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Stay safe in the crypto world

We’ve prepared detailed instructions on how to participate in the SportyFi Token Crowdsale. But what are some of the other caveats you have to take into consideration when participating in the cryptocurrency world?

Note: these instructions can be applied generally, even if we’ll keep them specific to the SportyFi Token Crowdsale here, happening on November 21.

The cryptocurrency is, so to say, the new frontier of the online world: full of new opportunities, but also full of “bandits” preying on unsuspecting newcomers. There’s a lot of good advice on avoiding online scams already available on various websites, and we’re pointing out some of the more obvious here, in the run-up to the November 21 SportyFi Token Crowdsale.

1. NEVER SHARE YOUR WALLET’S PRIVATE KEY WITH ANYONE. If someone is asking for your private key, they are trying to steal from you.

Don’t save the key in a file online. Don’t make screenshots and send it around. Don’t leave it in a “privatekey.txt” on your computer. Save it offline — on paper — and store it in a safe place. Or, even better, use a hardware wallet.

Also, be careful when pasting your wallet address around. We’ve seen cases where people unintentionally sent the wrong info — the key instead of the address. Your address is ok to use publicly (and you have to share it in order to receive coins and tokens), your private key is not.

2. NEVER PARTICIPATE IN TOKEN CROWDSALES AND ICOS THROUGH THIRD-PARTY INTERMEDIARIES. If someone is giving you “an alternative way to participate”, offering to take care of things for you — don’t trust them. Learn the basics, or ask a friend you trust to help you (don’t share the wallet private key with him), but don’t trust intermediaries, so called agencies and other third persons.

The website of the project will always have detailed instructions on how to participate — if it doesn’t, you should reconsider investing in it anyway.

3. DON’T SEND YOUR COINS AND TOKENS TO “RANDOM” ADDRESSES. There will be scammers trying to give you the “official” address of a project, perhaps even pretending to be a member of the team, or admin of an official channel. Don’t use the info they give you. The address to participate in the SportyFi Token Crowdsale will be published on the website and only on the website! Any other address you receive to participate should be ignored.

4. DON’T TRUST RANDOM “EXPERTS” GIVING YOU A PROFILE ON PROJECTS. People will try to hype-up a project with random out-of-context information. People will also try to discourage you to participate in a token crowdsale, with dubious claims, and even incite you to switch to another project. Don’t just take them for their word. Do your own research and ask people you trust.

Need more details? Check out the SportyFi Website or read the SportyFi Whitepaper. And come chat with us on Telegram.

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