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How To Avoid Cryptocurrency Scams On Instagram

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In general, scams, Ponzi schemes, and fraudulent activities in decentralized financial and blockchain technology are not new occurrences. Over the years, there are have been classic instances when crypto scams have been carried out successfully. Furthermore, Ponzi schemes still make a huge amount of money on blockchain activities.

According to CipherTrace reports, cybercriminals were able to siphon away over $4billion from cryptocurrency users and exchanges in 2019 alone. One of the earliest crypto scams was carried out through a hack on Mt. Gox, the world’s leading bitcoin exchange at the time. Despite handling over 70% of the world’s bitcoin transactions in 2013, the exchange platform suspended trading, shut down its website, and filed for bankruptcy a year later because of crypto fraud. The exchange platform announced that over 800,000 bitcoins belonging to customers were missing.

Following these prominent cryptocurrency scams, one wave of fraud that is becoming more popular in recent times is crypto scams on Instagram. “Crypto Instagram” is becoming a thing, and frauds tend to easily use these mediums to perpetuate their scam agendas. For instance, a Coindesk report shows that over 1.3 million Instagram posts using #Coinbase, to advertise crypto schemes that do not relate with Coinbase company.

You tend to wonder how these heists were successfully carried out, despite the anonymity that crypto token provides to its users and owners. In this article, you will find essential ways to help you detect and avoid crypto scams on Instagram, and they can apply to similar social networks as well. Let’s briefly discuss some actionable tips:

  1. Avoid Fake Crypto Accounts: Recently, there has been an increase in the emergence of fake crypto accounts on Instagram. The reason is not far-fetched, as the crypto market is rapidly and more people are looking to get involved in the system. This gives an avenue for fake crypto accounts to take advantage of ignorant traders and investors. Typically, these fake accounts will attract traders and investors by offering exciting deals like free cryptocurrencies, competitive prices, low exchange fees, and the likes. 

To avoid being scammed, you must look up the identity of the accounts, read some reviews in the comment section and carry out other background checks to be very sure of the authenticity of the accounts.

  1. Avoid Crypto Payments on Instagram: One of the major issues with crypto transactions on Instagram is that they don’t have chargebacks. This means it is impossible to reverse any payments made. Therefore, you must be on the lookout for the methods of payments offered by the seller. If the vendor only allows payment in cryptocurrency, try to find an alternative means of payment, or avoid the contract. 
  2. Recognize Malwares: Scammers, on Instagram as well, use malware to carry out crypto fraud, and if proper care is not taken, you can easily fall victim. This type of scam operates when the malware hijacks your clipboard data, if you click on it, and you will directly send your funds or coins to the scammers. Therefore, you must be careful of the type of links you access on your devices.
  3. Beware of Instagram Ponzi Schemes: The Ponzi scheme is a pyramid scheme of a business model that pays members based on how many new members that they refer and enroll. This becomes an issue because when no new members join, the pyramid crashes. The best way to avoid this is to stay clear of groups that provide these services because it will come crashing down in no time.
  4. Fake Giveaways: It is common for fake crypto investors on IG to announce giveaways and promos. They will offer free cash prizes, a huge amount of crypto assets, and so on if you follow certain instructions. This may seem easy to detect, but it may be difficult for new crypto traders and investors. However, most of these promos are fake and will lead to a loss of investments. It is best to avoid them.
  5. Pump and Dump Schemes: Sometimes, these Instagram crypto scammers buy a new altcoin and push the agenda to you that it will do multiple returns on investments. As soon as the investment begins, the new coin will increase in prices, but they quickly sell off and make profits when this happens. This results in a dump on new investors. 

You should know the type of coin before you trade and invest in them. Also, check for more realistic pictures and available images on the seller’s handle. This will put your crypto investments on the safe side and avoid scams.

  1. Make Payments with Credit or Debit Cards: When carrying out crypto transactions on IG, this method of payment seems safe because chargebacks do not apply to crypto and fiat currencies due to the blockchain’s irreversibility. Therefore, you will be on the safe side when doing your crypto dealings on Instagram.

In all, crypto trading and investment are not immune to criminal activities carried out by perpetrators. you must be vigilant enough to observe any fraudulent dealings in your transactions online. Report and flag any IG handle that carries out any suspicious activity.

From television to the internet platform, Jonathan switched his journey in digital media with Bigtime Daily. He served as a journalist for popular news channels and currently contributes his experience for Bigtime Daily by writing about the tech domain.

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Maveryx – The best automated software testing tool

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Which software, among the many available solutions, do you know will be the ideal fit for your company? Well then, let’s just dive deep into it. Despite beginning in 2009 as an open-source initiative, Maveryx was created in 2012.

During a meeting in front of the “Castel dell’Ovo” and the “Island of Megaride,” two of Naples’ most emblematic sites, the concept for Maveryx emerged. This is the reason the project was originally going to be called “Megaride.” The test automation tool was named “Maveryx,” derived from the founders’ terms when the first public version was prepared. The business was established with the same name, and its main office is still in front of the Island of Megaride.

The Maveryx automated software testing tool is a powerful, application-independent tool that can test any software. It is based on the Java platform and can test web applications, thick-client applications, and even mobile apps. The Maveryx automated software testing tool is unique because it does not require scripting or coding. This means that it is very user-friendly and can be used by anyone, even those with no coding experience. 

The Maveryx automated software testing tool offers functional UI, regression, data-driven, and codeless testing capabilities for various desktop and Web technologies. Its cutting-edge and intelligent technology examines the UI of the program while it is running, just like a senior tester would. Using Maveryx, you can automate early and reduce the time it takes to market without sacrificing quality.

Advanced functional and regression testing features from Maveryx make it possible for inexperienced and seasoned testers to create reliable automated tests for desktop and web apps. Maveryx enables you to design efficient and effective tests using either a traditional or agile approach, with or without coding. The clever object identification engine of Maveryx is its most significant breakthrough. Their instrument distinguishes itself from every other item on the market thanks to a technology focused on people’s needs.

An engine for machine vision is Maveryx’s key feature. It looks at the user interface throughout test execution and runtime to identify the items to test, even if those objects change between the time the test was written and when it is performed. The essential advantage is the ability to search for items within the Application Under Test (AUT) without specifying a search strategy. Maveryx does not require, Monitoring tools, GUI mapping, object/image archives, tracking systems, spy tools, or recordings. 

It’s like having an experienced, seasoned tester set up and conduct all the tests you need to run on your behalf. The more labor you do for yourself, the quicker you can release software. The NO-CODE functionality is another fundamental component. This functionality allows functional rather than tech users without programming experience to write tests.

So, if you are looking for an automated software testing tool that is powerful yet easy to use, you should check out Maveryx. Maveryx automated software testing tool will save you a lot of time and effort. So why wait? Try out Maveryx today!

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