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Bitcoin and Crypto Booby Traps

A man with a suitcase caught by a trap

THINGS I WISH I KNEW

Getting started with something new, especially bitcoin and crypto, is always exciting, and my case was not different. When I first started learning about cryptocurrencies, I hardly checked the downside of it. I thought there was no need for that. But I soon learned that bitcoin and crypto booby traps do exist!

As many of you may know, lots of people strongly believe risk-taking is the way to financial success. At first I bought into that line of thinking too. I am not saying that I completely stopped believing, but I see it as a different situation.

It is sometimes useful to take risks, and in fact, many successful people said their ability to take risks is the reason for their successes. Knowing this left me thinking I had no choice but to succumb to some hazardous risks in order to achieve success. But I want to share with you today, that risk-taking might make some people successful, but it also makes some people homeless.

Hi, I am Victor, and just like always I am here to share some of the errors and mistakes that I made getting started with crypto. I am always eager to share them with you because I believe it might be what someone else needs to speed up their crypto journey and not make the same mistakes that I made. I will be super excited to hear from you and if you have some comments or information to share with us, then please join our group.

Bitcoin and Crypto Risks
Bitcoin and Crypto Booby Traps

Bitcoin and Crypto Booby Traps

So, as I was saying, risk-taking is one of the things that makes some people successful and it is sure one of the reasons some people quit, get frustrated, and end up losing their minds.

What I have learned so far from risk-taking is that risk-taking depends on the time and stage you’re into for that particular field or thing. There are series of traps that we the beginners face. Our minds keep playing games on us to go ahead and take the risk. And why not, when risk-taking is the reason most people succeed.

But from what I am learning and have learned, risk-taking is not for beginners. You have to first know what you’re into before you consider taking any risks.

Exchange DAI for BTC

There was a certain time in my early days in crypto that I wanted to exchange DAI for Bitcoin, but there was almost no exchange in my region that would allow the trade.

DAI
DAI Stable Coin

I moved from exchange to exchange without solution, until I found this particular exchange named Coindirect. As a beginner I never cared to check about them. As far as I was concerned, I finally found a place to exchange my DAI for BTC. I transferred some of my DAI coins to the exchange and initiated a trade, but after a long period of waiting the trade was still in progress. After waiting for so long, it dawned on me that something might be wrong with the exchange.

I told my crypto mentor @kellySunshawl and she advised that I should always check an exchange before signing up. That was when I started searching their reviews. It turned out that they were owing a lot of people money. And though it was a registered company, they were having severe issues and could not pay many people their crypto. Luckily I got mine back after some days.

Always Research Exchanges

So, as a starter, you have to always look for more information and reviews on any platform, exchange, or service, that you want to use. And remember taking risks is not always best for beginners. Wait and learn the basics before you start taking those risks in crypto.

Unfortunately, we have many bad eggs in crypto. Many people are out there promising to double or triple your crypto holdings. Some are Ponzi schemes. Recently I discovered a malicious Telegram bot that was promising to give crypto to users for performing certain tasks like watching ads and sharing links. This was nothing but a scam. What they were actually doing was dropping some malicious viruses on devices they are shared to, and you that is sharing will get nothing in return. Not even a single satoshi.

Always remember that if it sounds too good to be true, then it is certainly a scam.

Thanks for reading and remember to SIGN UP on our own website to get detailed and step-by-step education on cryptocurrencies. It is possible to safely and securely buy and invest in bitcoin and other cryptocurrencies.

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