Face Your Crypto Fears with WhiteBIT

Although cryptocurrencies offer incredible opportunities for investments, payments, and routine transfers, many users still hesitate, held back by certain fears and doubts. This is perfectly normal for any emerging technology.

Just think about how your grandma looks at you when you pay with your smartwatch at the grocery store. Even after seeing how easy it is, she might still hesitate, afraid she’ll mess up or lose her money.

In a way, many of us are that “grandmother” when it comes to crypto and blockchain. It’s exciting, cutting-edge, and fast, but... it feels a bit intimidating!

For those armed with knowledge and proven strategies, everything becomes simpler and safer. With the right tools to navigate the market and protect themselves from potential “monsters,” users can approach cryptocurrency with more confidence.

This Halloween, WhiteBIT, Europe’s largest crypto exchange, invites you to confront the most common crypto threats and take on the challenge yourself by joining their interactive battle against crypto monsters through this link.

In the crypto world, "shitcoin" refers to poorly developed cryptocurrencies with no intrinsic value or technical merit. While these coins may seem appealing, thanks to aggressive marketing or media buzz, they usually have no solid technology behind them.

Shitcoins are typically created to pull in quick cash from investors drawn in by the hype.

How to Identify a Shitcoin?

1. Lack of innovation: Shitcoins usually don’t bring any technological advancements. They are often copies or parodies of existing coins, without providing any meaningful value or innovation in the market.

2. Opaque leadership: Many of these projects are launched by anonymous or little-known developers who don’t disclose their experience or qualifications in blockchain technology.

3. Hype-driven promotions: Shitcoins are often accompanied by aggressive marketing, promising sky-high profits and exponential growth, but without any real foundation to back up these claims.

4. No development roadmap: Successful cryptocurrency projects generally have a clear strategy and a detailed plan for growth. Be sure to read the whitepaper and focus on the project’s goals, technology rollout, and potential market impact.
   
   

Trading with leverage or borrowed funds in the cryptocurrency market comes with serious risks, the most concerning of which are "Liquidation" and "Margin Call."  

A margin call is when the exchange demands additional funds to keep positions open, while liquidation happens when a trader’s positions are closed automatically due to insufficient margin coverage.

To avoid these pitfalls, here are a few crucial points to remember:

1. This market is incredibly volatile. Cryptocurrency prices can fluctuate rapidly, and even a small price drop could lead to your position being liquidated if your risk exposure is too high.
   
   
2. Psychological pressure. The constant monitoring of prices and the fear of financial loss can cause stress and lead to impulsive decisions. It's essential to stick to the rules of your trading system, not your emotions. Many experienced traders use the “Set-and-Forget” method, letting the market determine the trade’s outcome, which helps reduce stress over short-term losses.
   
   
3. Liquidations are automatic. If your balance falls below the margin needed to maintain your open positions, the exchange will automatically close your trade. Before this, you’ll receive a “Margin Call” warning, alerting you of insufficient funds and giving you the chance to add capital or reconsider your position.
   
   

Either way, liquidations are frustrating and can wipe out a large part of your investments.

Phishing attacks are the most common type of scam in the crypto world. The goal is to trick users into divulging personal information, private keys, or giving access to their crypto wallets. The endgame is to steal your funds using the acquired data.

Before entering your information on any website, make sure to check the URL. Phishing sites often have slight changes in their domain names. For example, instead of whitebit.com, you might see whittebit.com or whitebit.co.

Two-factor authentication gives your account an additional layer of protection. Even if someone manages to steal your passwords, they’ll still need the unique code sent to your phone or email, which refreshes every minute, to get in.

Received an unexpected email or message from someone claiming to be a “platform representative,” urging you to click a link or share personal details? This is likely a scam. It’s better to log in directly to your account rather than trusting these communications.

If you’re asked to provide this information, you’re almost certainly dealing with a scam. Don’t give thieves a chance to steal your assets.

Cybercriminals can exploit vulnerabilities in outdated software. Keep your crypto wallet, antivirus, and other protection tools regularly updated to stay secure.

The cryptosphere is rich with treasures and financial potential, but also shrouded in mystery and fear: scammers, flash crashes, and phishing demons lying in wait, hoping to steer you off course. They wander near, always ready to pounce on your assets when you least expect it.

Not at all. A hero understands their weaknesses, arms themselves with knowledge and strategies, and when the threats of the cryptoworld attempt to catch them by surprise, they are ready to stand and fight. Monsters will always be part of the story, but they can’t overcome those who are prepared for the battle. 

Now, with knowledge, power, and all the right moves, you’re fully equipped to continue fighting for the Cryptoverse with confidence—and with your friends by your side!

Kickoff: October 21 at 12:00 PM (UTC)

End: October 28 at 12:00 PM (UTC)

Winners Announced On: October 31

Total Winners: 200

Prize Pool: 4000 USDT + 2500 USDTB + NFTs

For complete rules and conditions of the "Halloween Gamedrop: Crypto Heroes vs. Crypto Monsters" event, visit WhiteBIT’s official blog through the link.