Sign of growth: how to know when to buy and sell bitcoin

We live in a deterministic system where everything obeys fundamental physical and other laws. Each event is followed by another, and so on. Each event has a cause and effect, respectively. You probably know about the “butterfly effect”: even one small incident can dramatically change the course of history. And the crypto market is no exception. Any rate behavior can be explained by influence of any factor. For example, the collapse of the stock market in March 2020, associated with the introduction of quarantine measures due to COVID-19, was followed by a sharp decline in the value of cryptocurrencies.

This was not difficult to predict, if you regularly follow events in the world. It’s quite simple: people panicked, and they began to feverishly get rid of their assets: stocks, bonds, and cryptocurrencies. In times of crisis, people are in dire need of fiat currencies. For this reason, USD and Euro began to grow in price.

Today we will tell you how to identify signs of growth for cryptocurrencies, and understand when it is better to buy or sell bitcoin.

News

News analysis is the basics for any crypto analyst. You need to constantly monitor the news background to predict the price behavior. Depending on the situation, news can be a strong or insignificant factor. Therefore, it is necessary to take into account not only the nature of the news, but also the power of its influence. For example, the ban on mining in China may have a certain impact on the market. The same applies to approaching crises. But the ban on cryptocurrency trading in any small region is unlikely to have a significant impact on the crypto market. Follow the political and economic situation in the world to understand when to buy bitcoin.

Trading sessions

The market is cyclical, and all events are repeated. Moreover, there are events that repeat with a certain period. Read on the Internet about economic super cycles and pay attention to when financial crises occurred in the world, and you will find a certain pattern.

As for trading sessions, everything is very simple: depending on the time zones, there are certain times of trading activity. The largest amounts are concentrated in the Chinese and American markets. Try to track yourself on the charts, in what time periods the market activity is strongest. Use the Volume indicator as an assistant for this purpose.

Ratio of long and short positions

This indicator shows how many LONG and SHORT positions are currently open in the crypto market. This indicator is often used by margin traders. The point is that the big players direct the market movement, after which all other traders have to follow the whales. Many traders and investors consider this indicator to be the “Holy Grail”. Of course it’s not. But it can also be used for predicting the exchange rate.

How to use the indicator

When an overwhelming number of positions are open, it is profitable for large players to open positions in the opposite direction. For example, if the number of longs is 85%, and the number of shorts is only 15%, this means that the strength of buyers is beginning to run out, so it’s time to open short positions, thereby pushing many buyers out of the market and taking profits for yourself. The reverse is also true. But keep in mind that this is not a universal rule and there are exceptions. Sometimes sellers and buyers can wait a long time before they act, waiting for a better opportunity and acting against the expectations of the crowd.

What to do if you expect growth, but things did not go according to plan

Such situations on the crypto market are not uncommon. Even professional players make mistakes, not to mention ordinary traders. But if this situation happened to you, you can go at least three ways:

Option #1. Continue to hold the position, wait for the subsequent growth to sell at a profit or minimize losses. A good option if you plan to store bitcoin for several years. But over a short distance, the price may fall even lower.

Option #2. Average the position. If you grow, you will be able to offset the losses from the previous purchase and even make a profit. However, if the price continues to go down, the losses will be even greater. You can average it repeatedly, but you need to approach this strategy wisely, otherwise one day you will run out of money to average another losing position.

Option #3. Compensate for losses by selling at a higher price. Yes, you can do that. There are services that buy cryptocurrency at a higher price than that on many exchanges. They do this by interacting with platforms that are off-limits to many traders.

One of such services is the HiRiBi Bitcoin exchange. The service allows you to sell Bitcoin for PayPal at the highest price. You can sell BTC for 10% more than the exchange rate and thus not only fix losses, but also get a profit.

For example, you bought bitcoin for $10,000, and it fell by 5% to $9,500. In this case, with HiRiBi, you can sell Bitcoin to Paypal at the price of $10,450. This way you could get an additional $450 even when the exchange rate drops. This is called inter-exchange arbitrage. Also, you do not need to register on the exchanges yourself. You just need to buy BTC on any crypto exchange or exchanger and sell it on HiRiBi.

We wish you all a profit!

How to invest in bitcoin: a guide for novice crypto investors

Bitcoin is one of the fastest growing assets in the world. Since 2013, when the cryptocurrency first came to exchanges, bitcoin would bring its investors more than 7000%. That is, the amount of your investment would have grown more than 70 times over during this time, and $100 invested would have brought you $7000. So many people are wondering: how to invest in bitcoin?

You will find the answer in this article. In fact, it is much easier than it might seem at first glance.

How to invest in Bitcoin for a beginner

This does not require any special knowledge. All you need: a cryptocurrency wallet for storing Bitcoin, crypto exchange or exchange where you will buy your first coins, and a bit of patience.

In order to invest, you have to perform a few simple steps:

  • Create a bitcoin wallet;
  • Choose a platform for buying cryptocurrency. We will compare the terms and consider the advantages of buying in different ways;
  • Create an order and make a payment (or exchange it on the exchange);
  • Receive cryptocurrency to your wallet and proudly declare yourself a crypto holder!

So let’s get down to business and discuss the process step by step.

Which wallet to choose

Before you buy bitcoin with a credit card or any other method, you need to have a secure BTC wallet to store the cryptocurrency. If you are going to store a large amount, then you need to buy a hardware wallet, such as Trezor or Ledger Nano S. But for storing small amounts, light and online wallets are suitable, which are less secure, but more convenient.

Here are some popular software wallets for bitcoin:

  • Bitcoin Core (or Qt) is an original BTC full wallet. It is safe enough, but it is unlikely to be suitable for beginners. Although, if you are a crypto enthusiast or plan to become one, it will not be superfluous to familiarize yourself with it;
  • Electrum is a light bitcoin client. You don’t have to download the entire blockchain history to use it, but it is considered secure. In addition, Electrum supports additional methods to enhance security: two-factor authentication, multi-signature, and hidden addresses;
  • Trust Wallet is fast, convenient, and reliable. This is how you can describe a well-known wallet from the Binance exchange. This is a mobile client that, in addition to storage, allows you to buy cryptocurrency directly in your wallet. Isn’t it convenient?
  • Coinbase is a secure wallet from a well-known exchange;
  • SoFi is the best crypto wallet for beginners.

Note. If you want to buy Bitcoin for long-term storage, we do not recommend storing coins on exchanges – it is not safe. You must have access to your private keys. This is the only way you will truly own the asset.

How to buy cryptocurrency

You can buy Bitcoin in several ways: through a cryptocurrency exchange, via an exchanger, or from a private person. Let’s look at these methods in detail.

Cryptocurrency exchanges

This is one of the cheapest ways to buy bitcoin. The problem is that not all cryptocurrency exchanges support fiat currencies. However, some exchanges support deposits or purchases via a crypto gateway via credit cards, bank transfers, or payment systems.

What are the advantages of this method:

  • The price is closest to the market;
  • Low exchange fees – the average fee varies from 0.1% to 0.2%;
  • Instant exchange. However, it is instant only if you have already topped up your balance;

Disadvantages:

  • Not the most convenient way: you first have to register, top up your account, convert funds, and then withdraw to your wallet.
  • It is time consuming. So if you need to quickly buy/sell cryptocurrency, this is not the best way, since it may take some time to top up;
  • Additional fees for deposits and withdrawals. Trading fees are low, but you may be charged about 3% of the deposit amount when you make a deposit. The same applies to the withdrawal.

The conclusion here is simple: buying through the exchange is most suitable for traders or short-term investors.

Popular crypto exchanges for buying bitcoin:

  • Binance;
  • OKEx;
  • Huobi;
  • Kraken;
  • CEX.io

Purchase via a bitcoin exchanger

This is the fastest and easiest way. Most crypto exchangers support automatic exchange. You only need to register, specify the purchase amount and pay the invoice. After that, the bitcoins will be transferred to your bitcoin wallet. But this method also has its drawbacks:

  • High fees, which can reach 5% or more, or the rate may simply be higher;
  • Mandatory verification when working with fiat currencies.

But the exchange is:

  • Safer. You do not need to store funds, you only use the platform as an intermediary for buying Bitcoin;
  • Faster. The waiting time is minimal. Usually Bitcoin is sent to you immediately after payment;
  • More convenient. Register, make a request, pay and wait for your coins.

List of popular exchanges:

  • Coinbase;
  • Coinmama;
  • Mercuryo;
  • Bitpapa;
  • Changelly.

But you can use a different type of exchangers – peer-to-peer. In this case, you can buy bitcoin even cheaper than on exchanges. Here you buy coins directly from other users. You need to register and place your offer to buy bitcoin. Usually the fee does not exceed 1%. But do not forget about the withdrawal fee: to ensure the security of transactions, P2P exchangers use an internal account. This way they can freeze coins so that users don’t cheat when exchanging them.

Popular P2P exchanges:

  • LocalBitcoins;
  • Paxful;
  • Binance (P2P section);
  • LocalCoinSwap;
  • Bitzlato.

Congratulations! Now you know how to buy your first cryptocurrency or at least you have refreshed your memory. If you need to sell bitcoin for dollars, we can advise you on an interesting service – HiRiBi.

The HiRiBi platform has several great features:

  • BTC exchange for PayPal USD. HiRiBi is one of the few exchange platforms that supports this payment system;
  • The rate is higher than the market average. It changes dynamically depending on the rates on crypto exchanges and the margin can reach 10%. How is it possible? The trick is that the service monitors more than 20 major trading platforms. Some of them have significantly different rates than others. You can see this for yourself by crypto exchanges monitoring services (https://www.cryptocompare.com/coins/btc/markets/USD). And that’s the secret;
  • A profitable affiliate program that allows you to earn up to 2% of each exchange.

If you invest in Bitcoin, you can sell it for PayPal USD, thus getting an average of 10% more revenue than when exchanging through a regular exchange or exchanger. And with a normal exchange, you would still spend part of the profit on fees – here is a small inside that will help you get profit from the first transactions.

5 fastest ways to buy Bitcoin

Bitcoin popularity continues to grow steadily. The trend is so strong that Bitcoin has a very real chance of becoming not only the most popular cryptocurrency in the world, but also one of the main means of payment for users. The world is moving further into the digital age. And it is no exaggeration to say that Bitcoin is a symbol of the new digital economy, in which banks are just a tumor.

But for now, we will not rely on maxims. After all, despite the obvious development of the industry, users still have to face obvious problems of the crypto market, the main of which is the insufficiently developed infrastructure for easy and fast cryptocurrency purchase. Bitcoin has shown that users can fully manage their accounts and make transfers without restrictions. But platforms for exchanging cryptocurrencies still do not keep up with such innovations and do not yet comply with the principles laid down in the blockchain and digital assets.

It is important for users to be able to buy Bitcoin or any other cryptocurrency as easily and quickly as possible. In this review, we will tell you about the 5 fastest ways to buy bitcoin using a credit card, bank transfer, or e-payment system.

LocalBitcoins

LocalBitcoins is one of the most popular P2P exchanges or, as they are called, decentralized exchanges. Users exchange cryptocurrencies between each other directly, and the exchanger acts only as an intermediary and guarantor of transactions, charging a small fee for ensuring security.

Pros:

Low fees. Fees are paid only by users who placed offers. In other cases, you do not have to pay a fee;
Fast and convenient exchange. Just register and open a deal. Transactions usually take between 5 and 15 minutes if the seller responds quickly;
Multiple payment options: credit / debit cards, bank transfers, e-payment systems, altcoins, etc.

Cons:

  • Depending on the payment method, the exchange rate may not be the most profitable and, as a rule, it is higher than the exchange rate;
  • Probability of fraud. Advanced hackers try to circumvent the system and find new ways to cheat. Trust only trusted sellers with high ratings and protect your account (set up 2FA);

Yobit

It is an international platform for exchanging cryptocurrencies and fiat money. Of course, the exchange is not even in the top ten largest crypto exchanges in terms of trading volume (but it is in the top 100). But its main feature is that it is aimed at ordinary users and has an intuitive interface. With Yobit, you can quickly buy Bitcoin by adding funds to your account. Usually, funds are credited almost immediately.

Pros:

Fast way to buy Bitcoin;
Good liquidity for Bitcoin and top altcoins;
Low exchange fee – 0.2%;
Multiple ways to deposit and withdraw funds;
Regular giveaways, investment boxes and games.

Cons:

There are delays when depositing/withdrawing funds. Some users complain of tickets being neglected by the support service. However, keep in mind that many problems are caused by the users themselves due to the features of 2FA: for example, they requested a withdrawal, but forgot to confirm it using the second factor;
Unstable operation under high load

One interesting fact should be noted: during the entire existence (since 2014), the exchange has not been hacked once. This is a good sign. Even such giants of the industry as Binance and Bitfinex were hacked. Although attacks on the exchange were made repeatedly.

Changevisor

Changevisor is a service for monitoring reliable exchangers that allow you to quickly buy bitcoin for dollars and other currencies in many different ways:

  • Credit / debit cards;
  • Bank transfer;
  • E-payment systems, etc.

You can filter offers by the offer you are interested in, for example, exchange BTC to USD or PayPal to BTC, and also sort the exchangers by various criteria, such as price or number of reviews. The main drawback of this method is that usually, the exchange rate of cryptocurrency at such exchangers is significantly higher than the market rate.

Paxful

Paxful is another P2P platform for exchanging crypto assets and one of the main competitors of LocalBitcoins. We will not stop at this exchanger for long, since it is practically an analog of LocalBitcoins. Even the fees are the same. There are not so many differences, and they are not significant.

Coinbase

We left the best for the last. Coinbase is considered one of the fastest ways to buy Bitcoin in the US using debit or credit cards.

Pros:

The fastest way to buy bitcoin for USD;
Reliable platform with high liquidity;
One of the few sites where users from the United States can legally trade;
Simple exchange.

Cons:

Verification is required in accordance with the KYC and AML policies, which is a threat to anonymity;
it is not available in all countries.

Why is the list like this?

You may be interested in why we didn’t include such well-known platforms as Binance or OKEx. Let’s explain that. We did this way because when working with fiat currencies, verification is required, which significantly slows down the purchase process and, in addition, poses a threat to anonymity. On the one hand, you only need to pass verification once, after which the exchange will be faster. But this will happen taking into account the availability of funds on the balance sheet – this is the main drawback of many cryptocurrency exchanges. Otherwise, you will have to top up your deposit, which means that there will still be delays when adding funds to your account, and you will not be able to buy bitcoin quickly.

The fastest way to sell Bitcoin

The methods listed above are also suitable for selling cryptocurrencies. But what if you need to not only sell Bitcoin quickly, but also to sell it as profitable as possible? Unfortunately, in this case, the sites we have described are unlikely to be suitable for you. The thing is that you buy at a higher rate than on the stock exchanges, and sell at a lower rate. Sellers and exchanges make money this way, but this is not available for you. Of course, you can become a seller yourself to earn money in this way. But there are easier ways.

And here is one of them – selling using the HiRiBi platform. This service allows you to quickly and profitably sell Bitcoin for PayPal USD. Here are the advantages of HiRiBi:

Rapid exchange. Two confirmations in the Bitcoin network are enough, after which the funds will be automatically sent to your PayPal wallet;
Simplicity. Quick registration. All you need is to specify the amount, PayPal wallet address and send the desired amount of bitcoins. It’s very easy;
High Bitcoin exchange rate. You can sell Bitcoin at a rate higher than the market average due to the difference in exchange rates between exchange platforms;
A profitable affiliate program that allows you to earn up to 2% of the exchange amount of your invited users.

If you want to sell Bitcoin with profit right now, then register on the HiRiBi website and try to exchange a small amount to see how fast and profitable it is.

How to invest in cryptocurrency in 2020

Cryptocurrencies appeal to users due to high volatility. In 2017, there was a real crypto boom. In less than a year, Bitcoin has grown by almost 2000% from $969 to $20,000 for 1 BTC. But after the hype, the cryptocurrency continues its price correction, and for more than 2 years it has not been able to restore its maximums. However, this does not stop investors, and their number continues to grow steadily. So far, they see the investment potential of digital assets and consider them a valuable virtual resource.

In fact, cryptocurrency is compared to precious metals, and crypto enthusiasts call Bitcoin “digital gold”. Digital Bitcoin and physical gold have a lot in common: the volume of both assets is limited and are not tied to any political and economic factors. Of course, this is not quite true, they are just less affected by the economy than stocks or national currencies. Let’s look at whether it is profitable to invest in cryptocurrencies in 2020, as well as where to buy and sell Bitcoins for dollars or euros.

Why it is profitable to invest in cryptocurrencies

Before you understand why it is worth it to invest in cryptocurrencies, you have understand what properties make them such valuable assets. Let’s list the key properties of cryptocurrencies that can contribute to the growth of digital assets rates.

Limited issue

The number of Bitcoins and many other cryptocurrencies is limited by the software code. Bitcoins are created by mining based on the Proof-of-Work algorithm. Miners mine new coins using their computing power, receiving a reward in the form of said coins. In this aspect, Bitcoin is also similar to gold. Cryptocurrencies require users to spend huge resources on mining, which makes the asset quite valuable and rare. The only difference is that electric resources are used for mining BTC. Just look at the dynamics of the price of gold and compare it with the quotes of securities and currencies to notice a significant difference.

But there are other, no less significant difference between Bitcoin and gold: it is not completely known how much gold exists in nature. And we know for sure that the number of Bitcoins is limited to 21 million coins, not taking into account the fact that more than a million bitcoins have already been lost forever. To date 18.34 million bitcoins have been extracted, including lost ones.

The structure of the Bitcoin ecosystem is based on the halving principle: approximately every four years, the reward for a block is halved, which protects the system from deflation. This mechanism contributes to a supply deficit, which, if demand is kept at least at the current level, will cause price growth. The last bitcoin will be mined in 2140. This year, the third halving will occur, and the block reward will decrease from 12.5 to 6.25 BTC.

Decentralization

Cryptocurrencies such as Bitcoin or Ethereum do not have a single access center. In other words, it is a peer-to-peer distributed network where none of the participants has more rights than the others. Users themselves manage their funds, unlike a bank account where all operations are controlled by the bank. In a decentralized system, transactions are confirmed by all participants (miners) together. This protects digital assets from third-party interference and gives finance freedom.

Fast and cheap transactions

The average fee in the Bitcoin network is about $1 with a moderate load on the network. Therefore, if you transfer more than $35, then Bitcoin will be more profitable than bank wire transfers. In addition, bank transfers take up to 3 days, and BTC transactions take less than a day. Bitcoin is much inferior to more modern blockchains in terms of bandwidth and fees, but it is still more profitable than bank transfers. There are even cryptocurrencies with zero fees or fees so low that they are negligible. For example, the fee in the Stellar or Tron networks is much less than 1 cent.

Privacy

Data privacy is an important factor in the modern world. Every user wants to be sure that their personal information is securely protected. Of course, Bitcoin is still vulnerable in this regard, since all transactions are transparent, which means that they can be traced. But there are cryptocurrencies whose developers have focused on anonymity: Zcash, Monero and Dash

What to invest in

It is necessary that the digital assets comply with the key criteria for investors. Here are the main ones:

  • High liquidity. Investors should show interest in the coin. For them, it is important that you can quickly buy and sell an asset without delays in order execution. Low-liquid assets carry high risks since only small amounts are required for the collapse of the exchange rate;
  • Applicability. Projects should solve a specific problem and be applicable in the real sphere. For Bitcoin, this will be a value, for Ethereum — smart contracts that are applicable in business, etc. Most cryptocurrencies are empty coins that do not have any real value. No less important is the developers’ reputation, which indicates that they can create a valuable product that solves fundamental problems: centralization, speed, and cost of transactions, versatility, ease of conversion, etc.;
  • Stable growth. Crypto assets should demonstrate positive dynamics of the exchange rate in the long term and not one-time price jumps.

Disclaimer. We do not give recommendations for buying specific cryptocurrencies, but only show which assets are suitable for investment. Any investment in volatile assets carries high risks of losing funds.

If we talk about investing, the most attractive cryptocurrencies may be from the top 10 or top 20 list of CoinMarketCap. These coins are the leading ones in terms of capitalization and liquidity that has earned the trust of investors. Please note that the more assets your portfolio contains, the higher the risks will be, so it is optimal to select up to 10-15 coins, but it all depends on your investment goals. For example, Bitcoin and Ethereum are more suitable for long-term investment, but if you are looking for short-term investments, then less liquid assets can be better over short distances, but the risks will be higher. Here are some coins that may be of interest to investors:

  • Bitcoin;
  • Ethereum;
  • Ripple;
  • Bitcoin Cash;
  • Litecoin;
  • Binance Coin;
  • EOS;
  • Tezos;
  • Stellar;
  • Tron;
  • Monero, etc.

How to buy and sell cryptocurrency

Select and install a cryptocurrency wallet. We wrote in detail about the best wallets for storing cryptocurrencies in 2020 in our other article. You can find it here. We described the differences between wallets, and what wallets are the most safe for the holders there. Let’s briefly list reliable and convenient crypto wallets:

  • Ledger Nano S;
  • Trezor;
  • Exodus;
  • Electrum;
  • Jaxx;
  • Blockchain.com, etc.

The next step is picking an exchange platform. At this step, you should be guided by convenience, rates and fees. Through exchanges, you can purchase cryptocurrency at market value, but the conversion process will be inconvenient. In addition, you will incur pay fee not only during the exchange process, but also when you withdraw coins from the exchange. The best option will be exchange platforms. In this case, you buy Bitcoin, and it is sent directly to your wallet. But it is important to find a reliable crypto exchange platform, to be sure that you will not be deceived.

There are many ways to buy Bitcoin using credit cards or e-payment systems:

  • Cryptocurrency exchanges;
  • Cryptocurrency exchange platforms;
  • Wallets that support asset exchange.

The choice of method depends on the purpose of the purchase. If you want to buy bitcoin or altcoins for long-term storage, then exchanges are suitable: this way you can immediately buy cryptocurrency, which you will receive directly to your wallet. But it is necessary to avoid scams, so it is important to find a service that allows you to safely exchange currency for bitcoin.

Another important step is selling cryptocurrency. After all, you want to sell cryptocurrency at the highest rate and get a profit. The HiRiBi service allows you to do that. It is an online exchange platform that provides the opportunity to sell bitcoin for USD using PayPal. The main feature of the platform is that they offer the highest rate on the market. The service achieves this by regularly monitoring major cryptocurrency exchanges, which allows you to sell bitcoin higher than the market rate. The profit margin can reach 10 percent or more. If you are looking for a way to sell bitcoin at the best exchange rate, then pay attention to HiRiBi.

How to avoid scams and find a reliable service for buying Bitcoin and other cryptocurrencies

Decentralized blockchain technology and the cryptocurrencies that are based on it have changed the financial world. They allowed users to freely transfer and manage their funds without the control of banks and financial regulators. Unfortunately, this free market, thanks to this feature, also attracts hackers who seek to get money from their victims by any available means, who are defenseless due to the lack of poorly regulated legislation. Therefore, the responsibility, first of all, lies with the users themselves. You have to know how to ensure security in order to not get scammed. We will talk about this in today’s article. Let’s see how malicious hackers work and how to avoid becoming a victim of a sophisticated crypto scam.

What methods of deception do exist

There are many methods. In addition, cybercriminals are constantly coming up with new methods to appropriate the money of careless users. But they all come down to a few basic principles:

Get a private key from your wallet

A fraudster can pretend to be a project manager and an exchange/exchange platform support service operator to ask you for your account password or private keys to your wallet. This information will allow scammers to get hold of the client’s funds.

How to protect yourself

Never provide private keys, authorization data, or any other confidential information that provides access to your funds. This information should not be disclosed to anyone.

Phishing

One of the most popular forms of hacking. Hackers use fake resources that copy the appearance and script of the other site: a wallet, project, crypto exchange, or exchange platform. When going to the site, the victim enters their data in the authorization form, and instead of logging in, they get an error. Meanwhile, the data is sent to the fraudster, who enters it on the original site and gets access to the wallet.

How to protect yourself

Always check the domain address. For example, for Binance, it should look like https://www.binance.com, and for a Blockchain wallet — https://www.blockchain.com. Carefully check the address before logging in or signing up.

The address may differ from the original one: the characters may have been rearranged. For example, blockchian.com or blockchaỉn.com/ if you try to log in through these sites, you will be victimized and your data will be stolen.

But pay special attention to the second link in the example. The address looks very similar to the original domain, but the letter ‘i’ is replaced with ‘ỉ’. This is very easy to overlook. Therefore, after registration, save the site in browser bookmarks or copy the domain and open only the copied address. The history is also saved in the browser. Therefore, the next time you visit the site, go to the address from AutoFill, and not through search.

Also, set up two-factor authentication (2fa) for your account. It is best to use a phone number, rather than Google Authenticator, if possible, because hackers can also copy the six-digit authentication code. If the crypto exchange supports 2fa protection for withdrawing funds, you should use it.

Fake emails

Another common method of deception is fake emails from the company/service/Manager of a popular project. You may receive an email with something like this:

“Hello! Your account is blocked. To restore access, please contact us immediately.”

After receiving feedback from you, hackers will ask you to provide your username and password or private key, ostensibly to unblock it, and also to make sure that the account really belongs to you. With this approach, scammers use urgency to put pressure on the victim. For example, they may write: “send us your username and password immediately for verification, otherwise you will lose your money.”

How to protect yourself

If you suspect that you may have been hacked or your account was blocked, contact the support service. Confidential information can only be requested by scammers. Real managers will never ask for information that could compromise your account. They may require, for example, the date and time of login, the IP address from which you logged in to the system, and similar information. Always keep your passwords and private keys secret.

Reviews

Fraudsters can promote fake projects or so-called SCAM projects on the network. They use fake data: fake trading volumes, deceptive activity, etc. As a rule, such resources contain a lot of errors and a bad interface, because their goal is to steal money, and cybercriminals will not spend their budget on a quality resource. Although there are also large-scale scam projects with high-quality development. Such projects are often found in the form of financial pyramids. They will fuel users’ interest by publishing deceptive posts from fake accounts like these:

  • “Everything is great. The platform pays”;
  • “The withdrawal is instant. You get a bonus for a deposit”;
  • “The best project I’ve ever seen.“

Such monosyllabic reviews do not make a detailed impression about the project (wallet, exchange) and do not fully reflect its features.

How to protect yourself

Pay attention to the nature of reviews. Even if the resource is perfect, the negative will still be there. There are no perfect services. Users should also describe their actual experience in their reviews. A series of positive reviews without any specifics may turn out to be faked. Pay attention to this.

How to buy and sell Bitcoin and not to lose last shirt

You can purchase Bitcoin through a crypto exchange or online exchange platform, which is not difficult to find on the Internet. Just type “reliable bitcoin exchanges” in the search field. Pay attention to user reviews and experiences. With the sale, the situation is different, because it is important to sell cryptocurrency not only quickly and safely, but also profitably. Therefore, you need to find a platform that allows you to sell bitcoin at a higher rate.

One of such services is the HiRiBi exchange platform which allows you to exchange Bitcoin for PayPal at a rate that is higher than that of other sites, and supports automatic exchange: your order begins to be fulfilled after 3 confirmations in the Bitcoin network. You can read reviews about the site, for example, on Trustpilot, to assess how secure the exchanger is and how fast the exchange takes place. BTC for PayPal is the only exchange direction available, but this approach is an advantage for the exchanger, since Bitcoin is the most popular cryptocurrency, and the PayPal payment system is used all over the world. Why do you need something else?

If you look for a service where you can profitably sell bitcoin for dollars via PayPal, then HiRiBi will be the right solution.