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Pro tips to keep yourself safe from crypto scams

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It is only wise to secure yourself and keep your safe from such crypto scams and given here below are few tips to help you do just that.

Whatever involves money involves a high amount of risk. Money has turned into such a vanity ever since the known history of man that it has killed and slaughtered their own kin to acquire a few extra monetary asset. And with the heavy intermingling of the Internet with money, frauds and scams have always been on the major front. There is something about the hoarding of money that is so appealing to human nature that it turns it into a greedy, and in many cases a criminal personality.

That being said, the Internet is jam packed with such personalities who would be ready to dupe you of your money without a second thought. And when it comes to your hard earned money, it is very important for you to secure yourself cozily under layers and layers security so that these heartless scams cannot rid you of your money. Even with a highly secure and decentralized platform for cryptocurrencies, one can just never be too careful when it comes to their money.

Therefore, it is only wise to secure yourself and keep your safe from such crypto scams and given here below are few tips to help you do just that.

 

Be on the lookout for phishing scams

Of course one of the most widespread method of trying to lure someone into anything money related has been spam emails. Time and again we receive such emails and there have been numerous reports of people crying about losing their money to these. The only wise thing to do is completely ignore such emails and steer clear of them. Of course anyone claiming to be the owner of a buttload of Bitcoins and willing to share the profits with you is shady. Of course no one wants to give you their money away for free, via emails nonetheless.

There are several scammers who even go to the length of impersonating the government and or the crime branch to threaten you that they’d drag you to the court and initiate legal action if information regarding your crypto account or digital wallet is not shared with them immediately. Rest assured, that these are scams and no government authority or even private companies would ask for such actions over an email. Simply delete these emails the minute you receive them.

 

Fake digital wallets

What better way to get people to trust you than posing as a trustworthy wallet service? Always and always go for well known and well trusted names when it comes to choosing a service for your digital wallet. You would not want a site posing as a wallet where you would store your coins and the website would just rip you off your private keys and run away with all your tokens. Do not make random decisions when choosing a wallet for yourself. Be on the lookout for such lesser known shady looking services which offer you cheaper or almost free service for no benefit of theirs.

If their in fact is a new service which looks promising, wait out for others to check it out and build credibility. Have patience. Moreover, famous websites with a huge user base generally attract imitators who try to take advantage of the brand value and redirect users to their fake websites. Always look for the ‘Secure’ tag in the website url. Usually, these are also accompanied with a ‘lock’ symbol which furthers ensures the authenticity of the website. For added protection, go a step ahead and enable 2 factor authentication. Do not be lazy.

 

The so called ‘get rich quick’ scams: Fake ICOs and Ponzi schemes

Sometimes even unintentionally, the creators of a brand new coin ask you to join forces with them to propel the next big coin into the market which many a times, is just pure junk. When looking into working towards such a thing, make a few wise lookins before jumping into the venture. A copied white paper, unusually high ambitions, the complete team involved or half of it has been kept under wraps, a contradiction in what is being said and what is actually being done, a hurry in executing all the steps, no proper well structured answers to important questions, are a few key red alerts to look out for to avoid such scams.

Another red alert sign to beware of are ponzi schemes. People claiming to help you make huge profits within weeks by just holding a few worthless tokens. You might see rapidly changing numbers in your account but actually claiming them would turn out to be impossible since the pages would suddenly turn unresponsive. Steer clear of too good to be true deals and offers, and always check whether its a registered corporation or not. Even the slightest discomfort should make you stay away from such entities.  

 

A few extra tips

To secure yourself overall, here are a few extra steps you could carry out. Generate strong alphanumeric passwords, including upper and lower cases characters and numbers and symbols. Do not make them obvious guesses or song lyrics or your pet’s names. These are way too easy to crack than you could imagine. Use cold storage. Cash out your tokens regularly and only keep a minimum permissible amount in them. The rest should be transferred to a hardware wallet. Maintain plausible deniability and keep certain data hidden away from the public eyes.

Moreover, go an extra step ahead and if you encounter any such fraudulent sites, flag them and do your bit for the crypto community. A little goodness goes a long way. So do your part, and be safe out there.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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