Bitgesell - Tips to avoid crypto scams

Bitgesell - Tips to Avoid Crypto Scams

Navigating the world of cryptocurrencies, tokens and "memecoins" can be daunting, especially with the prevalence of scams. By following these 13 essential of BGL security tips, you can significantly reduce or neutralize your chances of being hacked or scammed. While it can be tempting to follow trusted influencers, even they can be misled by those who hire them. The odds of a new crypto project making it to the Top Five on CoinMarketCap's rankings are incredibly slim, less than 0.00001%, the same percentage as Bitgesell’s transaction fee, of which 90% is permanently burned. Approach each decision with pragmatism and caution. Take time to analyze and remember: haste is the enemy of perfection. For new holders, the Bitgesell Community has curated these 13 tips to protect you from scams, traps or dubious start-ups attempting to steal your crypto assets. 

1. The Test of Time

Investing in new cryptocurrency projects, tokens or memes with impressive websites, a vast following and flashy marketing is alluring. Many scam projects excel at advertising, often mimicking reputable projects to lure newcomers. While they may appear innovative, they often aren’t. The best defense is to apply the test of time: avoid investing in projects under four years old or that haven’t experienced at least two Bitcoin halvings, as Bitgesell has. Most scams fade from social media within 24 months, disappearing without a trace.

2. Research the Project Thoroughly

Verify the project's authenticity by reviewing its whitepaper, tokenomics, developer history, transparency or roadmap. Websites like CoinMarketCap, CoinGecko and crypto forums are excellent for initial research. For Bitgesell, check its launch details on BitcoinTalk (April 4, 2020), review its GitHub to confirm blockchain integrity and consult Bitaps Explorer, Discord and Telegram. The more information you gather, the more confident you’ll feel in your investment.

3. Be Wary of Promises of Quick Profits

Most scams entice people with promises of high, guaranteed returns in a short period, preying on those eager for fast gains. Legitimate investments carry risks. If something seems too good to be true, it probably is a scam. The Bitgesell community knows that BGL, a Bitcoin hard fork, has high growth potential through its annual halving and 90% transaction fee burn, but with no guarantees. Understand that cryptocurrency investments are inherently uncertain, despite having the potential to bring great returns in bull run.

4. Use Secure Platforms and Wallets

Choose reputable exchanges and secure wallets. Always enable two-factor authentication (2FA) when available for added protection. Use WBGL tokens with Metamask only through the BGLSWAP bridge. On the Bitgesell blockchain, security is paramount. You can create an offline wallet with a 12, 28 or 24 passwords and a extra passphrase known only to you.

5. Beware of Phishing and Unknown Links

Phishing attempts are common. Avoid clicking unknown links or downloading files from emails or social networks, especially from unfamiliar sources. For Bitgesell, only follow links you know to be genuine, such as those from BitcoinTalk, Discord, Telegram or recognized by Community. For example, on CoinMarketCap, do not click on any link offering access to airdrops for Bitgesell or any other token. These do not exist.

6. Avoid Projects Without Audits

Tokens and smart contracts should be audited by trusted security firms. Without audits, code may contain flaws or hidden traps. The WBGL smart contract of Bitgesell is audited by Certik. In other hand, the Bitgesell blockchain is open-source, allowing anyone to verify its reliability.

7. Check Social Media and Community Engagement

Scammers often create fake communities on platforms like X. Ensure the project is active and has genuine community engagement. Bitgesell has at least three community channels on X and Telegram, with the official X handle being @bit_gesell. You can also interact with the developer team on Discord, where updates are shared.

8. Be Skeptical of Free Token Offers

While token distributions or “airdrops” can be legitimate, they are often traps designed to gather personal data or gain access to your wallet. NEVER click unknown links or approve fees in your wallet you don’t recognize. Often, scammers will disguise a fee to drain funds from your wallet instead of providing tokens.

9. Diversify Your Investments

Avoid putting all your assets into one project, especially if it’s new. Diversification reduces risk. Some projects attract investors with persuasive tactics, but if the team loses cohesion or transparency, they often collapse.

10. Watch Out for “Whales”

Some scams use a “pump and dump” strategy, where large investors (or "whales") artificially inflate prices only to sell off quickly. Avoid buying into sudden volatility, as you may end up buying high and losing money.

11. Learn About Crypto Security

Staying informed and understanding security basics, such as private keys and digital signatures, is essential for asset protection. With Bitgesell, understanding self-custody is crucial. Offline wallet generation and passphrase protection enhance security. Remember: anything created offline cannot be hacked.

12. Not Your Keys, Not Your Coins

Bitgesell encourages holders to keep assets on its blockchain. With 96% of crypto users leaving assets on exchanges, high-profile exchange collapses like Mt. Gox, Celsius Network and FTX underscore the importance of self-custody.

13. Use Artificial Intelligence Tools

For contract inquiries, utilize sites that analyze smart contracts, such as GoPlus Labs, TokenSniffer, Honeypot.is, ScamSniffer, DefiSafety and Rug Doc. Consulting multiple AI tools on specific assets can offer essential insights to protect your investments. For a broader perspective, it’s wise to consult at least two AI platforms, like ChatGPT and Grok, to mitigate scam risks.

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