What is Cryptocurrency?. Every year, when Thanksgiving dinner arrives, many of us must do numerous feats to complete the meal without mishap. Staying courteous and liked by your loved ones is the ultimate aim, whether it’s steering the topic away from politics, shutting down the airing of grievances, or nodding your way through someone’s long-winded description of a get-rich-quick scheme. Fortunately, my family and I witnessed very little drama at our Thanksgiving table this year, except a perplexed cousin who mistook the PC in PCMag for “politically correct.”
This Thanksgiving, I was asked a lot of Bitcoin questions.
“What is it?”
“Should I invest right now?”
“Once again, what is it?”
Apart from demonstrating what digital currencies are, telling my family members how to acquire Bitcoin, and training them how to handle their cryptocurrency, I found myself warning everyone about cryptocurrency frauds. As with any popular new item, some individuals will try everything to make a buck off of it. PCMag’s John Bogna goes into detail, noting that with only a few clicks, you may lose your life savings to a cartoon puppy or a bogus currency related to the next popular streaming TV program.
Before you invest in a cryptocurrency, keep in mind that the markets are unpredictable, and once your money is gone, it’s gone. The safeguards in place for fiat currency do not apply to cryptocurrencies.
- Conduct Research
It might be difficult to disregard advice from billionaires and internet celebrities, but you should conduct your research before investing your money. Begin by reading PCMag’s guide on purchasing, selling, and handling Bitcoin. Don’t take anything you read on the internet at face value. If an investment appears to be too good to be true, it is most likely a hoax.
- Don’t Trust Everyone
Treat with extreme care anyone who contacts you directly to request Bitcoin payments or offers you a cryptocurrency investment opportunity. Do not believe emails from government authorities, prominent personalities, or anybody who invites you to pay for anything using cryptocurrencies.
- Protect Your Crypto Wallet
You’ve probably heard of folks who lost at least a few Bitcoins as a result of losing control of their virtual wallets. If you possess cryptocurrency, never give out your private key or seed phrase to anybody. Instead, we recommend keeping that information offline.
- Make use of Multi-Factor Authentication.
To keep the bad guys out, use multi-factor authentication on your crypto wallet. It’s not a foolproof approach, as we discovered following the Coinbase breach, but it offers you a fighting chance against a large number of attackers.
- Verify That URL
Keep an eye on the URLs of the crypto-related websites you visit. Many phishing fraudsters replicate reputable websites’ URLs and change letters or digits. You should also look for the small lock icon next to the URL to confirm the site is safe.
Check that your antivirus program is activated. The finest antivirus software we’ve tested identifies and stops phishing tactics on your account.
- Deny Fee Offers
You may come across cryptocurrency offerings that need a one-time payment. Ignore them all, and particularly avoid “deals” that need payment in Bitcoin. Many of the cryptocurrency investment options are bogus. Before you invest anything, you should look at the company’s website to see how they safeguard their clients and read reviews from previous investors.