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CheapFG's Safe Trading - Weekly Tip

 
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CheapFG


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Post#1 Posted: 10 Jun 2022 06:40 pm    Post subject: CheapFG's Safe Trading - Weekly Tip Reply with quote

We live in a world where scammers are always looking for an easy opportunity. Fortunately for you there are always measures and tips you can practice along the way to prevent yourself from becoming victim of a scam.

Cryptocurrency is used by 99.9% of the trading community as it is unable to be chargedback. This is why many vendors do not use paypal or if they do only permit balance only payments, the same way with other cash popular apps.

When trading via cryptocurrency always make sure you are confirming the address including the network you are trading on, before sending. If you broadcast a payment across the wrong network, it will be lost forever..This is important as some exchanges/websites/wallets trade on different 'networks'. A quick example is USDT (a.k.a Tether). Majority of the USA trades on ERC-20 (ex. Coinbase/Binance US) which unfortunately is expensive and for a lack of explanation, trash. Majority of the world (most non US Binance users etc) trade USDT TRC-20 due to low broadcast fees via the Tron network.

Regardless of the cryptocurrency that you accept its important when selling to a buyer that you never release your currency/items/etc until the payment 'hits' the blockchain. Releasing items before the blockchain has a (1) confirmation, can result in the buyer cancelling the transaction before it is published.

Often times scammers will double spend these funds, showing that they in fact have sent it, however they are hoping that you will trade them prior to the funds confirming. Usually trying to hurry or rush you into conducting the trade with some bs story attached to it.


Example of an unconfirmed transaction via BTC on via blockchain:




An Example of a transaction that has been confirmed (1) on the blockchain:



It should also be noted that different cryptocurrencies offer different speeds and fees for processing, depending on the coin and the network used. For example LTC or ETH confirm much quicker than their counterpart BTC. Going back to USDT, USDT TRC-20 is cheaper than ERC-20.

Various blockchain 'explorer' websites can be used to confirm different types of currencies, aiding you in your trades:

BTC/ETH/BTC Cash - Blockchain
ETH/LTC/Monero/& More - Tokenview
BTC/ETH/LTC - Coinmarketcap

Blockchair
TokenView
TradeBlock
BlockCypher
and on and on..


Be Safe! Happy Trading wub


CheapFG

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CheapFG


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Post#2 Posted: 11 Jun 2022 01:30 pm    Post subject: Reply with quote

Bump
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Post#3 Posted: 12 Oct 2022 07:18 am    Post subject: Reply with quote

Thank you for sharing this phenomenal piece of writing tips. It was good reading this content.
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