Blockchain : Cryptocurrency Frauds

Blockchain : Cryptocurrency Frauds

A whopping $200 million in cryptocurrencies is lost to fraudsters every year as thousands of people become prey to cloned sites, phishing and social engineering scams. What is it that you, as a holder of cryptocurrencies, can do to secure your investments? Here are a few tips –

1. Google’s Play Store is flooded with apps such as payment gateways for cryptocurrency exchanges which infect Android phones with malware. So, install only trusted apps, those, whose authenticity can be verified from the official website of the cryptocurrency exchange. If the app has no mention of it on the exchange’s website, it is best to not install it at all.
2. Most add-ons for crypto, developed for adding to convenience of using exchanges and wallets, are in Javascript, which make them quite vulnerable to being hacked. So, avoid installing add-ons, and make sure that you use the incognito mode for crypto trading and using your crypto wallet.
3. To make sure that you are not using a clone site, bookmark the original site. Also, when you receive any communication from a crypto resource, make sure that it is authentic by comparing the link in the mail closely with the link of the original website.

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What is the Blockchain?

A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Author: cheeryonion

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