Pitfall Guide - Stay Away from Cryptocurrency Traps (Part 2)

5. Do not blindly follow investment trends and FOMO emotions: FOMO (Fear of Missing Out) is a major trap in the cryptocurrency world. Many investors tend to follow others blindly after seeing them make money, leading to losses. This is especially true for some “air coins” or “bubble coins,” which have unstable values and are prone to crashing.

This is something almost every newcomer will encounter in the future! The method to avoid it is quite simple! Control your positions well! Only trust Bitcoin!

6. Beware of “crypto gurus” and coin recommendation scams: Some individuals or teams claim to be “crypto gurus” or “investment experts,” using their influence on social media to disseminate false information or overly optimistic project recommendations, urging fans to buy a certain cryptocurrency or participate in a specific project. The purpose of these scams is to guide retail investors into the market, allowing them to quickly sell their tokens in a short time, resulting in “cutting leeks.”

This is also something that happens every day in the crypto world, and I hope you have the luck to encounter a true guru!

7. Shady exchanges and wallets: Some unregulated small exchanges or wallets may have security vulnerabilities, making them susceptible to hacking, which can lead to the loss of user assets. Or the exchange might just run away with the funds!

8. Deposit and withdrawal traps: No merchant will proactively contact you privately! Those who message you are looking to take you to small platforms!

I will write this much about cryptocurrency traps for now~ I hope these pitfall avoidance suggestions can help you remain cautious and rational in the cryptocurrency world, stay away from common traps, and achieve stable investments.