Cryptocurrencies belong to the digital world, where there is no physical bill or coin because everything is online. Ethereum and Bitcoin are two of the well-known cryptocurrencies; however, new ones are still being made.
People can use them for payments, use them to earn a product in the DE-FI (decentralized finance) space, value store (Bitcoin) or speculate on a higher future value.
Before buying a cryptocurrency, remember that it does not have the same security measures as the traditional banking system. Projects could fail, and if you lose your money there’s no way to get it back.
Also keep in mind that scammers will be abusing the fact that we are in the very beginning phase of this financial revolution. At present there is a lack of knowledge on how to use crypto’s in some cases. Before investing / sending your hard earned cash you should review the mate. Simply put, its name is Google, and check the public complaint platform for crypto complaints.
Also learn the basics before starting out in the crypto space:
- Cryptocurrencies vs US Dollars: cryptocurrencies are digital, and that’s not the only significant difference between traditional currencies such as the US dollar and cryptocurrencies. Cryptocurrencies are not backed and insured by the government as are US bank deposits. This shows the uncertain side of cryptocurrency, unlike the security of the money in any bank account. The money you store in a wallet donated by the company is stolen, the government helps you get your money back.
- Investing in cryptocurrency: before you invest in cryptocurrency, as with any investment, find out about all the scams and risk factors included. There is no definite guarantee that you will make money, and if anyone promises you some profit, it is likely to be a scam. The fact that an investment has celebrities or is known for endorsements does not mean that it is safe or sound. Just as it is for traditional investments, it is known to be true of cryptocurrency.
- Pay with cryptocurrency: before thinking about using cryptocurrency to make a payment, understand the essential differences between paying by traditional methods and paying with cryptocurrency. There is no legal protection when it comes to paying with cryptocurrency. Debit and credit cards have a legal protection system in case something goes wrong. For example, your credit card company has a procedure to get your money back if you need to argue a purchase. At the same time, cryptocurrency works the opposite because payment cannot be reversed.
- Cryptocurrency scams: scammers are finding more ways to scam people by looking at people’s growing interest in cryptocurrency. For example, scammers can offer business and investment offers by claiming to give you double your investment or some financial freedom. Watch out if anyone:
- gives you a guarantee that you’ll make money
- make larger payments double your money in a shorter period
- secures free money in cryptocurrency or dollars
- Company claims not clear
5. Jacio crypto: this happens when the scammers use your smartphone system or processing power to mine cryptocurrency for their benefit, without your permission.
Report the fraud and other suspicious activities involving other digital assets or cryptocurrency.