The world of Web3, which is based on blockchain and cryptocurrencies, opens up wide doors of opportunity, but it also carries high risks, especially for beginners. Common mistakes in this field can lead to significant losses without the need for actual investment. Here are the most prominent mistakes that you should avoid when using Web3 and the Binance platform:
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1. Dealing with unsecured wallets
Risk: Theft of coins or wallet data.
Details: Many users do not secure their digital wallets adequately. For example, they may store the recovery phrase (Seed Phrase) on their phones or share it with others unintentionally.
the solution:
Keep your recovery phrase in a safe, offline place.
Do not share your recovery phrase or private key under any circumstances.
Use trusted wallets like MetaMask or Trust Wallet.
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2. Falling into phishing scams
Risk: Loss of control over portfolios or accounts.
Details: Scammers send fraudulent links that look similar to Web3 sites like Binance or popular DApps. When you enter the data, the account is hijacked.
the solution:
Always check the website address before entering any data.
Avoid clicking on links sent via email or social messages.
Install add-ons to block fraudulent sites.
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3. Signing unknown transactions on DApps
Danger: Giving unlimited powers to scammers.
Details: Some decentralized applications (DApps) require signing transactions that give them permission to withdraw funds from the wallet.
the solution:
Read the transaction details before signing it.
Use tools to check wallet permissions and revoke them when necessary.
Use only trusted DApps.
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4. Using the wrong blockchain networks
Risk: Loss of funds sent.
Details: This error occurs when sending cryptocurrencies to an incompatible network, such as sending an ERC-20 token to a BEP-20 network.
the solution:
Make sure you select the correct network when converting.
Read the warnings displayed by the platform.
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5. Hidden and fraudulent fees
Risk: Loss of money due to high or unexpected fees.
Details: Some platforms or apps charge high fees without explanation, which leads to losses.
the solution:
Use low-cost platforms and networks such as Binance Smart Chain (BSC).
Check fees before confirming any transaction.
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6. Downloading untrusted Web3 plugins or applications
Risk: Wallet data theft or tampering.
Details: Some fake extensions claim to be official apps but steal private keys or recovery phrase.
the solution:
Download apps and add-ons only from official sources.
Read app reviews before installing them.
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7. Using new protocols without adequate research
Risk: Falling into fraudulent projects.
Details: New protocols may be unvetted or even completely fraudulent.
the solution:
Find protocols, check their history and ratings.
Ensure that the protocol's smart contracts are audited.
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8. Neglecting to backup your wallet
Risk: Permanent loss of assets.
Details: If access to the wallet is lost and there is no backup of the recovery phrase, the funds cannot be recovered.
the solution:
Copy the recovery phrase and save it in a safe place away from the Internet.
Do not rely solely on electronic devices to store information.
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9. Being fooled by false promises of quick profit
Risk: Loss of money or personal information.
Details: Fraudulent projects are spreading that promise users huge and quick profits in exchange for depositing funds or providing wallet information.
the solution:
Do not invest in any project before ensuring its credibility.
Stay away from suspicious ads on social media.
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10. Neglecting to update applications and wallets
Risk: Exploitation of security vulnerabilities.
Details: Security vulnerabilities in outdated applications can be exploited by hackers.
the solution:
Update apps and wallets regularly.
Follow up on security updates for the platforms used.
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Conclusion
The world of Web3 and Binance is full of potential but requires great caution. The common mistakes mentioned above can lead to huge financial losses without actually investing. By being careful and applying security tips, you can take advantage of this new world without falling victim to risks.
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