One of the main reasons why transacting in cryptos such as Bitcoin and Ethereum can be somewhat scary for newcomers is the number of scams that plague the entire cryptocurrency ecosystem. While some cryptocurrency scams are simple and obvious, others are more complex and sometimes difficult to avoid.

Over the past several years, cryptocurrency scams have evolved to a point where the scams have not only become more elaborate but ambitious in scope. Bad actors have been consistently trying to improve their techniques to trick innocent cryptocurrency users into falling for these scams.

In this article, we will discuss some of the most common cryptocurrency scams that you should avoid. We have also mentioned some useful tips to ensure proper cyber hygiene and keep scammers at bay. To round off, we will also discuss some of the essential security features you must stick to.

Types of common cryptocurrency scams

Investment Scam

Investment scams are widespread. In this scam, the scammers would promise services or products offering high profits or returns with little or negligible risk. In return, all they ask is for you to transfer cryptocurrency, or grant them access to your wallets or trading accounts. Things that are too good to be true, often are. While the scammer might initially reassure you with small amounts of the promised returns, eventually they will take off with all your assets and disappear without a trace.

Believe it or not, these ................

Click the link below to continue reading...

https://cryptonews9ja.com/2021/08/27/how-you-can-avoid-falling-victims-to-common-cryptocurrency-scams-in-nigeria/


Click here to Join cryptonews9ja Telegram Community @cryptonews9jaTelegram

Click here to Join cryptonews9ja Facebook community https://facebook.com/cryptonews9jaofficial

Click here to Join cryptonews9ja Twitter community https://twitter.com/cryptonews9ja