Dealing with Crypto fraud

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With pain and grief in my heart, do I write this article. It is not to show that I'm no more interested in crypto which is been seen as the future of money but to reveal some things about crypto fraud.

Since the inception of crypto-currency, like Bitcoin, Bitcoin cash, Ethereum and so many other, crypto fraud has been in existence too.

This article will not be a voluminous one but one that will serve as a guide to everyone in the crypto circle.

Just today, about some hours ago to the release of this article, I was ripped off of my money by a vendor that I tried buy some cryptos from. It really saddens my heart that my money is gone and cannot be tracked.

This is the reason many people did not still believe and want to participate in anything called crypto-currency. They believed since it is not backed up by the government, or the government's participation on it is very minimal ( in some countries tho), and so any consequences will be beared by the fellow involved.

How can we deal with crypto fraud?

Here's a very big question. What will be my advice is that one deal with trusted vendors.

Yes, You can buy and sell your cryptos securely with them. Several vendors are luno, localbitcoin.com, quidax and several in different countries.

Also, for each of your wallet, keep your seeds secret. Your wallet can be accessible with the use of seeds/ backup phrase.

Henceforth, I have taken the advice to deal with only trusted vendors and avoid buying from people I don't know. I hope you learn from my mistakes today.

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Comments

Crypto-fraud is nothing special. Fraud has existed as long as there have been humans. In crypto there is only this peculiarity that there are relatively many naive people who believe that they can get rich by doing nothing. That is pure greed. And greedy people are easily betrayed.

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3 years ago

As a beginner in crypto world, articles likes this helps me a lot. I really don't now what to do with cryptos. All I know is I earn it from sites like readcash then exchange it to our local currency.

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3 years ago

I am very sorry that you have gone through this, as everything we always have risk in this type of deal but we must also learn from our mistakes for future opportunities! I hope it doesn't happen again ...

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3 years ago

If it comes to it I doubt we can deal with cryptocurrencies corruption. Not if we invested and not if it was given for free. The thing is we think, truly believe, it's safer than any bank. That is how it is promoted, better, saver, no middleman... True? I don't think so.

If it comes to online life, businesses, this is a great opportunity for a worldwide scam.

You will only deal with someone's trust? Trusted vendors? I can tell you even they have dirty tricks.

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3 years ago

That's an important point there. Thanks a lot

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3 years ago

It is very important article that you wrote. If one investing or putting money and time in anything , that is to your own research.,,,don't trust anyone. Thank you.

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3 years ago

Mighty governments can't and won't put crypto in first place, they owe banks too much and they are afraid their Fiat turn to dust. That's why government support for anonimity and decentralization is not to be expected anytime soon. Only a few governments support cryptocurrencies to some degree (some of them for good but some to get rid of political sanctions, to laundry money, etc.)

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3 years ago

One this is very important while investing or putting money and time in anything, that is to do your own research and never trust any one

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3 years ago

Thanks for your comments. Thorough research should be done as regards where you want to invest your money into

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3 years ago

That's why government support for anonimity and decentralization is not to be expected anytime soon.

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3 years ago

Only a few governments support cryptocurrencies to some degree (some of them for good but some to get rid of political sanctions, to laundry money, etc.)

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3 years ago

Mighty governments can't and won't put crypto in first place, they owe banks too much and they are afraid their Fiat turn to dust.

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3 years ago

One this is very important while investing or putting money and time in anything, that is to do your own research and never trust any one

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3 years ago

That's the point. Never trust anyone

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3 years ago

this article is very important. rellay they owe banks too much and they are afraid their Fiat turn to dust. That's why government support for anonimity and decentralization is not to be expected anytime soon. thank you so much for this writing.

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3 years ago