Did you know that over $14 billion in cryptocurrencies were stolen in 2021 alone? Not due to weak technology, but because of avoidable human errors.

"Fear, greed, and negligence" - the trifecta of loss in the crypto world

Mohammed, a smart software engineer, lost $50,000 worth of Ethereum in a moment after years of accumulating wealth from cryptocurrencies, after clicking on a link in an email that looked like it was from the trading platform he uses, later discovering it was a sophisticated phishing scheme. So do not be fooled by your intelligence and never skip the basics.

Even the smartest investors can fall victim to fraud if they are not vigilant... Nassim Taleb says in his book "The Black Swan": "Risk is not knowing what you are doing; it's not knowing what you are risking." In the crypto world, understanding security risks and then guarding against them is your first line of defense.

Do not start entering this world before thoroughly studying the basics and rules of security, and even memorize them by heart.

Here are the most important security rules in the crypto world:

*Always verify addresses: Before sending any cryptocurrencies, ensure the recipient's address is correct... transactions on the blockchain are irreversible, and sending your coins to the wrong address means losing them forever... and I don’t need to tell you how many people lost their holdings due to this mistake.

*Beware of phishing attempts: Never click on links from untrusted sources. Always access trading platforms and wallets by typing the URL directly into the browser.

*Use strong and unique passwords: Avoid using the same password for multiple accounts. Use a secure password manager if necessary.

*Keep your software updated: updates often include important security fixes.

*Be cautious of offers that seem unrealistically good: If it seems too good to be true, it often is a scam.

Sarah, a crypto investor since 2017, survived several waves of scams thanks to a simple rule: "I don’t make any investment decisions under time pressure." Scammers often use urgency tactics to push you into rash decisions.

*Finally, always check the reputation of projects before investing in them. Look for the team behind it, their history, partners, and actual technical progress. How many shiny projects ended up being scams after raising millions of dollars!

As Warren Buffett says: "It takes 20 years to build a reputation and 5 minutes to ruin it." In the crypto world, it can take only seconds to lose everything due to a simple security error... security is not just technical measures, but a mindset. Be skeptical, double-check, and always remember: in a decentralized world, you are solely responsible for the security of your assets.

In the next post, we will talk about the concept of mining in cryptocurrencies. Are you ready to discover how digital currencies are created? From nothing?

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