschain Mining

In mid-November 2021, I was contacted on Telegram by a user name Evelyn Galya who has messaged me many times on Telegram trying to get into her false Bitcoin mining platform.

After several unsuccessful attempts, she said she will open up an account for me and make a deposit on my behalf in order to prove to me that this platform really pays. It was indeed paying on small amounts and I was investing every 5 days all the profit.

On 1.02.2022, this platform has claimed that they had maintenance work on their site and that my account encountered a down glitch. Due to this fact, I need to make another 50% deposit of my current account balance, in order to be able to withdraw the funds I had before the maintenance. This is a true scam!

I'd like to point out that all this time, Evelyn almost every day was messaging me trying to convince me to move to the next investment plan, saying that I will make a lot of money and will never regret investing with this company.

Besides that, she was pushing me to present this investment platform to my friends and family members because this platform has a Referral program and I will make even more money (What a BS!).

My husband invested $250 worth of Bitcoin, referred one of his friends, and I also opened up an account for my mother. Only me and my husband should receive a withdrawal of more than $1K each.

Should I mention that the technical support is awful? They are using Google Translate when speaking to you! Like robots answering your questions, when you are asking one thing, they are responding totally another thing.

I hope my story could help people stay away from this scammer!

Offline Jett_beginner

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Re: What are common risks involved in crypto?
« Reply #2 on: May 24, 2022, 10:23:34 AM »
the security of the website? and the compensation policy?
lack of experience?
I am currently using copy trading on Bitget and MoonXBT.
Would u mind telling me if this is a good choice for a newbie?

Offline DeDINeON

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Re: What are common risks involved in crypto?
« Reply #3 on: May 25, 2022, 09:59:12 PM »
Biggest risk is clearly "stupidity" in general like putting all eggs on the same basket. Like keeping coins on single exchange or wallet, not to be aware of all ways you can be scammed or how your devices can be compromized, or how tax man is accessing account details if you don't have declared everything etc. In DeFI we trust and stupidity emptiess your wallet :)

Offline timesofcrypto

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Re: What are common risks involved in crypto?
« Reply #4 on: November 26, 2022, 11:13:45 AM »
Cryptocurrencies of money aren't upheld by an administration or national bank. In contrast to most traditional currenciesforms, like the U.S. dollar, the worth of a cryptographic money isn't attached to guarantees by an administration or a national bank. On the off chance that you store your  cryptocurrency on the web, you don't have similar insurances as a bank account.Buying, selling and holding cryptocurrency is profoundly speculative and implies a significant degree of risk.If you want to explore more about how to invest in social trading cryptocurrency and their best platforms to invest in it .
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Offline Beep Beep Bitcoin

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Re: What are common risks involved in crypto?
« Reply #5 on: March 03, 2023, 01:03:25 PM »
These are some common but underrated risks involved in Cryptos:
Buying a cold wallet to keep Crypto from a Malicious website
No central authority means no third-party protection like the traditional system
Irreversible transactions risk
Price Volatility
Unexpected hikes of Government Tax

Offline Beep Beep Bitcoin

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Re: What are common risks involved in crypto?
« Reply #6 on: March 07, 2023, 11:48:32 AM »
Cryptos are volatile - There have been many instances when we have witnessed sudden movements in the crypto market. Even the most popular 'Bitcoin' fell from $61,837 in Oct 2021 to $20,108 in June 2022.

No central authority - Though decentralization is the root cause of the emergence of Crypto coins, it can be the biggest threat to its future.

Government taxes or sudden bans - There is a high risk of the government imposing hefty taxes on crypto trade or even banning it in their country to safeguard the centralized banking system.

Losing Private Key - It is always recommended to note down the private keys and keep them somewhere secure but what if the keys are lost? There is no way one can recover their private key.

Irreversible transaction - Once a transaction is done, it can never be reversed. We are humans and we make mistakes but in the crypto world, a mistake can cost us a lifetime of wealth.

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Re: What are common risks involved in crypto?
« Reply #6 on: March 07, 2023, 11:48:32 AM »


Offline OpenCEX

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Re: What are common risks involved in crypto?
« Reply #7 on: March 07, 2023, 12:16:08 PM »
While in principle the Bitcoin blockchain has proven to be among the most cyber resilient innovations thus far, the companies that plug into it, like other cryptocurrencies, are often new entrants with lax cybersecurity standards and wherewithal.
By this measure, not all cryptocurrencies are created equal in term of their traceability, transaction ledgering and levels of trust or fiduciary responsibility.
For this, risks as simple as ‘mysterious disappearance’ and as complex as ransomware attacks and bots scouring the Internet for weak links and easy prey are complex and fast-moving perils.
Free open-source crypto exchange engine OpenCEX: https://polygant.net/opencex/
Source code: https://github.com/Polygant/OpenCEX
Telegram group chat: https://t.me/opencex

Offline kriptopoulin

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Re: What are common risks involved in crypto?
« Reply #8 on: March 20, 2023, 08:59:02 AM »
The common risks involved in crypto include volatility in prices, hacking attacks on exchanges and wallets, regulatory uncertainty, and the potential for scams and frauds in the industry. It's important to stay informed and take measures to protect your investments. The Moon provides you with all the latest updates related to cryptocurrency.
« Last Edit: March 20, 2023, 09:05:28 AM by kriptopoulin »
I am a crypto trader for the last 5 years.The Moon channel has been extremely helpful in this regard.
If you're looking to invest in crypto,visit The Moon channel to stay ahead of all the latest news on cryptocurrency.
https://www.youtube.com/@themoon

Offline MVL~$

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Re: What are common risks involved in crypto?
« Reply #9 on: February 02, 2024, 06:52:07 AM »
Cryptocurrencies have their advantages but also their disadvantages. In this there are many cases where hackers have unethically stolen money from many people. Among those who join various airdrops, some airdrops often ask to connect a wallet, which can put you at risk in most cases. Through this they can attack your wallet. So I would say stay away from campaigns that are run with the lure of paying some money on various airdrops. Also it is better to keep your cryptocurrency password or pass key in an offline medium instead of digital medium. Otherwise, your account may be at risk. There are also many other things.

Offline Dr.Bitcoin_Strange

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Re: What are common risks involved in crypto?
« Reply #10 on: February 09, 2024, 10:50:24 PM »
The most common risk which newbies usually experience is lost of asset to scammers and also the risk of volatility of cryptocurencies which can cause an investor's asset to get liquidated. Crypto enthusiasts whose assets are likely to be liquidated are traders. For scammers, it's one thing that is inevitable in the crypto space and newbies who lack a quality knowledge about crypt will always fall victim.

Offline Sokani

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Re: What are common risks involved in crypto?
« Reply #11 on: February 10, 2024, 01:40:39 PM »
As the world globally grow everyday digitally, so is the brain of a good scammer, here some scammers send you some email and it appears exactly as tho it was sent by a legitimate crypto currency company,.. don't be in a haste to invest with them, don't even try to click on the links in their message, try check if the logo of the company is identical and there's no slight difference or better still confirm from the help centers of the particular Blockchain using their websites.

Good advice but you can minimize the risk of getting scammed through a phishing links by not making use of the same device for storing your funds and online activities. Store a large chunk of your digital assets in a cold storage and keep a small portion on your online software wallet for daily transactions. Also, avoid displaying your email on public forum or signing up on malicious websites.

What wallets do you use to store up your treasure?
So many fake wallets are in existence today, and these apps were created by scammers as a trap to withdraw every single coin you have stored into it. Watch the type of DExs of CExs wallets you use to store up your coins.

Hardware wallets are the safest but it is advisable to only purchase from the official website or authorized merchants to avoid buying a tempered hardware device. Electrum, sparrow and blue wallet are also good open source software wallets but make sure to download from the official website.

Offline sampoerna

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Re: What are common risks involved in crypto?
« Reply #12 on: February 10, 2024, 10:08:34 PM »
Common risks that are involved in crypto?
Well, here are may be the simple lists:
1. Losing money, the reasons:
    - Involved in scam projects
    - Future trading done by newbies
    - Buying hype coins without understanding the scheme
    - Panic buying and panic selling without any wise consideration

2. Hacked assets because of low security system
3. Losing assets because of still using exchange or even online wallet

And some others.
That is why after knowing some of the risks, we must be ready for the risk. After that, we must prepare how to at least avoid the risk as can as possible. Those risks will be higher if we are entering crypto without any good preparation in many thing, especially the knowledge.

Offline Z-tight

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Re: What are common risks involved in crypto?
« Reply #13 on: February 10, 2024, 10:55:16 PM »
People who do not know what they are doing and those who have bad opsec usually lose their coins, the first risk is buying BTC or any other crypto without research and knowledge of what you are actually doing, so many people buy coins because others are buying and they think it will make them reach.

Operational security is also very important, and it covers the wallet you use, the enviroment you use it in and how your back up and store your seed phrase, users with great opsec hardly lose any funds.
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Offline bayu7adi

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Re: What are common risks involved in crypto?
« Reply #14 on: February 11, 2024, 09:08:58 AM »
2. What wallets do you use to store up your treasure?
So many fake wallets are in existence today, and these apps were created by scammers as a trap to withdraw every single coin you have stored into it. Watch the type of DExs of CExs wallets you use to store up your coins.
Since I stick to the principle of "Not your key, not your coin," I always use non-custodial wallets to store significant amounts of assets. Up to now, I still keep them in Electrum for Bitcoin assets, while for some altcoins, I store them in Unstoppable Wallet. For larger amounts of altcoins, I use Metamask for storage.

The best advice is to use a cold wallet or a hardware wallet. That way, you can securely store both Bitcoin and altcoins. The added layer of security provided by these USB devices enhances the safety of your wallet, giving you extra peace of mind.

 

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