*Security & Safety tips for newbies
Cryptocurrency is very secure if it is used correctly, but ain’t user friendly yet, and you should be warned of fraud, there are things you need to bare in mind to keep your money safe, you should take time to learn about security before using.
Trading and investing in Cryptocurrency is highly speculative and comes with many risks, Never invest in cryptos more than you can afford to lose and always try to keep them in your own wallet (Not exchanges & Online wallets or Mobile wallets)!
- If You Can’t Tell the Difference Between a Drink Tray and a DVD ROM, You Shouldn’t use Cryptocurrency.
- The most important thing is your “Private Key ” it is important that these are kept secure. [Click for more info]
- Never click on a link you get in your email, and don’t click on search engine ads (e.g Google ads), Always verify information w/ a secondary source, Double check URL e.g (myetherwallet.com legit, BUT myetherwalliet .com SCAM) – ( Bittrex.com Legit, BUT Bittrex.cam SCAM).
- Always verify that the site you landed on is legit, Especially if you are about to enter your private key or download Wallet or anything related.
- Always bookmark websites like exchanges and web wallets that you visit frequently (e.g: Poloniex.com, Bittrex.com and Myetherwallet.com .etc).
- Keep backups of your wallets offline (not connected to the internet) to prevent losses, and be sure to have more than one backup.
- Exchanges like (Bittrex & Binance) SAFE but isn’t fully safe as you think, they owns your money, Use exchanges only when you are trading.
- When using an online service such as an bitcoin exchange: Enable 2-Factor-Authentication (like Google authenticator) on your account!
- Be careful with online services (e.g Exchanges – Online wallets – Mobile wallets), Always have direct control of your Money (private keys). If you don’t have the keys, you don’t have control over your monery, You should be wary of any service designed to store your money online, as that service will usually control the private keys.
- Anyone asking for or offering free ETH or Money is a scammer (Especially on twitter).
- Don’t keep large sums in one place (don’t put all your eggs in one basket).
- For Token Sales (ICOs): do not trust any address except the one posted on the official site, and always verify that the site you landed on is the official site, Always verify information w/ a secondary source.
- 98% of ICOs will likely fail, many of them is a scam!
- 90% of altcoins will likely fail, and have no future!
- Always do you own research, don’t trust anybody.
- be warned of fraud (please use your brain).