In about 10 years since the first crypto coin ( Bitcoin ) was launched, the crypto market has grown substantially. Unfortunately, it has also attracted scammers. You could lose a lot of money to scammers if you are not careful. As Bitcoin continues to grow older in age, it’s easy to believe more interest will be attracted. As Jeff Guzzi ( Founder of VF ) mentioned in an interview with BloxLive TV, the adoption curve for tech has historically been quite long. If we take a look at the origination of the internet, it took a good 30-35 years to fully development. It witnessed the same obstacles Bitcoin is experiencing, especially with government intervention. As Bitcoin and other cryptocurrencies grow older in age, it will be crucial to identify potential scams in the marketplace.
What to Watch Out For
Web Address
A genuine crypto investment opportunity will use a secure website. Check if the web address has https or http. If the site is using http, data you send to the site is not secure. Besides that, the web address needs to display a padlock in the web address bar. This is a good sign the site is safe.
As part of the web address check, watch out for any spelling mistakes. If there are misspellings, this is a good sign it is a scam site trying to make a quick buck off you.
Inside the Site
A sign that a site is trying to scam you is if it uses poor grammar and incoherent spelling. While this is not a clear sign of a scam, it does mean that you will need to exercise caution when using the site.
Unrealistic Promises
One way people are caught up in scams is believing unrealistic claims. If the site promises double digital percentages in returns, it is probably a scam. This is the clearest indicator that you are about to be scammed.
The About Us Page
As part of your investigation, go to the about us page of the site. A Genuine site will provide real details that you can look up. It will also show you where the company is incorporated. If there is limited or untrue information in the about us section, you are probably going to be scammed.
Backlinks
Do genuine sites link back to the site? This is a good sign that it is a genuine website.
Read Reviews Online
To determine if the site is genuine, you can visit online forums and ask about the site. If it has been running a major scam, you will easily find genuine information about it. Additionally, if it is a genuine site, a few users will vouch for it and you can proceed with a bit of confidence.
The Genuine Site Owner
Finding out about who is the real owner of the site should not be challenging for a genuine site. If you have to jump through hoops just to identify the site owner, it is probably a scam. For instance, if the site is registered to some dummy company with a fake phone number, you should be very careful about dealing with the site. A good place to find about a site is WHOis.net.The more open the site is about its registration; the more likely it is that it is not a scam.
Gut Instinct
In some cases, there is no reason you can find to avoid the site. However, something in your gut tells you that it is a fake site. In such a case, just leave the site. There are many other opportunities in the crypto space.
Summary
This is not a foolproof list of things to watch. Importantly, always do your due diligence.
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