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.
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.