Post by Kevwins on Mar 23, 2022 2:58:36 GMT
We figure out how to avoid fraudulent schemes by selling bitcoins and other digital coins through cryptocurrency exchangers and p2p services
As the geopolitical conflict between Russia and Ukraine intensifies, the US and EU authorities are increasing their oversight of cryptocurrency exchanges.
The pressure ultimately leads many market participants to turn to peer-to-peer (p2p) trading services or even try to cash out cryptocurrency through telegram channels. The editors of BeInCrypto tried to figure out how to avoid fraudulent schemes in such situations.
Remember the chargeback
The PayPal payment system has a very interesting feature called chargeback. This is a procedure for challenging bank card transfers. With its help, users of the payment system can recover the money paid for goods and services. Other payment systems, including banks, have the same schemes for contesting transactions.
But these protection measures do not apply to cryptocurrency transfers. If you first sent cryptocurrency to an unknown person, and then wait for a bank transfer from him, then the risks of fraud increase significantly. Cryptocurrency transfers cannot be cancelled. It is even more difficult to identify the participant in the transaction. Keep this in mind when making a cryptocurrency exchange with an unknown person.
Avoid Dirty Cryptocurrency
If you are buying cryptocurrency, then always try to find out how clean the coins are trying to sell you. Many large exchanges carefully check incoming transfers for their "purity". It is possible that you may be sent a “dirty” cryptocurrency that has been on the darknet. Read about how dangerous it is to exchange cryptocurrencies on exchangers in the CIS in a special article by the editors of BeInCrypto.
Wait for confirmation of the transfer until the end
The bitcoin network has such an option as the number of confirmations. Many exchanges will not credit cryptocurrency to the balance if the number of confirmations does not meet the required minimum (usually three confirmations are required). Let's imagine that you were thrown off a cryptocurrency. You see in your wallet that there is an incoming transaction. However, look at the number of confirmations. It must be more than three. If the number of confirmations is lower, then there are two options:
The miners have not yet confirmed the transfer. Do not rush to pay for such a transaction if you have agreed that you will first receive the cryptocurrency, and only then fulfill your terms of the transaction. Wait for at least three confirmations. This will take about ten minutes.
The sending party unintentionally (or intentionally) indicated a small commission. This will cause the transaction in the final account to be redirected to the mempool and you will have to wait days, weeks or even months before the transfer is confirmed, depending on the network load.
There are no 100% guarantees of the security of funds transfer in the cryptocurrency market. Such guarantees cannot be provided even by large trading platforms. Always try to protect yourself from fraud as much as possible. For example, do not sell the entire amount, specify the conditions and check counterparties.
As the geopolitical conflict between Russia and Ukraine intensifies, the US and EU authorities are increasing their oversight of cryptocurrency exchanges.
The pressure ultimately leads many market participants to turn to peer-to-peer (p2p) trading services or even try to cash out cryptocurrency through telegram channels. The editors of BeInCrypto tried to figure out how to avoid fraudulent schemes in such situations.
Remember the chargeback
The PayPal payment system has a very interesting feature called chargeback. This is a procedure for challenging bank card transfers. With its help, users of the payment system can recover the money paid for goods and services. Other payment systems, including banks, have the same schemes for contesting transactions.
But these protection measures do not apply to cryptocurrency transfers. If you first sent cryptocurrency to an unknown person, and then wait for a bank transfer from him, then the risks of fraud increase significantly. Cryptocurrency transfers cannot be cancelled. It is even more difficult to identify the participant in the transaction. Keep this in mind when making a cryptocurrency exchange with an unknown person.
Avoid Dirty Cryptocurrency
If you are buying cryptocurrency, then always try to find out how clean the coins are trying to sell you. Many large exchanges carefully check incoming transfers for their "purity". It is possible that you may be sent a “dirty” cryptocurrency that has been on the darknet. Read about how dangerous it is to exchange cryptocurrencies on exchangers in the CIS in a special article by the editors of BeInCrypto.
Wait for confirmation of the transfer until the end
The bitcoin network has such an option as the number of confirmations. Many exchanges will not credit cryptocurrency to the balance if the number of confirmations does not meet the required minimum (usually three confirmations are required). Let's imagine that you were thrown off a cryptocurrency. You see in your wallet that there is an incoming transaction. However, look at the number of confirmations. It must be more than three. If the number of confirmations is lower, then there are two options:
The miners have not yet confirmed the transfer. Do not rush to pay for such a transaction if you have agreed that you will first receive the cryptocurrency, and only then fulfill your terms of the transaction. Wait for at least three confirmations. This will take about ten minutes.
The sending party unintentionally (or intentionally) indicated a small commission. This will cause the transaction in the final account to be redirected to the mempool and you will have to wait days, weeks or even months before the transfer is confirmed, depending on the network load.
There are no 100% guarantees of the security of funds transfer in the cryptocurrency market. Such guarantees cannot be provided even by large trading platforms. Always try to protect yourself from fraud as much as possible. For example, do not sell the entire amount, specify the conditions and check counterparties.