We are officially in the beginning of 2024 Bull Market. If you follow crypto closely, you may have noticed it all started around the end of last year.
Those of us who are investing in crypto from the moment of their birth, have been waiting for this Bull Market since the beginning of the last Bear Market.
And something we, users of the internet know, where there are users there is money, and where there is money, there will be lots, lots, lots of scammers. It’s Bull Market! Beware, There Are Scammers Everywhere!
How to avoid getting scammed – For Newcomers in the Crypto Market
If you were recently exposed to blockchain technology and its many potential uses and profitability, or you know about it from previous year’s news, chances are, you’ve been thinking about investing but are doubtful because you are afraid of getting scammed. You are right to feel that way!
However, that doesn’t there are no ways for you to make use of these tools, and even make money through investment, or trading.
Here is a checklist of 5 things to check before investing in any crypto token:
1 – Check the name and contract of your token in websites like coinmarketcap.com
2 – Read the community section in coinmarketcap, what are people saying about the token you’re about to buy.
3 – Research your token other communities such as twitter and instagram.
4 – When you’re ready to buy, your next step is to research the best/safest Centralized or Decentralized exchanges. Each has an advantage and disadvantage. (Let me know in the comments if you would like me to do a tutorial in the future)
5 – Last, if you’re not savvy in crypto projections I suggest to find a reputable/honest crypto trader who does chart projections. To make sure you know when is the right moment to sell.
That’s it for now! These 5 tips would help you keep the most common buy scams there are. However, as I said earlier, there are hundreds, if not thousands, of different scams out there. If you know any, have an anecdote or experience, and don’t mind sharing it, leave it in the comment section below. So that we all help each other invest and keep our wallets safe.
Happy trading everyone!
The Violet Rose
The beginning of the 2024 Bull Market is an exciting time for crypto enthusiasts, but your warning about scammers is a crucial reminder. The checklist you provided is a solid starting point for anyone new to crypto, especially the emphasis on researching tokens and exchanges. I’ve seen far too many people rush into investments without proper due diligence, only to regret it later. Your suggestion to follow reputable traders for projections is also spot on—timing is everything in crypto. I’m curious, though, how do you personally vet traders or influencers before trusting their advice? Lastly, do you think the rise of AI tools could help filter out scams more effectively in the future? Would love to hear your thoughts on that!
No need to trust any adviser. One must do the diligence and educate oneself, there is no way to time the market. It is simpler to buy when low, and sell when high.
About AI, these are marvelous tools for us humans, but we must always act cautiously. There will always be a need to humanize the AI created thing, at least for as long as we are humans.
Excellent article—so informative and well-explained.
This site is a hidden gem!