What should one know about Bitcoin trading to avoid the risk of getting scammed? - page 2.

JealousCup

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Quote from: kotajikikox on November 17, 2018, 06:46:33 PM

Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

As know and i am also a trader in my experience there nothing scamm in trading i am not sure if they have scammers in trading because trading is buy and sell altcoins.

To avoid this scenario do not use unreputable exchange, there so many trusted exchange have an give high security to the users investment.

What about the startups emitting new crypto-currencies? Does that mean that we cannot use them? I mean, I intend on participating in a crowdfunding for a new digital currency by a new company which is just starting to build its reputation.
To tell the truth, I think that trying to avoid scams can be a double-edge sword for people wanting to invest in virtual currencies...

BITSPANISH

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If you wanna avoid getting scammed while trading BTC so you only should trade on legit exchanges like Binance or Bittrex only and never holding your BTC on exchange wallet for too long. Beside don't forget to set up 2FA for your exchange account and your wallet as well. If your BTC isn't lost because of being stolen so it's not problem about scammer but it's problem about your trading skills

Diced90

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Get'em boys

I think the most important thing to do in order to avoid getting scammed is check the liability of the source(s) you're using to make trading decisions and certainly don't play it by the ear - its all about strategy.

sheenshane

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Quote from: ?? on ??

People usually got scammed when they store funds in a closed source software or system. This made users have no control of their funds, closed source software like exchanges are prone to scam and risk of losing. Its always good to consider not to store funds on close source storage or Atleast transfer it immediately to you own hardware or opensource wallet. Electrum or Hodler wallet will do to secyre your funds.

Even when you store at web wallet you can trust them as long as you can keep safe your private key no can steal your bitcoin in your wallet.
People get scammed if they are a noob in holding their private key and those greedy people who linked those given link that probably scam. But when it comes Bitcoin itself Nah, that is not scamming only the holder or user who's getting responsible to keep their private key. Or one thing gets scam if they invested fraud project on those mining investment.

posi

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Vave.com - Crypto Casino

Yes, companies usually give their workers some gift for the end of the year but I dont see that as major thing that will trigger the bull run market and if the bull run market eventually occur it does not mean that all the coins listed on the capital will experience it because the crypto market have changed alot after the market correction occurred.

ongkok87

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Quote from: xuan87 on November 14, 2018, 10:44:36 PM

The first one is looking for the legit and reputable trading site, the most important thing to avoid being scammed is source of information, knowledge and experience, when you want to do one thing either it's buying, trading or any other action make sure that you already do your research

it must be because with us looking for a place to trade better look for an official market because it will not experience fraud, so don't forget to add insight into the crypto world like trading and investing so that your career can run well and can avoid fraud too

posi

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Well, to avoid the act of been scammed in crypto currency is easy if ones is knowledge seeker (by asking questions about a project or something which ones dont know much about it before dving in), not the greedy type (because I noticed must people been scammed are those that are after making much money in short time span), always do you own research either, tell no one close to you the exact amount youre holding and dont invest more than you can afford to loose.

With all that was stated above I'm ones can not get scammed in every aspect of crypto currency.

yndye

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Quote from: Lighthouze on November 17, 2018, 03:35:38 PM

Your Professor's hate for crypto is a classic example of hating what you don't understand. As a person with such wealth of knowledge, one would expect that he researches crypto just as he would his academic work. Yes, there's the probability of getting scammed, not just trading Bitcoin, but every other online business out there. But with the right safety measures put in place, you might as well be in this space for years and never get scammed.

Those who were scammed are either newbies in the crypto world or just being reckless about knowing if the transaction they are doing is legit or not. There are even people who would take the risk of being scammed because the amount of money that they can get from that transaction is quite big so even if there is a high probability of losing money, they would just go with the flow and then if scammed, they would just rant and then regret that they get involved in the first place.

If you don't want to be scammed then do due diligence first and spend your time first in checking the site and here in the forum as well as to what is the feedback of the people about the site. As much as possible, use the sites that most of the people are using and has good reputation but always check the URL because a lot of them are phishing sites.

kotajikikox

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

As know and i am also a trader in my experience there nothing scamm in trading i am not sure if they have scammers in trading because trading is buy and sell altcoins.

To avoid this scenario do not use unreputable exchange, there so many trusted exchange have an give high security to the users investment.

Nasty23

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Quote from: Biscutard on November 17, 2018, 05:21:23 PM

To have a sense of understanding the situation you will know the difference if it is too risky or not. Trading needs a vast knowledge and experience in the market in order to get a higher chance of successful trading. Let your friend know that the risk is always there no matter where or what you do, it is just how you manage the truth and to adapt the situation.

Yes, we should let them to know that their is always a risk that we should always been faced in the market but, in order for us to minimize it we are conducting a proper research and study it in order for us to enhance our knowledge and strategies that we can used to minimize the risk and earn a huge profit in trading.

Matthewmorris4

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

For trading, times like this are not really good, too many FUDs are made for the benefit of individuals, to scam themselves, I think that's how we think about it, actually crypto is still quite confusing, so you should be DYOR when you start and try to filter out what other people say

Biscutard

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To have a sense of understanding the situation you will know the difference if it is too risky or not. Trading needs a vast knowledge and experience in the market in order to get a higher chance of successful trading. Let your friend know that the risk is always there no matter where or what you do, it is just how you manage the truth and to adapt the situation.

Lighthouze

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Activity: 196

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Your Professor's hate for crypto is a classic example of hating what you don't understand. As a person with such wealth of knowledge, one would expect that he researches crypto just as he would his academic work. Yes, there's the probability of getting scammed, not just trading Bitcoin, but every other online business out there. But with the right safety measures put in place, you might as well be in this space for years and never get scammed.

Tipsters

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

He is really biased and closed minded. Without even doing any research and just based his opinion on the recent news or the bad ones he just went on to say the reason why many contrarian also like to change the education system that we used to. It's so unilateral that prevents students to be more creative and explorative with their capabilities and also the things around them.

Zadicar

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Don't be surprised if you professor is biased and talking shit about crypto. Just let him be, but if I were your classmate I will definitely answer him.
Fiat do already involved on scamming, so we can really say that crypto market would still have that problem. If your prof will able to read up the usage or benefits
of crypto then he might really change his mind.

supermine

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Never trade at new or problematic exchanges,never send your bitcoins to someone at first when you trade at first,never deposit any bitcoin into any sites without reading the KYC requirements.And use your mind most of the time you can save yourself from getting scammed.

nicster551

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

If you really don't want to be scammed by other people in crypto then you should try to learn the basics about it. It is all about common sense and the scammer are pretty obvious here. And especially, don't chase money.

wayaneka

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You should be avoid greedy and create risk management. And you should be have diversify risk because bullish and bearish is always changed. Use stop loss is the most important thing in trading and never forget about it because all prediction of price action will never be right.

JealousCup

newbie

Activity: 28

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Quote from: harizen on November 15, 2018, 08:29:18 PM

Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Is it mandatory for you to enlightened your professor? Don't take that seriously and just let him believed on his thoughts about cryptocurrency. Even how good your explanation, since you said your professor biased, no way he will changed his mind.

About what should we know to avoid risk of getting scammed, honestly we have lots of pointers to that. Mainly, if you are really new into crypto and want to do trading, try to spend time researching to those reputable ones. But that doesn't mean you are safe. We are just minimizing the risks of getting fuck*d up here that's why we need to stick to those big ones. Once you understand the risks, then you may now play with other exchanges.

But before this statement goes long, come back here if you are really serious. Don't want to waste time to those asking questions but will not read entirely all replies here.

I am a strong supporter of virtual coins but lately, I've seen and read articles written with the purpose to discourage people from investing in them, and between the scams and the price fluctuation in the stock market, it seems like the narrative is working.

harizen

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Quote from: JealousCup on November 13, 2018, 04:19:58 PM

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Is it mandatory for you to enlightened your professor? Don't take that seriously and just let him believed on his thoughts about cryptocurrency. Even how good your explanation, since you said your professor biased, no way he will changed his mind.

About what should we know to avoid risk of getting scammed, honestly we have lots of pointers to that. Mainly, if you are really new into crypto and want to do trading, try to spend time researching to those reputable ones. But that doesn't mean you are safe. We are just minimizing the risks of getting fuck*d up here that's why we need to stick to those big ones. Once you understand the risks, then you may now play with other exchanges.

But before this statement goes long, come back here if you are really serious. Don't want to waste time to those asking questions but will not read entirely all replies here.

Topic: What should one know about Bitcoin trading to avoid the risk of getting scammed? - page 2. (Read 666 times)