For cryptocurrency novices, it is important to have a strong awareness of fraud prevention in terms of wallets and markets. Here are some important things to note:
Wallet
- Choose a regular wallet: Only use official recommended or well-known and reputable wallet applications or hardware wallets. For example, for Ethereum, the official wallet is relatively safe and reliable; hardware wallets such as Ledger and Trezor are also more recognized choices.
- Be careful when downloading: Do not download wallet software from unofficial or untrustworthy websites or app stores to avoid downloading tampered malware. Many fake wallets will disguise themselves as official wallets to trick users into entering their private keys.
- Protect the private key: The private key is like the "password" of the cryptocurrency and must not be disclosed at will. Do not send the private key through any network channel, and do not easily take a screenshot to save it. It is best to write it down with pen and paper and store it in a safe place.
- Pay attention to wallet authorization: Some wallets will require users to perform various authorizations. Be sure to read the authorization content carefully before authorization to ensure that wallet malware is not granted access to your funds.
Market
- Choose trading platforms carefully: Choose a cryptocurrency trading platform that is legal, compliant and reputable. You can check the platform's regulatory information, user reviews, etc. For example, some large, regulated platforms such as Binance and Coinbase are relatively more reliable.
- Beware of false information: There is a lot of false cryptocurrency information and recommendations on the market. Don't easily believe in so-called "insider information" or "expert recommendations" to buy cryptocurrency, as many of them may be scams to manipulate prices.
- Avoid phishing websites and links: Criminals will use phishing emails, social media links, etc. to guide users to fake trading platforms or wallet pages to steal user information and funds. Therefore, do not click on unknown links at will.
- Understand the trading risks: The cryptocurrency market is highly volatile and risky. Before trading, be sure to fully understand the market risks, do not be overwhelmed by high expected returns, and avoid over-investment.
- Verify the authenticity of the project: For newly emerging cryptocurrency projects, carefully verify their team background, technical white papers, application scenarios and other information. Many air coins and pyramid schemes have no actual value and are only intended to defraud funds. $DOGE