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…The scammers try to get the users to provide their crypto wallet seed phrases, which would, in turn, give the scammers irrevocable access to the user’s non-custodial wallets and allow them to drain all assets. Users should pay attention and be wary of the very basic site structure, the missing logo that is replaced by a simple hexagon, and call to action. Conversely, the legitimate Cronos website below has several unique features distinguishing it from the copycat website above. 5. Check…
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…In this scenario, the victim buys the crypto and sends it, only to have the remittance they received clawed back (as it was sent using fraudulent cards/accounts) or never having received one, to begin with. Measures to Help Avoid Remittance Scams Avoid any ‘under the table’ dealings no matter how easy or lucrative they seem, as you could lose funds or run afoul of applicable laws in your jurisdictionIf someone offers you the seed phrase to a wallet and tells you to take whatever is in it, as…
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…For security reasons, they should change the seed phrase after receiving it from you. Make sure they fully understand the reset process before attempting to do so, so that they don’t accidentally lose access to their new crypto holdings in the process. How Much Does It Cost to Send BTC? As noted above, users are charged a transaction fee whenever they send Bitcoin. A Bitcoin transaction fee refers to the amount that a user pays to miners in order to have their transaction included in the block…
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Satoshis/Sats A succinct definition of Satoshis/Sats Satoshis/SatsLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYSATOSHIS/SATSCopy linkShare on TwitterShare on FacebookShare on LinkedinSatoshis/SatsNamed after Satoshi Nakamoto, the original creator of Bitcoin, a ‘satoshi’ is 0.00000001 BTC. It is known as a ‘sat’, for short. Individuals use a common phrase during tumultuous price action: “Keep calm and stack sats,” meaning no matter the price action, focus on accumu…
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Satoshis/Sats A succinct definition of Satoshis/Sats Satoshis/SatsLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYSATOSHIS/SATSCopy linkShare on TwitterShare on FacebookShare on LinkedinSatoshis/SatsNamed after Satoshi Nakamoto, the original creator of Bitcoin, a ‘satoshi’ is 0.00000001 BTC. It is known as a ‘sat’, for short. Individuals use a common phrase during tumultuous price action: “Keep calm and stack sats,” meaning no matter the price action, focus on accumu…
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WAGMI A succinct definition of WAGMI WAGMILevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYWAGMICopy linkShare on TwitterShare on FacebookShare on LinkedinWAGMIWAGMI stands for ‘We’re all gonna make it’, a phrase commonly used by crypto enthusiasts to express their belief in the long-term success of a particular cryptocurrency or the entire crypto market in general. It is a way for people to reinforce optimism to other crypto community members.WAGMI is frequently seen on so…
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Apeing A succinct definition of Apeing ApeingLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYAPEINGCopy linkShare on TwitterShare on FacebookShare on LinkedinApeing‘Apeing’ refers to participating in a cryptocurrency project without performing due diligence or DYOR. This term became popular during the summer of 2020 (‘DeFi Summer’), when new and unannounced tokens were being launched at an extremely fast pace and many individuals felt they didn’t have time to do their …
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Ciphertext A succinct definition of Ciphertext CiphertextLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYCIPHERTEXTCopy linkShare on TwitterShare on FacebookShare on LinkedinCiphertextCiphertext consists of a string of randomised characters that are the encrypted version of a text. It contains the same information as a message in plaintext, but is unreadable by a human or computer without a decryption algorithm. Ciphertext is commonly applied to protect the original message from…
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Private Key A succinct definition of Private Key Private KeyLevel UpNEWIndividualsBusinessesDevelopersDiscoverCompanyGLOSSARYPRIVATE KEYCopy linkShare on TwitterShare on FacebookShare on LinkedinPrivate KeyA private key is a string of randomly generated letters and numbers used alongside an algorithm to encrypt and decrypt data. It can be in the form of a 256-character-long binary code, a QR code, a 64-digit hexadecimal code, or a mnemonic phrase. Regardless of their form, private keys are an i…
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…Never Share Private Keys Never share your private keys, seed phrase, or any other authentication factors. Legitimate airdrops will never ask for this information. Your private key is your access to your cryptocurrency wallet, and sharing it can lead to immediate loss of funds. 3. Research the Project Conduct thorough research on the project offering the airdrop. Look into the team behind the project, its past ventures, and community feedback. Legitimate projects are transparent about their goals…
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