Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Dabbystar 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..
-
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!
-
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?
-
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 :)
-
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 .
Visit us to know :
-
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
When we are talking about the risk of involved in crypto, it may tend to be how we may lose our money.
Many people enter the world of cryptocurrency because they want high profits. Crypto is considered to be one of the things that really provides high profits. However, some people forget that crypto also has very high risks.
Many people lose money in crypto because their mindset is that they want to have a lot of money later. Moreover, they don't have sufficient knowledge and then give up investing in bad projects. This would actually be very dangerous and pose a high risk to anyone. and I think losing money is a very bad thing for some people or maybe most people.
-
Many people lose money in crypto because their mindset is that they want to have a lot of money later. Moreover, they don't have sufficient knowledge and then give up investing in bad projects.
It happens a lot, it is going to be very difficult to educate people that BTC is not a get rich quick scheme, once they hear about BTC, to them it is an opportunity to make money, but that is not so. It is easy to invest your money into a scam or useless project when you are desperate to get rich quick, before buying crypto you must know what the risks are, and do your research about the coin yoy want to buy.
-
The most common risk in the crypto market is that the market is uncertain and anything can happen at any time in the market and you have to risk money in this uncertain market. I think this is one of the most common risks in the crypto market. No trader or any investor can say for certain which direction the market will go but those who have enough knowledge about the business and those who understand the market well can make some predictions and with some guidance can imagine which direction the market will go. But it is a very common thing that skilled new old investors of all types or traders of all types must take money risk.
-
Risk in cryptocurrencies refers to losses after investing or trading. There are many other risks beyond these two which I am not in a position to tell in detail but will give some hints. Many times we invest without understanding anything before making a decision to invest, so if we don't feel the need to do any research about the project, there is definitely more chance of loss than profit from this investment. Moreover, we often invest in Shit coins while investing in haste, there is a big risk in this too.
-
-snip-
Moreover, we often invest in Shit coins while investing in haste, there is a big risk in this too.
Losses will not look at anyone, even if the person is a professional trader and investor.
I myself quite often enter shitcoin only at a few moments of hype and get quite a lot of profits and fast.
But in the end it also gave me a big loss.
The shitcoin project I bought was too fast for scam and Rugpull,
This became a lesson for me personally to be more vigilant though against any project, not just on shitcoin.
See how LUNA, UST who has Dev is thief and irresponsible.
Though LUNA is the top coin, so must be wary of everything.
-
-snip-
Moreover, we often invest in Shit coins while investing in haste, there is a big risk in this too.
Losses will not look at anyone, even if the person is a professional trader and investor.
I myself quite often enter shitcoin only at a few moments of hype and get quite a lot of profits and fast.
But in the end it also gave me a big loss.
The shitcoin project I bought was too fast for scam and Rugpull,
This became a lesson for me personally to be more vigilant though against any project, not just on shitcoin.
See how LUNA, UST who has Dev is thief and irresponsible.
Though LUNA is the top coin, so must be wary of everything.
There is no problem investing in Shitcoin just make sure that you did good research before you invest and you're right professional traders are investing in shitcoin because they know the higher the risk the higher reward they can get.
I'm not the same as traders who buy them in my case before I earn them by promoting them or by doing captchas I hold them for the long term and after block halving I got a big profit holding those shitcoins even it is risky to hold them since I got it free by promoting or by doing captcha I'm not afraid to lose them because I just earn without investing them. That's only difference but without the risk we can't make a good profit.
-
Maybe I should try a little more higher in listing some observable common risk we often take without knowing while trying to get involved in any cryptocurrency related activities in the economy, some of them were as follows.
1. Risk
2. Too know
3. Impatient
4. Absent of information
5. Careless attitude
6. Indecision
These and many more are the constitutes of how we got involved in the cryptocurrency risk on ourselves, we can see that the ones we mostly contributed are more than the ones we often encounter in crypto.
-
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!
The story you shared about your encounters with scammers is mostly about the way they operate. They would like to bring you a special offer that will get hooked up with them, like paying the amount they are requesting so that you can be able to withdraw your balance with them.
A friend of mine experienced the same thing as yours a few months ago and she felt like killing herself because of it. They scammed all of her money just because she wanted to withdraw the money stocked on the scammer's site because of their lies about "maintenance".
Why people fall victim to this kind of scam mostly because of greed, to get more. If someone would remove greed from their mind, they would hardly fall victim to scams because they wouldn't be moved by their fake offers
-
Why people fall victim to this kind of scam mostly because of greed, to get more. If someone would remove greed from their mind, they would hardly fall victim to scams because they wouldn't be moved by their fake offers
Greed is one very strong reason why people fall for scam, but there are others, like when one has bad opsec, that person could expose their seed phrase without even knowing it, or when a person has no knowledge about the network and the industry, they could store a large amount of coins in an exchange or in an online wallet.
It is recommended that people know what they are doing before buying crypto, if you only think about getting very rich after buying it, you will lose the coin before you even start dreaming.
-
There is no problem investing in Shitcoin just make sure that you did good research before you invest and you're right professional traders are investing in shitcoin because they know the higher the risk the higher reward they can get.
If we have good knowledge about the shitcoins, it is okay to invest in them. It is only a problem if we have lack of knowledge about them. It will be very risky because the prices are very volatile, the prices easily changed drastically. For average investors/traders, it is better to choose reputable coins only. The top 20 coins are quite safe for the investment for average people.
-
-snip-
I'm not the same as traders who buy them in my case before I earn them by promoting them or by doing captchas I hold them for the long term and after block halving I got a big profit holding those shitcoins even it is risky to hold them since I got it free by promoting or by doing captcha I'm not afraid to lose them because I just earn without investing them. That's only difference but without the risk we can't make a good profit.
Do you want to say about DOGE that you got easily before the price went crazy.
In the past, DOGE was only considered a shitcoin or memecoin that did not have any utility,
so it only looked like a worthless and very cheap junk coin.
But after Elon Musk became a fan, DOGE became The Father of memecoin or Shitcoin.
Long-term holding will give tremendous profits.
I also made thousands of dollars profit overnight when Elon Always posts about DOGE on Twitter.
-
I would say that there are basically two common risks to consider and ways to mitigate them: Avoid borrowing money to buy crypto, and refrain from staking high amounts if you tend to be too emotional. Our response to situations in the crypto space influences how long we can hold.
-
There is no problem investing in Shitcoin just make sure that you did good research before you invest and you're right professional traders are investing in shitcoin because they know the higher the risk the higher reward they can get.
It's never a problem if the amount you invest doesn't affect your finances when you lose it. High risks often appeal to some people, so it's understandable if some see it as not dangerous (because they understand it) and others see it as risky because the stakes aren't small.
For those hoping for gains from "shitcoins," it's wise to stick to effective investment strategies. Shitcoin movements can be highly volatile.
-
Do you want to say about DOGE that you got easily before the price went crazy.
In the past, DOGE was only considered a shitcoin or memecoin that did not have any utility,
so it only looked like a worthless and very cheap junk coin.
But after Elon Musk became a fan, DOGE became The Father of memecoin or Shitcoin.
Long-term holding will give tremendous profits.
I also made thousands of dollars profit overnight when Elon Always posts about DOGE on Twitter.
Actually, these are the only coins that you can earn from faucets before Doge, LTC, and Bitcoin when I entered into crypto someone paid me in Dogecoin by doing captcha typing it is safe than investing I hold them and make a profit even without the help of influencer like Elon Musk Doge coin increase every altcoin season or every end of the Bitcoin BlockHalving months or a 1 year you should be able to see the price increase of this memecoin.
Yes, it is a shitcoin but dev cores have become serious about developing this coin until now.
Look at the market almost all exchanges doge coin is listed do you think this coin is still a shitcoin? For me, no there is no shitcoin that survives long the same as dogecoin.
-
I would say that there are basically two common risks to consider and ways to mitigate them: Avoid borrowing money to buy crypto, and refrain from staking high amounts if you tend to be too emotional. Our response to situations in the crypto space influences how long we can hold.
I think there are more to the ones you have mentioned. If you must buy a coin, let it be the coin that you understand, you don't buy a coin because other people feel like buying it, you will enter danger zone that you may find difficult to get out from. You should also avoid keeping coins on exchange, this is another risk that is less discussed because the centralized exchanges has brains braijsn wash their head, they don't realize untill it has fell off.
If you want to last long in crypto, avoid coins that are been influenced by the influence, most often the coins are always and even when there is bad side of the coin, they influencers don't talk about it. We have many of them that were later dragged last year for telling them to buy coins that are not worth it and they are all dead now because they have sold their bags.
-
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..
The most common factor is greed, when we are greedy we are blinded by the hype and false marketing of fake projects, we should educate ourselves on what to look for in a project with good potential in the market not just greed for profit, we need to check the usability of the token, the roadmap and check the credentials of the people behind the project, and second is lack of knowledge on what to look for a project, majority of the projects now are fake or cash cows of its developers, only if you are educated enough can you avoid these type of coins.
-
I don't know why some people don't first try to analyze the risk involved in cryptocurrency before going into it, they most especially use to have a different perception far from what the digital network is all about, another thing is that they don't also make research on any crypto before investment, i don't know maybe its all about their laziness or the way they least place value on their crypto asset.
-
and second is lack of knowledge on what to look for a project, majority of the projects now are fake or cash cows of its developers, only if you are educated enough can you avoid these type of coins.
Truly there are a few things to check if you want to invest in a new project, but take note that checking all of that does not mean you are going to be lucky and get a good project, you may still be scammed or buy a project that ends up useless in no time. Avoiding scam coins is very difficult if you buy a lot of new projects, the chances that you won't buy many useless coins is slim to none.
-
I don't know why some people don't first try to analyze the risk involved in cryptocurrency before going into it, they most especially use to have a different perception far from what the digital network is all about, another thing is that they don't also make research on any crypto before investment, i don't know maybe its all about their laziness or the way they least place value on their crypto asset.
Lack of adequate knowledge, greed, misinformation and laziness that you mentioned can actually cause Newbies to fall victims of the risk that are involved in cryptocurrency. I remember I fel victim a few times too when I early started my journey in crypto but I learned from my mistakes and become better in crypto dealings.
If anyone wants to go into cryptocurrency, let them first learn and understand all the necessary education which they need because that's what will prevent them from falling victim.
-
It seems that you have only mentioned the risk of frauds and hacking, but there are other typical risks connected to cryptocurrencies as well.
One of the main risks connected to cryptocurrencies is volatility. Cryptocurrency investments are dangerous since their value can change quickly and without warning. For example, in 2017, the price of Bitcoin rose from around $1,000 to nearly $20,000, before crashing back down to around $3,000. This rapid and unpredictable rise and fall was due to a combination of factors, including speculation, hype, and news events. This volatility increases the chance of losing money even if it can also present opportunities for gain.
-
Actually, these are the only coins that you can earn from faucets before Doge, LTC, and Bitcoin when I entered into crypto someone paid me in Dogecoin by doing captcha typing it is safe than investing I hold them and make a profit even without the help of influencer like Elon Musk Doge coin increase every altcoin season or every end of the Bitcoin BlockHalving months or a 1 year you should be able to see the price increase of this memecoin.
Yes, it is a shitcoin but dev cores have become serious about developing this coin until now.
Ahh ok-ok, you seem to really enjoy a job that initially only looks like a toy, just typing Captcha and getting paid with cheap Coins like DOGE back then.
You start your crypto journey with DOGE, which became a legendary coin and can even hold it for the long term.
Elon Musk is just like a new student who entered the Doge ecosystem and became a big fan.
Shitcoin like DOGE alone has a lot of community, and they also do DOGE mining, this is certainly very amazing.
Look at the market almost all exchanges doge coin is listed, do you think this coin is still a shitcoin? For me, no, there is no shitcoin that survives long the same as Dogecoin.
I first came to Crypto that I saw only 3 Coins, BTC, LTC and DOGE, Not almost but all exchanges automatically register DOGE as the main coin and as History of Crypto.
-
~snip~
Shitcoin like DOGE alone has a lot of community, and they also do DOGE mining, this is certainly very amazing.
It was also my first coin, and regardless of what others think, I would not agree that we should put it in the "shitcoins" category, because it has survived to this day, unlike most of those that failed long ago. What has set that coin apart from others has always been a large community that has actually maintained it until today, and what prevents it from having a higher value is the fact that it has an unlimited supply.
What are common risks involved in crypto?
Regardless of what others have already mentioned, I think ignorance and rashness are the main reasons people lose their investment. If you know that everything that is too good to be true very likely implies that it is a scam and if you are not hasty in your decisions, in 99% of cases you will make the right decision.
Although I would take a step back and say that the internet as a tool is a huge risk, and that all those who do not know how to use it should avoid investing in cryptocurrencies.
-
There's this two common risk and mistakes people often do in cryptocurrency and this is more common to newbies that are just being newly introduced to crypto.
the first one is investment non shitcoin scam, not everyone knows the way to go about in choosing the right coin for themselves, instead they go by the way some of these coins were being advertised.
the second one is the trading risk in cryptocurrency, some believed that since they have the opportunity of earning through crypto trading, they can just start without having the experience of doing it and eventually lose at the end
-
There's this two common risk and mistakes people often do in cryptocurrency and this is more common to newbies that are just being newly introduced to crypto.
the first one is investment non shitcoin scam, not everyone knows the way to go about in choosing the right coin for themselves, instead they go by the way some of these coins were being advertised.
the second one is the trading risk in cryptocurrency, some believed that since they have the opportunity of earning through crypto trading, they can just start without having the experience of doing it and eventually lose at the end
I think both points you've mentioned are interconnected with each other because a person who lacks knowledge and experience will not know which cryptocurrencies are good and which are bad and which they should choose for their investments.
So the most common mistake among newbie investors is that they don't gather or gain enough knowledge before they venture into trading which is why many of them lose money and then start abusing the market and leave trading and cryptocurrencies forever instead of correcting themselves and their mistakes.
-
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,..
Scams, are always existed in the crypto business.
As you said, it can be in the form of scam projects, scam platform pretending like the official ones, phishing links, and other scam methods. And commonly, most of them are quite the same if we analyze the method.
Even it is a free program like airdrop and other project type promotions, if they are asking for some funds at first or they need to see your wallet seed phrase or other important data, we must be careful of this.
Cz it is suspicious enough to do it. And it is better to avoid this kind of involvement.
Related to the phishing links, never click immediately a link sent to your email. Watch out of any possibilities.
2. What wallets do you use to store up your treasure?
If making it for long term, it is much better if storing our assets in the hard wallet. But sometimes, it is different if we are willing to use the coins for trading, we may diversify it into reputable exchange.
Other risks of being in crypto spaces:
- Loss the money because of future / even spot trading
- Being stressful and frustrated because dropped value of investment assets
-
~snip~
Shitcoin like DOGE alone has a lot of community, and they also do DOGE mining, this is certainly very amazing.
It was also my first coin, and regardless of what others think, I would not agree that we should put it in the "shitcoins" category, because it has survived to this day, unlike most of those that failed long ago. What has set that coin apart from others has always been a large community that has actually maintained it until today, and what prevents it from having a higher value is the fact that it has an unlimited supply.
Yea, you are right, @Lucius. I was a very big fan of altcoins, but due to the experiences I had with failed projects and the fact that my investment was lost, I just lost interest in altcoin projects. Dogecoin was already in existence before I started my journey in space, and then the price of a doge coin was worthless, and there were so many airdrops I did then and earned billions of free doge coins. I will also not classify the doge coin as a shit coin because it has survived through the passage of time. Many shitcoins have failed, but the doge coin was still standing tall.
-
Yea, you are right, @Lucius. I was a very big fan of altcoins, but due to the experiences I had with failed projects and the fact that my investment was lost, I just lost interest in altcoin projects. Dogecoin was already in existence before I started my journey in space, and then the price of a doge coin was worthless, and there were so many airdrops I did then and earned billions of free doge coins. I will also not classify the doge coin as a shit coin because it has survived through the passage of time. Many shitcoins have failed, but the doge coin was still standing tall.
That is one of the risks presented by altcoins, because altcoins sometimes provide a lot of profits, sometimes they also provide losses, it depends on you how you can respond to this wisely because it has been informed that altcoins always have very high risks, including meme coins like Doge, Shiba and others. So you have to be more careful when entering altcoins and make it an important experience so that you don't choose the wrong new project.
-
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.
When a new technology is having an uprise, it’s not out of place that it would be persecuted and leveraged by anyone and everyone who sees an opportunity within that space, legally or illegally.
Scammers have been everywhere and some means by which they’ve been able to divert user funds is by creating these cloned wallets.
Scammers basically clone wallets, websites and create fake investment platforms to trick you into having the confusion that it’s the original and with the irreversible nature of cryptocurrency transactions, once it’s sent and have got a single confirmation on it, it’s no longer within your rights to own it.
Hence. It’s become of great importance to do roper research on what wallet or site you’re saving or investing your money as, these clones does exists and is a window for losses. Always looking up for official website and downloads from there links has been some ways to save yourself the trouble.
-
When a new technology is having an uprise, it’s not out of place that it would be persecuted and leveraged by anyone and everyone who sees an opportunity within that space, legally or illegally.
Scammers have been everywhere and some means by which they’ve been able to divert user funds is by creating these cloned wallets.
Scammers basically clone wallets, websites and create fake investment platforms to trick you into having the confusion that it’s the original and with the irreversible nature of cryptocurrency transactions, once it’s sent and have got a single confirmation on it, it’s no longer within your rights to own it.
Hence. It’s become of great importance to do roper research on what wallet or site you’re saving or investing your money as, these clones does exists and is a window for losses. Always looking up for official website and downloads from there links has been some ways to save yourself the trouble.
Unfortunately, nowadays it is increasingly difficult to track sites that try to phish or hack from sites connected to your personal wallet. When you want to make a transaction on a site, I prefer to use a second wallet so that the transaction is safer and does not pose a threat to The main wallet that has a lot of stored assets.
-
Ignorance is one big risk that everyone investing in cryptocurrency should avoid. People have made costly mistakes that cost them their hard earned investment out of ignorance. It is not usually easy recovering from a huge loss simply because you didn't know and was never informed about the consequences of the actions you took. It is better for every cryptocurrency investor to first make researches about what they are investing in, read lots of contents on cryptocurrency, best wallet to store your earnings and cyber security tips. Don't stop reading and asking questions because ignorance is very risky.
-
-snip-
It is better for every cryptocurrency investor to first make researches about what they are investing in, read lots of contents on cryptocurrency, best wallet to store your earnings and cyber security tips. Don't stop reading and asking questions because ignorance is very risky.
Yes, every beginner investor should implement this kind of thing to keep their investment safe.
After all, the crypto market is risky and unpredictable.
Many dangers will threaten the assets we have, and even professional people are not spared from these dangers.
See how people who have been in crypto for a long time lose their money very easily in crypto due to hacking.
-
The common risks in crypto is lacks concrete financial metrics ,making valuation ambiguous , some common risks , regulatory risks, volatility complexity risks ,liquidity risks , market, black mailing scams, security, fake crypto exchanges , operational risks and many more.
-
Common risks in cryptocurrency include market volatility, security vulnerabilities leading to hacking and theft, regulatory uncertainty, liquidity issues, technology flaws, adoption challenges, operational disruptions, scam and fraud schemes, and the risk of losing access to funds. It's crucial for investors to understand and manage these risks effectively when participating in the cryptocurrency market.
-
There's a lot of common risk involved in crypto maybe include the market volatility, fake crypto exchange, regulatory supplies, adoption challenges and those risk lets be consider.
-
The general risk in cryptocurrency is our own responsibility because I am sure that looking at how cryptocurrency works, it is absolutely all within ourselves, losing money or being hacked will all be up to ourselves.
Not to mention the very rapid rise and fall in prices and this means that we will definitely experience a decline in portfolio and that is absolutely within our own control.