Crypto 101 – The Don’t List

For those new to crypto, here is a check list of things you may want to avoid.

Don’t:

• Never share your keys with anyone – Many phishing attempts will ask a user for their keys.  Please note that your private keys are not needed in order to receive airdrops, promotions or anything else.  Every single promotional offer, airdrop or “free money” scheme that asks for your keys is a SCAM.
• Never type in an address – The best way to lose money is to send it to the wrong address.
• Never send a large sum to a new address – Before sending a large transaction, be sure to send a small test transaction, check that it was received and then send the rest.
• Never send from and exchange to an ICO – ICO’s send tokens back to the wallet funds came from.  Exchanges send from community wallets with incoming addresses are different from outgoing ones.
• Never follow a link to a wallet – Scammers leave links all over social media sites that lead to phishing sites that look to be real.  They are not.
• Never email your keys – you never know who may get access or which 3rd party email provider will get hacked next.
• Never discuss how much crypto you have on social media – While social media discussions may be fun, talking about your assets may make you a prime target for scammers.
• Do not disclose your email on social media – Disclosing information that identifies you makes it easier to hack your accounts.
• Never get too comfortable – Always double check the address.
• Never send with incorrect fees –  While exchanges usually set your fees for you, personal wallets leave the fees in your hands.  Fees that are too low risk long wait times for confirmations. Some chains have been known to take weeks (if ever) to confirm.  Be sure to check current fees before sending a transaction.  For Ethereum, see https://ethgasstation.info/index.php