Cryptocurrencies are a new and exciting way to invest, but they’re also very risky. If you want to get involved with the cryptocurrency market, it’s important that you understand how to protect yourself from scams and fraud. Scams and fraud do not only affect real money mobile casino game players but traders as well. Below is a list of tips on how to invest in bitcoin without getting scammed.
Do your research
Before investing your online pokies money into cryptocurrencies, make sure you do some research about them first. This will help you avoid scam coins like Bitcoin Diamond or EOS. You should learn about their technology, team, community, governance, security, and more.
Don’t buy from an unknown exchange
When buying cryptocurrency, never use an exchange that you don’t know personally. It’s always best to deal with exchanges that have a good reputation.
Use proper verification methods
When verifying accounts, make sure you only accept 2FA (two-factor authentication) options such as Google Authenticator or Authy. This will ensure that no one can steal your account by guessing your password.
Be careful when using wallets
If you decide to store your cryptocurrency in a wallet, be careful where you keep this private key. Make sure you keep it somewhere safe and don’t share it with anyone.
Avoid pump & dump schemes
Pump and dumps are common practices in which groups of people purchase large amounts of a coin at once and then sell off their investments at high prices. These schemes usually occur because of hype surrounding blockchain projects and often end up being extremely fraudulent.
It’s important to stay informed about what’s happening around the cryptocurrency space. Read news sites like CoinDesk and follow major social media channels like Twitter to find out the latest trends and announcements.
Know your limits
Don’t invest too much money into cryptocurrencies unless you are willing to lose all of it. Remember that even though these assets seem secure, there’s still a chance that hackers could steal your funds if you don’t take precautions.
Consider holding multiple currencies
You might not need to hold every single digital currency available, so consider creating a portfolio of several different cryptos. By diversifying your holdings, you reduce the risk of losing everything.