BTC value is on all time high these days. Most of the investors active in this domain of decentralized finance are making every possible effort to make the most of this. At times, this works in their favor for some time.
However, most of the time, it backfires. In case you are one of the crypto enthusiasts looking forward to making the most of the BTC value on cloud nine these days.
This happens to you or many because of the scams happening in this domain of finance. This is something you need to know about. At least sixteen different types of scams happen in cryptocurrency world.
Most of them have already been explained on our website and medium. You can visit the blog section and our medium account for seeking education in this regard.
Another cryptocurrency scams that we are about to throw light on via this post is known as Cryptojacking.
What is Cryptokjacking?
Scammers active in this domain of fintech innovation make efforts to utilize the processing power of your computer or mobile phone with the objective of mining cryptocurrency to benefit themselves. They do not seek your permission for this. This is called Cryptojacking.
In case you are a crypto enthusiast looking for a new crypto asset to invest in, focus on educating yourself about the way scammers execute Cryptojacking.
How Cryptojacking Works?
Scammers utilize the potential of technology and relevant innovation for executing Cryptojacking. From experience, knowledge to skill, they have everything required to access the processor of your device without having to bother about seeking your consent.
Hackers generally utilize the potential of emails, SMS (Short Messaging Service) or messages on social media platforms. The messages you receive always have a link (URL) and you are asked to click the link to claim a prize that you never won or competed for.
The moment you click on that link, software or malware gets installed in your system and never get to know about it. This is when you get Cryptojacked and the processing power of your mobile device or computer started getting used by hackers for crypto mining.
Signs That Your Device Has Been Cryptojacked:
This is another key thing you must educate yourself before or while looking for a new crypto asset to invest in. Correct education in this regard will save you from getting cryptojacked.
- The processing speed of your device reduces significantly.
- Battery consumption level goes very high.
- Your device or computer crashes frequently.
- Your system or device does not work efficiently.
What Are The Security Measures To Avoid Cryptojacking?
Well, this is the most important thing for you to learn about it before or while looking for a new crypto asset to invest in. Given below is the list of security measure you can take to avoid this form of scam in crypto industry:
- Close all websites or applications that you believe are responsible for reducing the processing speed of your computer system or mobile phone. In-fact, you should never visit or open such websites or apps.
- Leverage the potential of an antivirus or software.
- Make sure the software of apps installed on your computer system or mobile phone get updated automatically on regular basis.
- Do not click-open any link that leads to a suspicious website.
- Do not click-open any link that you have received from any unknown source or person.
- Do not visit any website that you do know anything about.
- Consider installing a reputed ad blocker or browser extension. But don’t forget to do some research these ad blockers or browser extension to know about their policy, capabilities and weaknesses.
A Keynote For Everyone:
Coming to the point, the purpose of this post was to educate you about another form of scam in the domain of decentralized finance as much as possible.
In case you believe that you have learned enough about it and you are all set to make the most of the BTC value increasing every day, you are advised to be wise and do some more research about it on your own.
We will not be responsible for your loss under any circumstances.
Be wise and invest wisely!
The Bottom Line:
We have the team and services required to add value to your financial experiences. In case you are looking for a new crypto asset to invest in.
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