How to watch out for cryptocurrency scams is it Real or Fake?

CryptoGuru Level X³

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October 1, 2016, 9:54 am

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How to watch out for cryptocurrency scams is it Real or Fake?

I am deeply entrenched into the crypto currency world in fact its becoming my life work to build a mining operation and trade crypto currency. How does a beginner or even someone who knows Crypto watch for scams or ponzi schemes? I have a few ways in mind not only to keep yourself away from criminals but also to keep your money safe at the same time. Today i am going to talk about a few. One of the largest types of crypto scams is "Cloud Mining". Cloud mining companies are companies that offer to sell you mining hardware and host this hardware for you for a small charge. I am not here to say all cloud mining companies are fraudulent, But how do we tell if its Real or Fake? Well, When picking someone to invest in make sure you do your research online Google the company name find a Facebook, this will help you get an idea by what people are saying about this business. Another sure fire way to know if a company is Real or Fake is to ask for a tour of the mining facility. If your going to invest your money with them shouldnt you first see what it looks like? What kind of conditions your expensive hardware will be in? I would also ask if you could relocate your hardware to a different location at anytime? If you do not own the hardware and you cant see touch or ship it to yourself at anytime the rig may have never exixted in the first place. Why are their 18 month contracts when machines are expected to last up to 3 years? So not only do they over charge you for electric but they keep the profits off of your machine for a year or more after? Im sure if you start poking around and asking questions the Real and Fake operations will not be hard to find.

How to keep your crypto currency safe? Many people ask me this question and the answer is very simple. Do not use sites like coinbase, bitstamp, or others to hold your entire savings. Sites like these are targeted by skilled criminals and since the private keys to your wallets are stored on the websites server these criminals can steal your coin. Whats the solution? Well for bitcoin and a few other alt coins i use whats called "Cold Storage". What is cold storage? It is a offline wallet that does not connect to the internet until its ready to be used. These types of wallets can be stored on a USB drive, Hard Drive, or a KeepKey type of device. This makes it virtually impossible for online criminals to access your funds because its offline. If you have one of these and put it in a safe, your safe!

Please leave any questions below Thank you

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CryptoGuru

Well its very easy for Coinbase and sites like this to be targeted and hacked. Thats why to keep your Mining safe you use firewall and you dont have any WIFI where your operation is. You have to buy a keepkey to hold onto your Bitcoin. These online wallet sites should only be used to deposit money into your bank or credit card.

1 8 years ago

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Lynne

And this is why it makes me nervous to get into Cryptocurrency mining Jkeyz2. I can't even understand it so I would be easily conned, so thanks for these tips.

Why would I go through a Cloud Mining company anyway? Wouldn't it be better to learn how to do it myself at home, buy the equipment and go for it? You know, like you do?

What would I need to get set up at home and where would I learn everything that I need to know to get started with mining cryptocurrency?

It sounds like cryptocurrency is very easily targeted by cyber criminals and hackers?

0 8 years ago

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Corzhens

To be frank with cryptocurrency, I am not touching it for now until I can get a clear explanation of what it is about. All I hear are the values of cryptocurrency that you can earn that it appreciates in value, etc. But no one had explained what a cryptocurrency is for. Who creates or produces it? Who controls the value? I have so many questions including the so called chain block or the mining. It is all vague as if they are hiding something from the public.

0 6 years ago

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MadisonJones

Cryptocurrency has always been strange to me. I didn't understand how I could use it for my payments if I didn't understand how to estimate its value. I started searching on the internet and reading all the available information about cryptocurrencies such as bitcoins, litecoins, etc. After reading a few articles, bitcoin turned out to be not as terrible a beast as I thought. I realized that cryptocurrency has impacted every sector of the economy after reading this article. Technological innovations such as cryptocurrency are impacting everything from everyday shopping to online casinos.

0 3 years ago

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