Living in a technology-driven generation, people are used to having everything online. People prefer having everything in the comfort of their phone and hands even if that be related to investment. Similarly, with the introduction of bitcoin and other similar cryptocurrencies, the options of investment have also changed from gold and property. Millennials consider bitcoin their safe haven for long-term investment. But is it really easy to trust any site online these days with numerous scammers around? Go through this article to prevent yourself from crypto scams.
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What to Know Before you Invest in Crypto?
With changes in technology, the mindset and preferences of people are changing. Now, individuals are looking for easy form in investment as well. Such online investment platforms see more younger investors, around 20-40 years of age to secure wealth for their future. At this age, we tend to be very naive, and without much research, we do things that we think will benefit us. There are a few things to know before investing in crypto which you can read below.
Professionals advise keeping your crypto investment under 5%. Such markets are not fixed as it keeps fluctuating day by day. It is smart to invest only an amount that would not cause you much trouble if the market suddenly went down. Most importantly invest in crypto only if you have savings for emergencies like health, housing and education issues.
How to Avoid Crypto Scams?
- If the credible person says they can accept only Bitcoin and no other form of currency, then it’s mostly a scam.
- If they promise unbelievable investment returns and do not reveal the hidden cost that comes with it.
- The lack of KYC (know-your-customer) protocols should be the biggest red flag you will find.
Now you know what should be avoided, so keep this in mind. In fact, jot it down somewhere if you feel like you might forget cause if something goes wrong here, it can ruin your life.
Note:- Kindly take advice from your financial adviser before taking any financial risk. Evedonusfilm does not provide any financial, legal, or accounting advice.
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