How to spot a cryptocurrency scam from getting tips from ‘friends’ to ‘being promised returns’… – The Sun


SCAMMERS come in many forms, especially in the cryptocurrency space.

Use these three tips to spot scammers and avoid falling victim to malicious schemes.

Use these three tips to spot scammers and avoid falling victim to malicious schemes

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Use these three tips to spot scammers and avoid falling victim to malicious schemes

BLOCKCHAIN SCAMS

Cryptocurrencies operate on blockchain networks.

Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.

Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain, if it exists.

HOT TIPS FROM ‘FRIENDS’

Multi-level marketing scammers will often use the language of cryptocurrencies to entice people to join as “members.”

Cryptocurrencies do not have members, they have investors.

Avoid taking investing tips from friends and family; instead turn to price-tracking websites like CoinMarketCap, CoinGecko, or CoinPaprika, and always do your research before investing.

Read our cryptocurrency live blog for the very latest news and updates…

NO ‘GUARANTEED RETURNS’

There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.

There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.

Check out these other ways to spot scammers in the crypto space.

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