Mark Tencaten | How to be Secure from Cryptocurrency Scammers

For many investors, bitcoin has been an incredible investment. Since 2013, it has increased by 2,500%, rising from $99.99 to over $25,000. However, cryptocurrency is complicated, and con artists like preying on those who are unaware of how to make investments in Bitcoin.

According to Mark Tencaten, between 2021 and 2022, scammers stole over $1 billion worth of cryptocurrency, mostly Bitcoin. The romance itself isn't safe from con artists; one of the most widespread types of cryptocurrency fraud is the romance scam.

Major cryptocurrency frauds

Cryptocurrency is unregulated. People are unsure about whom to believe. The worst cryptocurrency frauds that traders should be aware of are listed in the 2022 FTC report:

·        Financial investment-related fraud

·        Romance fraud

·        Business fraudsters

Scam activity totaling more than $500 million can be boiled down to bogus investments. Americans interested in cryptocurrencies are contacted by fraud artists who promise them great financial returns.

A scammer pretending to be one of your favorite YouTube accounts may state that they are testing out "free crypto." To prove your identity, all you're required to do is transfer some Bitcoin. (It is a huge red flag.) You must consider the possibility that this might be a fraud before sending the Bitcoin!

These days, we are all digital natives. We spend more than half of our lives online. You've probably encountered scammers; they steal money from elderly family members who are less tech-savvy than we are. Despite having so much online expertise, we still fell for a spam profile that must have taken five minutes to set up. The FTC study states that the typical victim loses cryptocurrency valued at around $2,600. If you are not vigilant while investing in cryptocurrencies, you can fall victim to these cyber criminals and lose your cryptocurrency assets, which could have served as your emergency funds.

Finding cryptocurrency scams

Scammers loiter in the messages of your favorite social media feeds, like clinging ex-boyfriends. Mark Tencaten shares that Forty percent of fraudsters contact victims using social media. (mainly Instagram and Facebook). These con artists employ the same strategies that make them simpler to identify.

Mark Tencaten gives three general guidelines:

·        Someone is trying to con you if they promise you a return on your investment.

·        Someone is tricking you if they beg you to purchase cryptocurrency.

·        Any online date who requests that you transfer cryptocurrency anyplace is a fraud.

The normal investor could decide to leave and patiently wait out the entire "crypto thing" after sorting through the rubbish, missing out on diverse rewards. However, outwitting con artists and acquiring your Bitcoin securely is feasible.

Subscribe to cryptocurrency exchanges.

Scammers might work very hard to get your money from you. They'll profit from your ignorance of cryptocurrencies and digital wallets.

How can one prevent getting conned?

The simplest way is to use the same exchange for all your crypto needs. Avoid sending money from one wallet to another to online strangers. Directly buy and sell currencies on reliable exchanges. To prevent rug pulls, a sort of cryptocurrency fraud that results in the collapse of cryptocurrency prices, stick with thoroughly researched cryptocurrencies like Bitcoin or Ethereum.

Cryptocurrency exchanges will never beg for money and won't promise exorbitant profits either. Additionally, they won't try to get you to give them your privates in exchange for money. The top cryptocurrency exchanges provide information on how to invest in your preferred cryptocurrency as well as the tools you need to decide whether a particular investment is suitable for you. Mark Tencaten says that no cryptocurrency can guarantee a profit with absolute certainty. Even Bitcoin cannot.

Mark Tencaten advises those who don't want to deal with fraud to use Bitcoin exchanges to acquire cryptocurrencies responsibly. Diversifying your investments is one of the simplest and safest methods for ordinary people to do so. Investors have a variety of possibilities, no matter what they choose to do.