Cryptocurrencies are excellent ways to get paid as an entrepreneur. Now that there is extra awareness, it isn’t difficult to turn them into actual cash. Plus, it’s hard to trace and it removes the need for middlemen. So, there is no reason to pay a handling fee to someone who has done nothing to deserve the money.
Unfortunately, everything that is good about Bitcoin and Co. is also a potential risk. The fact it isn’t regulated like the traditional money market is a huge gamble. How can you tell when a payer is bona fide and when they are trying to take your money?
These are the things to look out for with cryptocurrency payments.
Red Flags
Fake cryptocurrencies are like Russia: they use misinformation to confuse the situation. Because Bitcoin is new, people think there are special security features which need taking into account. While it might be the case, for the most part, you should look out for the basics. For example, does the company in question use encrypted tech on their website? Is there a green padlock icon in the URL which starts with “HTTPS”? If there isn’t, then it’s not worth trusting their platform because it isn’t secure.
I.D
You don’t want to be a stickler for detail, but you don’t want to gamble with your money either. Therefore, an I.D check is essential if you’re going to do business together. Start by digging into their previous history. Are they an old or young company? Do they have beef with their clients? What do their customers say about dealing with the firm? Next, move onto the currency itself. A quality program will tell you whether the Bitcoin came from reputable sources. Also, it will show if they are involved in illegal activity. If the matches are positive, then it’s best to take your money and run.
Phishing
Most companies have a wallet they can trust. So, when an email or advert pops up, they don’t think twice before clicking through and opening the link. Sadly, this could be a scam in disguise. Hackers can obtain data such as this and use ads and email accounts to get you to conduct a fake sale. It’s called phishing and it’s very common. To avoid this trick, only open up the wallet through reliable platforms. Use a device which isn’t infected and go through Google to be sure. Never open an attachment through your account.
Evolution
The industry is new, which means the attacks are changing on a regular basis. To stay up to date with the evolution of cryptocurrency, you need to swot up on the subject. For example, did you know that Man-in-the-Middle scams are the most popular at the moment? If you didn’t, you probably wouldn’t understand how to use a VPN to avoid the payment getting intercepted. Reading about the new scams and how they affect cryptocurrency users is the best way to defend the company against attacks.
The answer is no, they aren’t crooked. But, you need to know how to spot the legitimate ones from the cowboys.
