The preceding article focused much on how blockchain newbies might be persuaded into fraud and bad investment if they happen to rush to invest in any business that pops on their way before taking time to see if it the right one for them.
I also mentioned how traditional mainstream traditional media channels can play a pivotal role in misleading newbies on the blockchain revolution since the writers of the articles themselves might do so to protect their interest or territories.
In this article, let me further outline the traps that newbies might find themselves in. Hacking is an act that is synonymous with online thieves. A fraudulent person tends to hoodwink a newbie into submitting his or her coins in the hope of getting huge returns in future. Hackers have no time for that. They acquire personal information of newbies without his or her knowledge and consent.
To be able to acquire such information, hackers tend to send links that lead a person to certain investment opportunities. The most common of such is mining of crypto coins. The end result is obvious. It is advisable that blockchain newbies avoid clicking each and every link that they find online regardless of how attractive an offer might be. At least they should make research on trusted links.
The other issue that newbies should be careful of is the myth that at once a person joins the blockchain, it means a quick return and quick riches. Like any other forms of investments, an entrepreneur gets rich with time provided s/he doesn’t leave his or her coins lie idle in the wallet without investment. Profits come by investment. The more one invest the more profit to be made.
Newbies should avoid being reckless with their wallets. Even if blockchain technology offers some security features on one’s wallet, it is the sole responsibility of the owner of the wallet to keep his or her wallet secure, the way one keeps a money safe’s keys private to him or herself be it at home or at business premises. In that aspect, a newbie should introduce a two-way verification method when s/he is making transactions. Some suggest that it is wise to use offline and online verification in that aspect.
Since there are varied crypto wallets on offer, a newbie should avoid the weakness of keeping his or her coins in one wallet. This safeguards an investor in case a certain wallet faces some technical problems.
I welcome all newbies to the world of block and hope that their investments will remain secure and profitable.