When you enter a casino, a few things likely catch your attention. The vibrant lights, the sound of the slot machines, chips clinking, and dice rolling. Though people visit casinos hoping to strike it big, the outcomes largely depend on luck. However, when it comes to crypto, a digital asset often compared to gambling, the market is much more advanced and requires a clear understanding of its complexities. 

When it comes to digital assets, an investor isn’t leaving its desired outcome up to chance. But despite the knowledge needed to navigate digital markets, prospective investors are eager to dive into the market, even without taking the time to research and fully understand its difficulties before jumping in. The rush to invest, along with the hype and trends, can prove to be more harmful than their wallets realize. Just ask anyone who invested in LUNA before its crash in May 2022 how much of a “sure thing” that coin was. 

It’s not enough to treat crypto investment as a game of luck. And if you’re looking to land a big win quickly, it might be time to reassess your overall approach to investing.

The hype-fueled boom and bust cycle 

The early days of crypto were defined by pioneering investment techniques, as enthusiasts saw the promise of a decentralized financial system that didn’t have the original boundaries of traditional financial industries. However, over time, the rise of “get-rich-quick” narratives started to overshadow more methodical decision-making needed to provide digital assets with the legitimacy its users were seeking. 

Gradually, the speculative nature of crypto continued to create a volatile playground where short-term profits were the main objective. And unfortunately, some never outgrew this mentality. 

Without a doubt, social media has been a main character in the volatility surrounding the industry. In the niche world of digital assets, its online culture makes it vulnerable to outside commentators. While they might sound like they know it all, in reality, they often provide misleading advice, sometimes driven more by personal gain rather than a genuine intent to share insights. 

Elon Musk, for example, is a well-known figure in the crypto, with his posts impacting the market almost instantaneously. Last October, a tech news site revealed over 240 complaints of fans who were victims of crypto scams falsely claiming to be affiliated with Musk. While he can’t be held responsible for investors being deceived by these schemes, his influence continues to drive volatility in the market.

While we’re only a couple of months into 2025, many are bracing for the final figures that uncover how much scammers managed to steal from investors last year, especially after close to $6 billion was stolen in 2023. 

With this in mind, how do crypto novices and long-time users avoid a path falling prey to scams and schemes?

Avoid getting FOMO’d into a scam 

The odds in a casino are pretty much painted on the walls, but there are a few ways gamblers can protect themselves from losing their money unless they stop themselves at the door. However, crypto is the opposite, as the odds aren’t as clear, but there are ways users can safeguard themselves.

Let’s be honest—crypto hasn’t sorted out the majority of its UX problems. Even the most technologically advanced are often wary of joining, knowing that the ecosystem can be confusing and intimidating to navigate and understand. However, over the last few years, whenever the market hits a peak and surges, FOMO sets in, and people jump into the landscape without any prior knowledge or understanding of the nuances of the space, resulting in them exposing themselves to scams, fraud, and hacking. 

Investing in crypto isn’t about making a quick dollar or picking up a new interest. It requires a commitment of time and effort to understand the technology and market dynamics and know how to safeguard assets. And without this understanding, an investor will likely fall victim to risks hanging in the shadows. 

Bitcoin (BTC) has yet to mark its 16th anniversary, meaning the industry is still in its infancy. Its early stage indicates it’s constantly evolving, with many characteristics like regulatory frameworks, security standards, and the underlying technologies far from finalized.

Just because public figures like President Donald Trump have embraced cryptocurrency doesn’t mean it’s a foolproof path for everyone. While his election victory fueled Bitcoin’s rise and the support for clearer, more favorable crypto regulations, what’s good for the market doesn’t always translate into benefits for the broader population.

While anything can be used to gamble, most of the people who see crypto as a gambling scheme are the ones who don’t understand it, won’t take the time to learn it—and ultimately, may not be suited to use it. 

We all take gambles in life. The second you do anything, even stepping into a car, you’re putting your life in other people’s hands. However, you’re usually aware of the risks involved with this choice. Believe it or not, the same applies to crypto. It comes down to how much an investor is willing to learn and assess the risks before putting their money on the line.

As crypto continues to gain popularity in the mainstream, especially with President Trump in the White House, careful research remains critical. What might initially seem like a guaranteed win can quickly become a costly mistake.  

The bottom line? The crypto space must remain free of hype and maintain its focus on informed decision-making. While the glamour of quick gains can be tempting to investors trying to come into cash quickly, taking a measured, thoughtful approach is the best way to keep investors sheltered from the volatility that can be masked by the excitement of a market constantly in the spotlight. 

Yuriy Sorokin

Yuriy Sorokin, a graduate of Peter the Great St. Petersburg Polytechnic University, is the CEO and co-founder of 3Commas, a platform providing advanced automation tools and infrastructure for crypto trading. Since launching in 2017, Yuriy has driven 3Commas to become a trusted solution for both individual and institutional traders, processing over $450 billion in trades. With a passion for innovation, he has spearheaded the development of scalable, secure, and customizable tools that empower traders to optimize strategies and navigate the evolving crypto landscape.