How to spot a crypto liar
Today’s digital world is packed with opportunities for everyone from seasoned investors to naïve newbies looking to make the most of their money. But for those looking to make the most of their investment, a digital wallet might not be the way to go in 2022. A virtual wallet is a digital storage that allows people to store and manage their digital assets in one place. This similar to bank account, personal credit card, or online banking account. When you put your cryptocurrency into an online exchange, you are giving that same authority to someone you can trust. You can also be sure that whoever owns the cryptocurrency won’t be able to access it without their permission. So how do you know if you are taking the right move buying cryptocurrencies without permission from others?
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You’re buying into something old, not new
This may sound like a no-brainer, but it’s actually a pretty common mistake new investors make. New investors often buy into a coin just because it’s cheap, and they don’t understand the characteristics that make that coin successful. Buying in on a coin that has been around for years can actually ruin your investment. Compare that to buying in on a new technology that has just been released and has nothing to do with filing lawsuits or building a profitable business. Like FTX native token FTT, if you knew FTT is a paper money printed for FTX to boost their own valuation, you would not want to own it.
You have a Cameo stomach
Some people have an odd sense of humor, but many others are serious. With so much attention focused on the popularity of Bitcoin, it’s easy to forget that there are other cryptocurrencies available. In fact, the biggest player in the crypto sector is the famous Binance cryptocurrency exchange. Binance is a leading provider of blockchain-based platforms and tools. Having their data on the platform makes it easy for startups to launch their products and launch cycles. BUT... remember FTX collapse, you would not want to put your fortune into Binance.
There are no real-time price updates
There are always going to be price updates on cryptocurrencies, but they usually take the form of a flat price that affects practically no one. There are, however, times when price action requires more than a steady hand to regulate. These are those times when you need an automated way to spot when an investment is at risk. You can use a number of different techniques to do just that. There are many ways to detect when an investment is at risk, but one of the most reliable and accurate ways is to look for sudden, large changes in the price of an investment.
You’re using an exchange that doesn’t offer fraud protection
Fraud is a common problem on cryptocurrency exchanges. The most popular exchange on the market. If you’re dealing with a product that has a high risk of fraud, you should probably look into switching to another exchange. But for those who want to stay safe, and aren’t worried about stolen funds or international financial fraud, a digital wallet is a way to go. Also, spend more time to research founders and team members behind each crypto, you may find lots of similarities between scams and frauds.
Conclusion
Digital assets aren’t just for billionaires and millionaires. They can be a great investment for all kinds of people including young people who aren’t very familiar with the investing process. In order to protect yourself from scammers and financial fraud, you need to keep all of your accounts by your own. Also make sure that you keep your investments away from potential scammers and frauds. Now that you know how to spot a crypto liar like SBF, you’ll never purchase an investment that you’re not sure about.
