The scariest thing about crypto and its ecosystem

Hello everyone!

this are the scariest thing about Cryptos.

I don't have a lengthy knowledge on Cryptos because I adopted it just 3months ago and I didn't build on the knowledge until I found steemit.

I and my sis was talking about the safest way to save money and get more interest 3 weeks ago, i told her it was converting the cash to cryptos and wait for the value to increase, then trade them. But she said it not still safe as it can be lost.

As a learner, to me the scariest thing about Cryptos are:

1. When You lost your password/lost your recovery phrase to a wallet containing over $100:

It can be a terrifying😱 situation when your brother or your child deletes your trust wallet app to download and install FIFA 20.

And of course, you forgot the file you kept the password and the recovery phrase.. You can agree with me that, this is the easiest way to loss money. Just imagine it December, that everybody is waiting for to trade their Cryptos and this horrible situation took place. I don't think I will survive the heartbreak.

2. Someone knows your private key:

Someone knows your private key which means your account is in danger❗. It like the person has both the lock and the keys 🔐 in hand.

The other day. I saw an airdrop for trust wallet app that is a month old and the reward was 1000TWT. at first I rush to click the airdrop link. But when I saw the task, one of the required column was for me to fill in my private key and recovery phrase. I was so skeptical about it and decided to let it go.

Because the same trust wallet warns us to keep our keys secret. I believe I made the right decision.

3. Its anonymity:

Every transaction block in Cryptos are anonymous, except for bitcoin transaction. Bitcoin has a way of tracking down every transaction identity. I got to know this few weeks ago.

I stand to be corrected. But others merely or don't have such ability. When you do a transaction and you check the reciepent address in the token block, you will find out that the user name shows as not registered

So it will be difficult to trace anyone with only an address if the token got stolen through scam.

4. Sending funds to the wrong address:

This is not so common, I believe. But when it happens it like a big blow to the guts, especially when it a transaction worth $100 and above. The bad absolute truth is that, you might not get it back. It lost already.

Just keep cool and re-do the transaction but this time cross check the address. This things happens most times when you send funds from one token address to a different token address

example: bitcoin address to XRP address. I have not don't the experiment before, but I don't think the transaction will be successful.

5. Cryptos investment:

More like banks, you invest your money with an agreement or a signed contract. But in Cryptos investment are scary to make because of Crypto fraud everywhere. Some websites will paint a very nice pictures to potential investors.

example:
This is a decentralized block chain and you are in charge of you funds. Invest $100 and get $250 in 7days and if you feel like withdrawing your funds before the 5th day, you can as you have control of your funds. It sounds sweet. But it a big scam, the moment you invest in it, your tokens are gone. Then you will find out, there is no link attached to the withdraw picture. It there to play a role.

Before any investment, try to do a proper research. Because people can use the fake to cover the real, before anyone can notice, the deed has already been done.

6. Promising airdrops:

I did liquid token airdrop on telegram. I reffered a lot of my friends because they promised to send the token directly to my eutheurum address. They even warn us not to pay for airdrops.

But unfortunately, the distribution time came and they requested for 0.03eth as gas fee.I felt really bad that I invited my friends to get nothing. I really don't want to think I will get the airdrop if I send the token..

7. An unexpected increase in token value when you already sold your tokens:

This is a bad new to the victims. Just like am waiting for December to trade all the different Cryptos I have, am also trying to study the change in prices. It will be a very sad feeling for me to sell my token with a 50% token value increase today and tomorrow the token value increased to 100% 😱😱😫

8. If your online wallet got hacked:

In the aspect of Cryptos. We always think of it safety. I decided not to use a mobile wallet but an online wallet, I kept some tokens there that I will trade with tomorrow and the next day, I logging my online wallet only to find a couple of zeros 0.00000000. I will be very disheartened.

This are all the things that scares me about Cryptos. I believe there are some steps/measures to be taken to avoid some costly mistake.

They are:

1. Try to save your private key and recovery phrase in your gmail. It safer there. It my choice, not a must.
2. Try no to disclose your private key to anybody. Who has your private key or recovery phrase has access to your funds.
3. Tracking down a transaction is very difficult, so try to be sure of every transaction before you do any.
4. Many people do copy and paste, just like I do. But it still worth the time to cross check or ask the person to send it twice for clarity
5. The best investment I have encountered in Cryptos is either presale or staking. Be sure of any before doing them. Research is also a key
6. Airdrops are good and it should be free.
7. I don't have any solution for this, but not everyone gets lucky. Always pray for the best time and be convinced about it.
8. I dont know about online wallet, but I read it can be hacked. Maybe that's why steemit has four lengthy password for different purpose.

I want to believe I have done justice to this topic. Let's get into some discussion now! I would love to hear your views.👇👇

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