Blockchains are on the rise and so are the scams that come along with it. Vindictive people cash in on the innocence of people who aren’t completely aware of this new technology and are trying to make things better for themselves.
Though blockchain claims to be more secure and transparent, no matter what you do someone still ends up figuring a way out. Hackers/scammers will ALWAYS be one step ahead and as much as it makes them super smart, it’s a really selfish thing to do.
Anyway, keeping the moral compass aside, we are here to guide you on how to save yourself, slightly if not completely, from being their next victim.
Well, this not only applies to blockchain but it is true when you start with something new. If you’ve heard the age-old saying, “too good to be true”, and if you believe in it then your skepticism is right on point. Because when it comes to blockchains, the technology itself seems too good to be true but if they go overboard with the ‘goodness’ then you need to look out for yourself.
The easy way used by scammers is that they create tokens with the sole intent of stealing people’s money and credible people latch on to these junk coins resulting in an artificial inflation of prices and then dumping them for profit.
Do Your Homework
I don’t even remember how many times I have said this. But people you HAVE to do your research. You need to know what you’re getting into. You don’t know how an ICO that doesn’t appear to be promising at first might turn your luck around if you do your research.
Moreover, it’s a financial game so if you have no prior knowledge of how a real-life market works, you wouldn’t be able to survive a virtual one either. We don’t ask you to get Ph.D. level info but you gotta learn the basics y’all!
Patience is the key
If you’re investing in any cryptocurrency you have to be patient. And, this part trusts me is tougher than most because ‘we eat salad and start checking for abs’ but this is not how it works.
We do attach instant speed with technology as it has made things quicker but sometimes you have to do it the old-fashioned way and learn to wait. Try not to doubt yourself in the process because most people just end up withdrawing after a couple of months. It is best to prepare your mind earlier on so you don’t lose money.
We do advise you meditate to build a higher tolerance level, it won’t only help you maintain your faith when you’re investing but also help you in other spheres of life. In any case, it is fruitful.