Crypto Gaming and dumps were a common practice on a large scale in 2021 and 2022 where individuals were promised huge benefits.
Many will question its security and or legality when discussing anything related to Web3. While a lot of advances are made for technology and entertainment, it is noted that from time to time people and organizations harm people and their wallets. NFTs and crypto pumps and dumps were a common practice on a large scale in 2021 and 2022 where individuals were promised huge benefits and utilities by project promoters.
As a result of the naivety of many people, a lot of money has been lost. If you need more information about How To Stay Safe On The Blockchain In 2023 ,then read carefully and don’t forget to share with your friends.
A recent report by ImmuneFi mentioned that crypto-related incidents lost $3.9 billion last year, a number that had risen from the year before that. One might expect more people to ride on the blockchain, but is still dangerous. Popular blockchains like Binance and Ethereum were recorded at the forefront of these attacks which indicates that hundreds of thousands and even millions of people are at risk of losing their assets.
If you are some of a “newbie” to the blockchain IT IS important you no the correct actions to take to assure you are safe from malicious attack. After all, with everywhere being being destined by nature, late are no authorities or bodies who can retriever your lost fund.
The first way to stay safe on the blockchain is through buying a hardware wallet. These devices offer users a more secure and secure way to store their cryptos instead of their exchange wallets linked to exchanges like Binance and Coinbase. While exchanges generally have security infrastructure to protect their customers, we have repeatedly seen hackers weaving their way and compromising people’s money and assets.
Moreover, the exchanges are not financially stable as we have seen with the collapse of FTX. Billions were lost in crypto and no one has been able to recover their lost money. This is where hardware wallets come in. You can buy cryptos directly through wallets or transfer them from exchanges. What makes them so secure is that you create a 24-word passcode of very random words.
There are technical factors involved but look at a hardware wallet as safe for your funds as crypto to keep it comprehensive. We recommend going for laser wallets, they have different products available. Retailers like Amazon Stock Ledger Hardware have made them a well-known name within Web3 for security.
Our next tip for blockchain security is to protect your crypto and/or crypto from well-trusted exchanges. Or buying NFT. As space has gained mainstream traction, many fraudulent sites have been set up to take people’s money, leaving them without their desired assets. We recommend buying crypto directly through your hardware wallet or at Binance and Coinbase. Gemini is another trusted crypto exchange, Restrictions on their services depend on your location, so be sure to check it out before you sign up.
For NFT it will depend on blockchain and project. Notable are:
If you’re playing games like Blancos Block Party or Sandbox, for example those that have NFTs integrated into their games, buy/sell them on their designated in-game marketplace. Be sure to sell. One last thing to note when dealing with exchanges and marketplaces is to make sure that the URL you click on is valid. Scammers can easily set up fake URLs for these sites and cause people to lose their money. If you’re not very sure on the URL, just search it yourself in your browser. You can never be too sure when dealing with blockchain.
While this sounds like common sense, you’d be surprised at how much crypto is lost by people forgetting their passwords. Lifestyle magazine HypBeast reported in 2021 that users lost $140 billion for not holding passwords in their hands. We can imagine that this figure could increase in 2023.
Always make a physical note of your details. Also, if you are familiar with hardware wallets you will be aware of random 24 word passwords. Forgetting it will prove detrimental because it will be lost/lost. There’s literally no way to recover it when you forget. Non-custodial wallets like Metamask also work with ‘secret recovery phrases’. Composed of 12 random words, this passcode is a type of master password. You need to keep it on hand in order to change the details on your account for metamask.
You’ll again be surprised at how many people invest in things they don’t understand. ‘Fomo’ is a real thing, especially within Web 3 when outsiders see people making a fortune, they want a piece of pie, and that’s right too! It’s best to research blockchain and the various assets available, and how to get them. This can be quite technical and with the gas charges present on a blockchain like Ethereum you will charge extra for the transaction.
If you’re skeptical of a new project, YouTube and Twitter are usually a good place to research. Crypto/ Checking out Web3 specific influencers can be beneficial, but always go with your gut to see if you think a project has value. The basic principles of a project are such as its utility and technology running it.Projects on Twitter usually have signs of misplay and incompetence through the number of followers and engagement rates. For example, if a project has 100 thousand followers and most posts have an average of only a hundred or more likes, you may want to be careful.
One thing we can say is not to listen to standard influencers, a prime example is that of the Paul brothers, who have now been accused of the wrong game several times and even legal action has been taken against them in the past in connection with crypto-related propaganda.