4 Types of scams in crypto | Be Aware of These Scams In Crypto World !

Types of scams in crypto: Almost all internet users know about what is crypto, Uses of crypto and one can make a good amount of money with the help of cryptocurrency.

Many crypto lovers are earning from crypto and do not know much about crypto scams. Because of such users, scammers can easily cheat and can steal your smartly earned crypto coins.

To help such people in this article I am going to give a list of some cheating techniques that hacker or scammer uses to fool you.

Techniques used by scammers to steal your crypto from your crypto wallet/ types of scams in the crypto

Here is a list of some techniques used to cheat you in the crypto world:

1) Network Marketing In Crypto

If you are using Facebook or Instagram you can relate to this term. Many people Dm you with messages like ” start earning thousands of rupees by just adding paid members to your chain”.

In simple words, they are saying to do MLM. In crypto you should not believe in such methods if you really want to make money from crypto then there are only the following ways:

  • Crypto Trading.
  • Crypto Arbitraj.
  • Investing in crypto for a long time.

If someone is forcing you to use techniques like MLM then do not believe in such ways.

2) Don’t Get Influenced By Anyone

If someone is telling you to buy unknown coins by saying these will give you good returns then do not believe in such things. Not only in crypto but also when investing in stock and forex market do not get influenced by anyone.

Before investing your hard-earned money do technical and read which technology is used in that particular coin. For example, the polygon is a modified crypto coin of Ethereum.

Polygon is less expensive and takes fewer fees on transactions & solves problems in Ethereum so investing in a polygon can be good. Also, don’t invest in meme coins like Dogecoin investing in such coins can be compared to gambling.

3) Fake Crypto Mining Apps

Everyone knows what is crypto mining and we can earn from crypto mining. One of the major cons of crypto mining is the cost of hardware that is required to start crypto mining.

By taking advantage of this con many scammers launched fake crypto mining apps. Which promises you to mine bitcoin from mobile. There are some coins that can be mined with the help of CPU but you do not get many returns as compared to GPU.

For such apps, you have to remain active for a long time so that they can show advertisements. True crypto mining does not show ads they take some profit from the profit of mining.

4) Cloud Mining Scams

Cloud mining is a method in which you can mine crypto coins on a hosted server. Do not invest in any cloud mining platforms some of them are true but they can not give high profits as compared to hardware mining.

There are some cloud mining fake companies in the market that tells you to invest or add some bitcoin to their wallet and also motivate you to tell your friends to join their service.

Such companies do not have any type of hardware they just develop an attractive platform in form of web applications, software or android, or IOS app and do not give any return.

These were some types of scams in crypto now read the following to prevent these scams:

Some methods to secure your crypto wallet

some methods to secure, Types of scams in crypto some your crypto wallet
some methods to secure your crypto wallet

With the increase in the number of types of scams in crypto, there is also an increase in ways of securing crypto coins. Following are some methods from which you can secure your crypto wallet:

  1. Do not click on any click from unknown sources. Especially from emails and websites.
  2. Do not share your private key with the crypto wallet.
  3. Try to use hardware wallets instead of web-based wallets.
  4. Always allow two-step authentication in wallets like coin base, Binance, etc
  5. Do not publicise your crypto balance.
  6. Do not visit unsecured websites. Like HTTP or .onlion

By following the above method you can reduce all types of scams in crypto.

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FAQS

How can we protect our crypto wallet?

Do not share your private key and Don’t click on any link in order to prevent crypto wallet hacking.

Is cloud Mining Scam?

No, Not all platforms are scams. Just do research before that platform.

Can we really mine crypto from mobile?

Yes, but be aware of fake crypto mining apps.

Conclusion

I hope that you understand the above information. If you liked the above information you can share this blog post with your friends who have crypto wallets this can save their money.

In this article you have learned all techniques which hackers used to steal your crypto coins, types of scams in crypto if you want to increase your knowledge by reading such amazing content then you can read our following blog post:

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Hi! I am Sumeet & I am the owner of FinanceTak.com. We provide Information On Crypto, Loans & Finance