With the rise of interest in the Kadena Ecosystem, unfortunately, this brings the rise of individuals who try to take advantage of the community. It is important to use good practice when investing in any project and whenever you are interacting with the ecosystem. Below you will find some helpful tips that will help you stay safe when navigating the chain web.
1. Always do your own research before investing in any project.
Users are quick to jump into the next potential opportunity to 10x their investments but it is important to research the project, its founders, and roadmap thoroughly before putting your hard-earned money into it. Do not just invest in something simply because you saw your favorite influencer shilling the project or if the project has a large following on social media.
2. Do not invest more than you can afford to lose.
Investing into volatile markets like crypto can be very risky, but regardless if you are investing into something deemed as ‘safe’ or ‘risky’ it is important to invest as much as you are okay with losing, this removes any emotional attachment from the investment and eliminates emotions, allowing the investor to make reliable decisions.
3. Never ever give out your private keys or seed phrase(s).
There will never be a case where you will need to provide support with any of this information. Make sure when you are searching for support with an application, you are entering the support via the official website link or any affiliated official links that the project provides. Representatives from these projects will not DM you first, especially asking for sensitive information
4. Stay away from scammers
While this is easier said than done, scammers are becoming more and more sophisticated, day by day. When receiving a suspicious email or message be sure to double-check the sending address, or if you are unsure yourself, do not reply or ask a friend to double-check. Most of the time, representatives will not message you first or send you any suspicious links.
5. Not your keys, not your crypto
One of the main selling points of crypto is that you are in control of your own funds. This is a gentle reminder that in many centralized exchanges and custodial wallets, these companies have access to your funds in the fine print. Do not store your seed phrases on your phone as a screenshot or notes, this leaves you susceptible to hackers who may have a good reason to access your data and crypto.
6. Protect yourself with 2fa and strong passwords
Strong passwords contain upper and lower case letters, numbers, and symbols. The best passwords are 32 characters or more. Do not store your passwords online in a keychain or in a note on your phone, this leaves your data subject to data leaks which can be out of your control.
7. Be an active member of the community
One of the best parts about crypto is the community that comes along with it. These are individuals that share many of the same values as yours and can be found all over the world. By remaining active, you can help look out for members and vice versa. Many times a member of the community may catch something about a project that they are unsure of and eventually lead to saving users from being involved in a project that could be rugged.