Can you recognize a cryptocurrency scam?

Cryptocurrencies have been increasingly popular in recent years, with more and more people using them. A relatively new field, they are particularly attractive for scammers. There are a lot of charlatans out there who can use both sophisticated technological ways to steal your money or some tried-and-tested schemes from the past. Can you recognize a cryptocurrency scam and protect yourself from it? Take this quiz to find out!

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As always, let’s start with an easy one. Should you trust someone who guarantees a 300% profit on your cryptocurrency investment?

Quiz

Incorrect answer!

You should not trust this person. No one can guarantee a profit, especially such a huge one.

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Can you trust a service that lets you rent server space to mine coins and pays you money for that?

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Incorrect answer!

There are a lot of scams with cloud mining services, but legit ones do exist. You just need to thoroughly check everything before trusting the company.

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Is it ok if the address of the site you are using starts with “http” instead of “https”?

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Incorrect answer!

If the site doesn’t connect securely over HTPPS protocol (that is, its address doesn’t start with “https”), the connection is not secure, and someone might steal your data.

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Can you use the service coiinbase.com?

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Incorrect answer!

You definitely shouldn’t. Coinbase.com is one of the biggest digital currency exchange services, but coiinbase.com is a scam site. It shows a popular but sometimes effective trick — scammers might operate a site with an address familiar to a popular service so some users confuse them. Always check the address of the site you are using when typing in personal information or completing any important operation.

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Is it risky if the price of a small cryptocurrency has just significantly risen?

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Incorrect answer!

While there are legit cases of small currencies becoming significantly more expensive over a short period of time, it can often indicate a scam. It’s called a “pump and dump” scheme, something that has existed long before cryptocurrencies but is especially popular in this industry.

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Can you trust online wallets?

Quiz

Incorrect answer!

Physical “cold” wallets are indeed generally safer than online ones, but online wallets are also a legit way of storing cryptocurrency if the service is safe.

Your result

5 questions

3 correct answers