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7 Ways Entrepreneurs Can Inject New Capital Into Their Business During a Recession

Published

9 months ago

on

Free Your Money: Strategies for Keeping Your Money In The Best Place Possible - ReadWrite


Recessions are an inevitable part of the market cycle — and there’s no denying that they can be scary for consultants and the businesses they work with. Regardless of the size of the business, a recession can pose a serious financial risk. As consumer spending declines, so too will companies’ revenue and profit.

This can create a precarious situation. Businesses may be more inclined to view B2B services as an unnecessary expense. This is especially true during times when they need to tighten their budget.

Aside from ensuring that their services can become truly essential to their clients, to survive these periods of economic uncertainty, entrepreneurs must find ways to inject new capital into their business. By expanding revenue options, you can greatly increase your odds for long-term success. You’ll do this by ensuring that a decline in one area doesn’t completely wipe out your business.

Injecting new sources of capital doesn’t just help you survive a recession. It also enables you to deliver greater value to your clients so you can thrive in the long run, regardless of what the economy looks like.

Why Injecting New Capital Should Be a Priority

Entrepreneurs who rely on a single source of revenue can put themselves at significant financial risk, even during relatively stable times.

In their article “Diversification Reconsidered” from the Journal of Social Entrepreneurship, Peter Frumkin and Elizabeth K. Keating explain, “Business and non-profit researchers have long argued that by establishing and maintaining multiple streams of funding […] organizations are able to avoid excessive dependence on any single revenue source, stabilize their financial positions, and thereby reduce the risk of financial crises.”

Few things are more likely to disrupt the relationships you have with clients than a recession. Changes to their financial circumstances (or your own) can result in requests to renegotiate contracts. It might cause them to obtain similar services from a less expensive provider.

Entrepreneurs who are focused on a single type of service or a small group of clients are at the greatest risk. Suddenly losing the bulk of your clients due to a recession can spell disaster. It could cause you to run out of cash before you have time to respond to the situation.

Diversifying revenue and finding new ways to inject capital can help mitigate such losses so that even if you have to tighten your budget, you will at least maintain sufficient cash flow to keep from going under.

Options for Finding New Capital (to Resist a Recession)

Now that you understand the value of making your business more resistant to the impact of a recession, you’re doubtless wondering where and how to get started. The following ideas are some of the best ways to inject new capital (or better retain the cash you already have) so you can grow your revenue, even when the economic picture looks bleak.

1. Adjust your rates.

Perhaps the simplest thing an entrepreneur can do in the midst of a recession is adjust their rates. After all, during times of rising inflation, your own costs for doing business can increase dramatically. If you continue to charge the same rates to your clients, your cash flow will suffer as your profit margins decline.

Of course, during a recession, a significant rate hike could be enough to cause some clients to stop doing business with you. As such, this option should always be approached with extreme caution. Rate increases or decreases may need to be approached on a client-by-client basis to balance risk and reward.

If you decide to increase rates, inform your clients in advance of pending changes with a rate increase letter. This letter should be clear and direct, explaining what the increase will be and when it will go into effect. It should also provide justification for the rate increase (such as an increase in your own operating costs). The letter should also express gratitude for your clients’ support.

There is no guarantee that you won’t lose clients if you increase your rates. However, if you are able to replace them with new clients at the higher rate, you will be better able to stay ahead of inflation.

2. Use a referral program.

Referral programs reward existing customers who refer family, friends, or business colleagues to use your products or services. Reward options could include offering a current client a discount off of their next invoice after a person they refer signs up for your services. You could even offer larger discounts if they get more people to sign up for your services.

Obtaining referrals from existing clients is a cost-effective way to grow your client base when you need to cut back on marketing costs.

Potential customers are more likely to pursue a referral that comes from a person they trust. At the same time, because they are in the same “circle” as current clients, they are more likely to also stand to benefit from your services. In fact, 78 percent of marketers report referral marketing as delivering “excellent” leads, with conversion rates four times higher than other marketing methods.

With a referral program, you can create a true “win-win” scenario that helps you find new clients while simultaneously fueling loyalty in your current client base.

3. Offer your services to new types of clients.

Focusing on a specific niche can help entrepreneurs develop a unique selling proposition for potential clients. However, targeting too narrow of a niche can prove limiting. To counteract this, entrepreneurs can strategically evaluate how they can begin offering their services to new groups of clients who fit outside their current target market.

For example, if you offer consulting services to local grocery store chains, you could consider expanding your services to assist other companies in related niches, such as food and beverage producers. Alternatively, you could continue to focus on your core target market, but expand your reach to new areas by marketing to clients in a different part of the country.

When targeting a new audience, some adjustments to your current messaging may be needed. Look at how others who already target that market engage with their audience. Identifying successful tactics, such as key marketing channels and the tone of their marketing, can help you identify how best to appeal to a new market.

You must also be aware of the opportunities and challenges facing potential clients in the new market. You will only achieve long-term success if you can offer dependable results. Don’t jump into a new market until you’ve done your research.

4. Join a reseller program.

Even more powerful than earning a few dollars from your referrals is joining software companies’ “reseller” programs. These are often partnerships that enable consultants and entrepreneurs to sell third-party apps as a central part of the value they deliver to their clients.

For example, as vcita’s Amy Wilder explains, the company’s reseller program offers significant commissions. The program makes it easy for entrepreneurs to co-manage clients’ use of the small business management platform. It essentially allows you to offer “digital transformation as a service.”

The program is also adaptable to the needs of individual entrepreneurs. “For example, let’s say you run a marketing agency. You’ll likely be laser-focused on selling training packages that focus on features such as lead-capturing and nurturing. If you’re a business consultant, you might be more focused on our CRM features,” Wilder suggests. “Either way, you can choose accordingly. You have the freedom to pick and choose features à la carte, based on your business.”

By partnering with third-party reseller programs that are relevant to their clients, consultants can further increase their revenue as they deliver greater value to their target audience. Choose programs that are related to your current service areas. Or choose programs that can help you expand on the types of services you can provide. Success as a reseller is ultimately dependent on partnering with brands that are a solid match for your clients’ needs.

5. Introduce a new product or service.

When introducing new products or services to your clients, choose something complementary to your primary offering. It should serve the same target audience, and allow you to potentially increase the lifetime value of your existing customers by providing something else that appeals to them.

A successful product or service addition will further improve outcomes for your clients. This typically happens by helping them save time or money, or helping them make better use of the current resources. New services should match an entrepreneur’s current skill set and strengths. The alternative is hiring additional staff with expertise in that area. During a recession, focusing on services that you can provide yourself without needing to hire additional staff could be key to keeping expenses manageable during a launch.

Promotion should start with your existing customers. This could entail offering them a special preview or sample of the service. Alternatively, you might provide an offer for a discount on the new service as a pre-existing customer. Existing customers are 50 percent more likely to buy from you in the first place, so this is an ideal place to begin your marketing efforts to ensure that the new service starts generating revenue immediately.

6. Niche down.

After talking about introducing new services or targeting new audiences, the idea of niching down may seem counterintuitive. However, targeting a more specific, narrow niche could prove key to generating revenue growth. It will bolster the client loyalty needed to sustain your business.

The idea behind niching down is that you become less of a generalist and more of a specialist.

There are several inherent advantages to niching down. For one, there tend to be fewer competitors with such an intense focus on your target audience. Niching down can also help you grow your capital as you become the go-to expert for your niche.

Of course, before you niche down, make sure you are truly an expert. Customers will quickly become dissatisfied if you market yourself as a specialist but continue to provide generalist-level services.

7. Know what to cut.

The phrase “addition by subtraction” is generally used to describe when you gain something of value by getting rid of something negative. Essentially, you can make your business more lean and agile. You do this by getting rid of the excess that keeps you from being as efficient as possible.

For example, let’s say you offer ten service packages, but only four generate significant revenue. As a result, you are likely losing money by continuing to market the low-earning services. Cutting underperforming services allows you to focus your marketing budget on the services that generate the most revenue.

Auditing your business operating expenses can also help you identify whether current expenses are necessary, or if you could get the same service elsewhere for a lower cost.

Recessions are Inevitable — Failure Isn’t

Yes, recessions are scary. But with proactive planning to inject new capital into your own business efforts, you can weather the storms ahead.

By appropriately managing your cash supply and using relevant methods to cut costs and diversify your revenue (even if it’s only temporary), you can garner new capital investments and forge ahead with confidence.

Published First on Due. Read Here.

Featured Image Credit: Photo by Andrea Piacquadio; Pexels; Thank you!

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Best Gaming TVs of 2023

Published

4 hours ago

on

06/05/2023

By

VIZIO MQX Series Premium 4K TV


Featured Products:

TV Model Smart Platform Motion Technology HDR Support
VIZIO MQX Series SmartCast Clear Action 360 Dolby Vision, HDR10+
Hisense 65U7G QLED S Android TV Motion Rate 480 Dolby Vision, HDR10+
LG Gallery Edition G2 Series webOS TruMotion 240 Dolby Vision, HDR10+
LG UQ9000 Series webOS TruMotion 240 Dolby Vision, HDR10+
LG QNED80 Series webOS TruMotion 240 Dolby Vision, HDR10+
SAMSUNG S90C Series Tizen Motion Rate 240 HDR10+, HLG
SAMSUNG QN90C Series Tizen Motion Rate 240 HDR10+, HLG
Sony X900H Android TV MotionFlow XR 960 Dolby Vision, HDR10+
Sony 4K TV X90K Series Android TV MotionFlow XR 960 Dolby Vision, HDR10+
Sony A80K Series Android TV MotionFlow XR 960 Dolby Vision, HDR10+

Welcome to our comprehensive guide on the best gaming TVs for 2023. As the gaming industry continues to evolve, having a high-quality TV is crucial for an immersive gaming experience. In this article, we will explore the top gaming TVs available in the market, focusing on their features, performance, and suitability for gaming enthusiasts. Whether you’re a casual gamer or a competitive player, this guide will help you make an informed decision and enhance your gaming setup.

VIZIO MQX Series Premium 4K TV

The VIZIO MQX Series Premium 4K TV is a high-quality, feature-packed smart television that offers stunning visuals, earning a solid 4.5 out of 5 stars.

Key Stats:

  • Crystal-clear 4K resolution with Dolby Vision HDR technology
  • SmartCast platform with built-in Chromecast and voice control compatibility
  • Refresh rate of 120Hz for smooth motion

Reasons to buy:

The VIZIO MQX Series Premium 4K TV is an excellent investment for those seeking a superior home entertainment experience. With its 4K resolution and Dolby Vision HDR technology, viewers will enjoy lifelike picture quality and vivid colors. The user-friendly SmartCast platform allows for seamless streaming from popular apps like Netflix, Hulu, and YouTube, with built-in Chromecast providing even more content possibilities. Furthermore, the 120Hz refresh rate ensures smooth and clear motion for fast-paced action scenes or live sports events.

Reasons to not buy:

Despite its impressive features, the VIZIO MQX Series Premium 4K TV might not be the perfect choice for everyone. Some buyers may find its design to be bulkier than other alternatives, making it harder to integrate into their home interior. Additionally, users who value a simplified smart TV interface might feel overwhelmed by the number of built-in apps and features. Lastly, the sound quality may not fully satisfy those with high audio expectations, leading to the need for additional investments in external sound systems.

Pros:

  • Exceptional 4K resolution and Dolby Vision HDR for outstanding visuals
  • User-friendly SmartCast platform with popular built-in apps
  • 120Hz refresh rate for smooth motion

Cons:

  • Bulkier design might not suit all interiors
  • Can have an overwhelming number of built-in apps and features
  • Sound quality may not meet the expectations of audiophiles

Hisense 65U7G QLED S 4K Smart TV

Hisense 65U7G QLED S 4K Smart TV

The Hisense 65U7G QLED S 4K Smart TV offers outstanding picture quality and responsive smart features, earning a rating of 4.5 out of 5 stars.

Key Stats:

  • Screen size: 65 inches
  • Resolution: 4K UHD (3840×2160)
  • Smart features: Built-in Google Assistant, Amazon Alexa, and multiple streaming apps

Reasons to buy:

The Hisense 65U7G QLED S 4K Smart TV has excellent picture quality with deep blacks, rich colors, and stunning detail, making it perfect for watching movies and playing games. The TV’s built-in Google Assistant and Amazon Alexa voice support provide seamless smart home integration and help streamline content searching. Additionally, the Hisense 65U7G delivers a range of streaming app options and a user-friendly interface, ensuring you never run out of content to enjoy.

Reasons not to buy:

Some reasons to consider not purchasing the Hisense 65U7G QLED S 4K Smart TV are its sound quality, which may be subpar compared to other offerings in the market, potentially requiring the addition of an external sound system for a better audio experience. Furthermore, the TV’s viewing angles might not be ideal for every room, and its remote control design could be improved for easier use.

Pros:

  • Impressive picture quality with deep blacks and rich colors
  • Responsive and user-friendly smart features
  • Seamless smart home integration with Google Assistant and Amazon Alexa

Cons:

  • Sound quality may require additional external audio systems
  • Limited viewing angles in some scenarios
  • Remote control design could be improved

LG Gallery Edition G2 Series 4K Smart TV

LG Gallery Edition G2 Series 4K Smart TV

The LG Gallery Edition G2 Series 4K Smart TV offers an unparalleled cinematic experience with its stunning display and impressive user interface, earning a 4.5 out of 5-star rating.

Key stats:

  • 4K Ultra High Definition (UHD) resolution with OLED display technology
  • Built-in Google Assistant and Amazon Alexa
  • Dolby Atmos and Dolby Vision support

Reasons to buy:

The LG Gallery Edition G2 Series 4K Smart TV excels in providing a visually stunning experience with its OLED display, presenting deeper blacks and vibrant colors. The built-in Google Assistant and Amazon Alexa offer seamless voice control capabilities and a user-friendly interface. Dolby Atmos and Dolby Vision support also enhance the TV sound and image quality making it a fantastic choice for movie enthusiasts and gamers alike.

Reasons not to buy:

While the LG Gallery Edition G2 Series 4K Smart TV presents numerous impressive features, it might appear as a relatively expensive option for some consumers. For those who do not prioritize enhanced image quality or a smart home experience, there might be more cost-effective options available.

Pros:

  • Exceptional image quality using OLED display technology and 4K UHD resolution
  • Seamless voice control options with Google Assistant and Amazon Alexa
  • Enhanced audio and image experience through Dolby Atmos & Dolby Vision support

Cons:

  • Relatively expensive when compared to other 4K Smart TVs
  • Not the ideal choice for customers who don’t prioritize image quality and smart home capabilities

LG UQ9000 Series Smart TV

LG UQ9000 Series Smart TV

The LG UQ9000 Series Smart TV is a visually stunning, feature-packed television that offers seamless streaming and excellent picture quality, earning a solid 4.5 out of 5 stars.

Key Stats:

  • Display: 4K UHD resolution with HDR10 and HLG support
  • Smart features: LG ThinQ AI, webOS, and built-in Google Assistant and Amazon Alexa
  • Connectivity: HDMI 2.1 ports, USB, Wi-Fi, Bluetooth, and Ethernet

Reasons to buy:

This LG Smart TV’s impressive image quality, innovative ThinQ AI technology, and comprehensive range of smart features make it a fantastic addition to any home. The 4K UHD resolution with HDR10 and HLG support offers vivid, true-to-life colors and deep contrast. LG’s webOS platform provides a user-friendly interface, providing access to a wide range of streaming apps and services. The built-in Google Assistant and Amazon Alexa allow for hands-free control and seamless integration with your smart home setup.

Reasons to not buy:

While the LG UQ9000 is packed full of features, its premium price point may make it less accessible for those on a tight budget. Some users might find the voice control feature unnecessary, and there may be cheaper alternatives available with similar features if these aspects are not as crucial to you.

Pros:

  • High-quality 4K UHD resolution with HDR10 and HLG support
  • User-friendly webOS platform
  • Built-in Google Assistant and Amazon Alexa
  • Wide range of connectivity options
  • ThinQ AI for enhanced performance and smart home integration

Cons:

  • Premium price point
  • Voice control feature might not be useful for everyone
  • Less affordable than other similar alternatives

LG QNED80 Series 5 Smart TV

LG QNED80 Series 5 Smart TV

The LG QNED80 Series 5 Smart TV earns a solid 4 out of 5 stars, providing an impressive balance of cutting-edge technology, sleek design, and incredible picture quality.

Key Stats:

  • Quantum NanoCell technology for stunning color accuracy and contrast
  • α7 Gen 4 AI Processor optimizing picture and sound for immersive experience
  • WebOS operating system which offers access to popular streaming apps and voice control

Reasons to buy:

The LG QNED80 Series 5 Smart TV is an excellent addition to any home entertainment setup, boasting the latest Quantum NanoCell technology for breath-taking color depth and accuracy. The powerful α7 Gen 4 AI Processor ensures that both picture and sound are intelligently optimized for an immersive cinematic experience. With the intuitive WebOS platform, users can easily access their favorite streaming apps, gaming consoles, and other devices, while also benefiting from voice-control capabilities, making this TV a versatile and future-focused choice.

Reasons to not buy:

Despite its impressive features, the LG QNED80 Series 5 Smart TV may not be the ideal choice for budget-conscious consumers, as it comes with a premium price tag that could be a deterrent for some buyers. Additionally, while the TV offers fantastic picture quality, it may not be the top choice for competitive gamers who require ultra-fast refresh rates and minimal input lag for optimal performance.

Pros:

  • Quantum NanoCell technology delivering superior color and contrast
  • α7 Gen 4 AI Processor for optimized picture and sound quality
  • User-friendly WebOS platform with access to popular streaming apps and voice control
  • Sleek design enhancing the aesthetics of any room setup

Cons:

  • Premium price tag that may not suit all budgets
  • Not the best choice for competitive gamers who prioritize ultra-fast refresh rates and minimal input lag

SAMSUNG S90C Series TV

SAMSUNG S90C Series TV

The Samsung S90C Series TV is a stunning and innovative piece of technology, earning a glorious 4.5/5 rating for its top-notch performance and features.

Key stats:

  • 4k Ultra HD resolution for breathtaking image quality
  • Quantum HDR for exceptional color accuracy and contrast
  • Smart TV features with easy access to streaming services

Reasons to buy:

Ideal for movie enthusiasts and avid gamers, the Samsung S90C Series TV offers a striking 4k Ultra HD resolution for a truly immersive viewing experience. Its innovative Quantum HDR technology delivers vibrant colors, deep blacks, and striking contrast that will elevate the picture to a whole new level. With its Smart TV features, users can effortlessly access popular streaming services, making it a solid entertainment hub for the entire family.

Reasons to not buy:

The Samsung S90C Series TV may not be an ideal choice for budget-conscious buyers, as its premium features come with a higher price tag. Additionally, some users may find the Smart TV interface not as user-friendly as other available devices, making it less appealing to those who prefer a more intuitive user experience.

Pros:

  • Outstanding 4k Ultra HD resolution
  • Advanced Quantum HDR technology
  • Seamless access to popular streaming services
  • Sleek design and excellent build quality

Cons:

  • Higher cost due to premium features
  • Smart TV interface may not be as beginner-friendly as competitors

SAMSUNG QN90C Series HDR+ TV

SAMSUNG QN90C Series HDR+ TV

The Samsung QN90C Series HDR+ TV is a top-tier 4K QLED television offering exceptional picture quality with vibrant colors, immersive audio, and user-friendly features, earning itself a rating of 4.5 out of 5.

Key stats:

  • Quantum Dot Technology providing over a billion colors with 100% color volume
  • Quantum HDR 32X for incredible detail and brightness
  • Samsung’s AI Quantum 4K processor

Reasons to buy:

With its Quantum Dot Technology, the Samsung QN90C Series TV delivers stunning picture quality, boasting a wide color gamut and impressive contrast ratios. Combined with Quantum HDR 32X, this leading-edge TV ensures that every little detail is visible, from the darkest of shadows to the brightest of highlights. Furthermore, the AI Quantum 4K processor allows for smooth upscaling, making for a fantastic viewing experience across all types of content. Lastly, the TV’s user-centered design and integration with popular streaming services make it a top choice for binging your favorite shows and movies.

Reasons not to buy:

Though this TV has much to offer, it might not be suitable for everyone due to its premium price point. Moreover, some users may experience occasional screen blooming in particularly dark scenes, although this issue is minimal in comparison to other TVs. Finally, while the TV’s sound quality is decent, true audiophiles may wish to invest in an external sound system to fully experience the immersive audio potential of their media.

Pros:

  • Exceptional picture quality with Quantum Dot Technology
  • Quantum HDR 32X for enhanced brightness and detail
  • AI Quantum 4K processor for smooth upscaling
  • User-friendly design and streaming service integration

Cons:

  • Premium price point may be a barrier for some
  • Occasional screen blooming in dark scenes
  • Sound quality may require external system for optimal audio experience

Sony X900H 4k TV

Sony X900H 4k TV

The Sony X900H 4K TV offers an outstanding visual experience with its exceptional picture quality and smart features, earning a rating of 4.5 out of 5 stars.

Key stats:

  • Screen size: 65 inches (also available in 55″, 75″, and 85″ sizes)
  • Resolution: 4K UHD (3840 x 2160)
  • High Dynamic Range: Dolby Vision, HDR10, HLG

Reasons to buy:

The Sony X900H 4K TV is a great choice for movie lovers and gamers alike, as it boasts impressive picture quality with sharp detail and vibrant colors, thanks to its Full Array LED backlight and excellent HDR support. Additionally, its Android TV platform comes packed with an extensive range of streaming apps and smart home features, providing an intuitive and easy-to-use interface. The TV also features a low input lag and HDMI 2.1 support, making it a solid choice for gaming with next-gen consoles.

Reasons not to buy:

Despite its overall impressive performance, the Sony X900H’s sound quality might not meet the expectations of true audiophiles, making an external sound system a potential necessity to get the best audio experience. Furthermore, its limited viewing angles may present some issues for larger families or group viewings if everyone is not sitting directly in front of the TV. Additionally, the TV does not support variable refresh rate (VRR) out of the box, which might be a crucial gaming feature for some users.

Pros:

  • Exceptional picture quality
  • Android TV platform with smart home features
  • Low input lag for gaming
  • HDMI 2.1 support

Cons:

  • Mediocre sound quality
  • Limited viewing angles
  • No variable refresh rate (VRR) support out of the box

Sony 4K TV X90K Series

Sony 4K TV X90K Series

The Sony 4K TV X90K Series is an impressive and versatile television with outstanding picture quality, offering a range of features that cater to diverse entertainment needs, earning a well-deserved 4.5 out of 5 stars.

Key Stats:

  • 4K HDR Processor X1 with Triluminos Pro
  • Acoustic Multi-Audio System with Dolby Atmos support
  • Google TV built-in with Chromecast and Alexa compatibility

Reasons to buy:

The Sony 4K TV X90K Series boasts superior image quality, provided by the powerful 4K HDR Processor X1 and Triluminos Pro display technology, which ensures vibrant colors and sharp detail. The Acoustic Multi-Audio System offers an immersive audio experience with Dolby Atmos support, delivering clear and realistic sound. The smart TV interface, powered by Google TV, ensures seamless access to thousands of apps, including popular streaming platforms, while the built-in Chromecast and Alexa compatibility make it easy to connect and control your smart home devices.

Reasons to not buy:

While the Sony 4K TV X90K Series has many exceptional features, it comes at a premium price, which might not be ideal for budget-conscious buyers. Additionally, some users may find the Google TV interface unintuitive, making navigation through the vast content library more challenging. Input lag for gaming could also be an issue for highly competitive players.

Pros:

  • Superior image quality with 4K HDR Processor X1 and Triluminos Pro display technology
  • Immersive audio system with Dolby Atmos support
  • Google TV built-in for easy access to apps and streaming services
  • Chromecast and Alexa compatibility for smart home integration

Cons:

  • Premium price might not be ideal for budget-conscious buyers
  • Google TV interface may be unintuitive for some users
  • Input lag could be a concern for competitive gamers

Sony A80K Series 4K TV

Sony A80K Series 4K TV

The Sony A80K Series 4K TV is an outstanding choice for movie enthusiasts and gamers alike, offering stunning visuals and sound quality, earning it a solid 4.5 out of 5 stars.

Key stats:

  • Display: 4K Ultra HD resolution with X1 Ultimate processor
  • Audio: Acoustic Surface Audio+ with Dolby Atmos support
  • Connectivity: HDMI 2.1, eARC, and Wi-Fi 6

Reasons to buy:

The Sony A80K Series 4K TV is a fantastic choice if you’re looking to upgrade your television setup for an immersive and vivid viewing and listening experience. Equipped with top-of-the-line features like X1 Ultimate processor and Acoustic Surface Audio+, this TV is perfect for those seeking a sleek design, exceptional picture quality, and precise audio. You’ll also enjoy the convenience of a built-in Google Assistant and compatibility with popular smart home devices, along with HDMI 2.1 ports for your gaming console and next-gen gaming experience.

Reasons not to buy:

If budget is a top concern for you, the Sony A80K series might not be the most economical option as it carries a premium price tag. Additionally, if you’re not particularly interested in high-end visual performance and sophisticated technology, you may not fully appreciate the advanced features offered by this TV, making it an unjustified purchase.

Pros:

  • Stunning 4K Ultra HD picture quality
  • X1 Ultimate processor for optimum performance
  • Acoustic Surface Audio+ for rich, multidimensional sound
  • HDMI 2.1 and eARC support for enhanced connectivity
  • Google Assistant and smart home compatibility

Cons:

  • Premium price may not be suitable for all budgets
  • Some users may find advanced features unnecessary for their needs

Frequently Asked Questions

Q: What makes a TV suitable for gaming?

A: A gaming TV should have features like low input lag, high refresh rate, and smooth motion handling to ensure quick and responsive gameplay.

Q: What is input lag, and why is it important for gaming?

A: Input lag refers to the delay between pressing a button on the controller and the corresponding action appearing on the screen. Low input lag is crucial for a responsive gaming experience.

Q: What is HDR, and why is it beneficial for gaming?

A: HDR (High Dynamic Range) enhances the contrast and color accuracy of the displayed image, resulting in more vibrant and lifelike visuals during gameplay.

Q: Should I prioritize resolution or refresh rate for gaming?

A: It depends on your preference and the type of games you play. Higher resolutions, such as 4K, offer more detail, while higher refresh rates, like 120Hz, provide smoother motion.

Q: Can I use a gaming TV for other entertainment purposes?

A: Absolutely! Gaming TVs often excel in displaying movies, TV shows, and streaming content with their advanced display technologies, making them versatile for various entertainment needs.

Conclusion

In conclusion, investing in a top-notch gaming TV can significantly enhance your gaming experience, providing stunning visuals, low input lag, and smooth motion handling. The gaming TVs featured in this guide have been carefully selected based on their performance, features, and overall value for gamers. Remember to consider factors such as resolution, refresh rate, HDR support, and connectivity options when choosing the best gaming TV for your needs. With the right TV, you can take your gaming sessions to new heights and immerse yourself in the virtual worlds of your favorite games.

Discover the best TVs of 2023

Brad Anderson

Editor In Chief at ReadWrite

Brad is the editor overseeing contributed content at ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.

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Best Cameras of 2023

Published

10 hours ago

on

06/04/2023

By

Oiakek 4K Digital Camera 


Unveiling the finest cameras of 2023, our comprehensive review navigates through a world of photographic excellence. Whether you’re an aspiring photographer, a seasoned pro, or an enthusiast seeking an upgrade, our curated selection showcases the very best options available. From advanced mirrorless systems to versatile DSLRs and compact wonders, these cameras embody cutting-edge technology and remarkable features. Join us on this visual journey as we explore the pinnacle of photography in 2023.

Review Process:

In order to provide you with a comprehensive review and assist you in making an informed decision, we have gathered a selection of cameras that we have previously discussed. Our aim is to offer an overview of their strengths and weaknesses, catering to various photography needs. Whether you seek a high-performance camera for capturing stunning aerial shots, a compact option for travel convenience, or a budget-friendly choice, our review has something for everyone.

We will thoroughly analyze each camera’s key features, including image quality, shooting capabilities, battery life, portability, and price, allowing you to determine which camera best suits your specific requirements. Furthermore, we will present an objective evaluation of the pros and cons associated with each camera, providing a well-rounded assessment of their capabilities.

By the end of our comprehensive review, you will gain a better understanding of the diverse range of cameras available in the market, enabling you to make an informed decision when selecting the ideal camera to fulfill your photography aspirations.

Review Categories:

  • Best Beginner Cameras of 2023
  • Best Photography Cameras of 2023
  • Best Hidden Cameras of 2023
  • Best Action Cameras of 2023
  • Best 360 Cameras of 2023
  • Best Videography Cameras of 2023
  • Best Game Cameras of 2023
  • Best Trail Cameras of 2023
  • Best Film Cameras of 2023
  • Best Youtube Cameras of 2023
  • Best Waterproof Cameras of 2023

Best Beginner Camera of 2023

Our Experts Picked the Oiakek 4K Digital Camera

 

ReadWrite Expert Review: 8/10

  • Image Quality: 8/10
  • Ease of Use: 9/10
  • Features: 7/10
  • Affordability: 9/10
  • Versatility: 8/10

Why we picked it:

The Oiakek 4K Digital Camera is an excellent choice for beginners due to its user-friendly design and ease of use. With straightforward controls and intuitive menus, it allows new photographers to navigate the camera’s settings and capture high-quality images without a steep learning curve. The camera’s affordability is another appealing aspect, making it accessible to those on a budget who still want to experience the benefits of a 4K digital camera. Additionally, the camera offers a good level of versatility, enabling users to explore different photography genres and experiment with various shooting modes.

Why you might avoid it:

While the Oiakek 4K Digital Camera delivers impressive image quality for a beginner-level camera, it may not offer the same level of advanced features and customization options found in higher-end models. Experienced photographers looking for extensive manual controls and advanced shooting capabilities may find the camera somewhat limited. Additionally, while the camera’s affordability is a major advantage, it’s important to note that it may not match the performance and build quality of more expensive options on the market. Buyers should manage their expectations accordingly.

In summary, the Oiakek 4K Digital Camera is a fantastic choice for beginners looking to enter the world of photography. With its user-friendly interface, affordability, and decent image quality, it provides an accessible entry point for learning and experimenting with photography. However, those seeking advanced features and superior performance may need to explore higher-end camera options.

 

Best Photography Camera of 2023Panasonic LUMIX S5 Photography Camera

Our Experts Picked the Panasonic LUMIX S5

 

ReadWrite Expert Review: 9/10

  • Image Quality: 9/10
  • Performance: 9/10
  • Versatility: 9/10
  • Build Quality: 9/10
  • Features: 8/10

Why we picked it:

The Panasonic LUMIX S5 is a top contender for the best photography camera of 2023 due to its exceptional image quality and performance. With its full-frame sensor and advanced image processing, it delivers stunningly detailed and vibrant photographs, capturing the essence of every moment. The camera’s impressive low-light performance and dynamic range make it ideal for various photography genres, including landscape, portrait, and street photography. Furthermore, its versatility is showcased through its wide range of compatible lenses, allowing photographers to explore different focal lengths and creative possibilities. The camera’s solid build quality ensures durability and reliability, making it suitable for both professional and enthusiast photographers.

Why you might avoid it:

While the Panasonic LUMIX S5 offers outstanding image quality and performance, its extensive features may require a learning curve for beginners or those transitioning from simpler camera systems. The camera’s comprehensive menu system and advanced settings may initially feel overwhelming, requiring users to invest time in familiarizing themselves with its functionalities. Additionally, while the camera’s build quality is commendable, it may not have the same level of weather sealing as higher-end professional camera bodies. Photographers working in extreme environments or challenging weather conditions should take precautions and consider additional protection for the camera.

In conclusion, the Panasonic LUMIX S5 is a top choice for photographers seeking the best camera for their photography endeavors in 2023. Its exceptional image quality, performance, versatility, and solid build quality make it a reliable and capable tool for capturing stunning photographs. While its advanced features may require some learning, the camera’s potential for creative expression and its ability to deliver remarkable results make it a worthwhile investment for photography enthusiasts and professionals alike.

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Best Hidden Camera of 2023

Jukllezan 4K Hidden Camera

Our Experts Picked the Jukllezan 4K Hidden Camera

 

ReadWrite Expert Review: 8/10

  • Discreetness: 9/10
  • Video Quality: 8/10
  • Battery Life: 7/10
  • Storage Capacity: 8/10
  • Ease of Use: 9/10

Why we picked it:

The Jukllezan 4K Hidden Camera stands out as the best hidden camera of 2023 due to its exceptional discreetness and ease of use. Designed to blend seamlessly into various environments, this hidden camera is compact and inconspicuous, making it ideal for covert surveillance purposes. Its discreetness allows it to capture valuable footage without drawing attention, ensuring that you can monitor and protect your space effectively. Additionally, the camera delivers impressive video quality, recording in 4K resolution, which ensures clarity and detail in the captured footage. With its user-friendly interface and intuitive controls, the Jukllezan 4K Hidden Camera is easy to set up and operate, making it accessible even for users with limited technical knowledge.

Why you might avoid it:

While the Jukllezan 4K Hidden Camera offers excellent discreetness and video quality, its battery life may not be as long-lasting as some other models. Depending on the recording settings and usage, the camera’s battery may require more frequent recharging or power supply. Additionally, the storage capacity of the camera may limit the duration of continuous recording. It is important to consider the intended use and the need for extended recording periods, as well as the availability of a power source or the ability to transfer and manage recorded footage.

In conclusion, the Jukllezan 4K Hidden Camera is an excellent choice for those seeking the best hidden camera in 2023. Its discreetness, impressive video quality, and ease of use make it a reliable tool for covert surveillance and monitoring. While considerations should be given to the battery life and storage capacity, the camera’s overall performance and accessibility make it a valuable asset for various security and surveillance needs.

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Best Action Camera of 2023DJI Osmo Action 3 Camera

Our Experts Picked the DJI Osmo Action 3 camera

 

ReadWrite Expert Review: 9/10

  • Durability: 9/10
  • Video Quality: 9/10
  • Image Stabilization: 10/10
  • Waterproof Capability: 9/10
  • Versatility: 8/10

Why we picked it:

The DJI Osmo Action 3 stands out as the best action camera of 2023 due to its impressive features and performance. Built to withstand the rigors of adventurous activities, this camera boasts exceptional durability, making it suitable for various outdoor pursuits. With its high-quality video capabilities, including 4K resolution and HDR support, the Osmo Action 3 captures stunning footage with vibrant colors and details. The camera’s advanced image stabilization technology ensures smooth and steady video even in fast-paced and bumpy environments, delivering professional-looking results. Additionally, the Osmo Action 3 is waterproof, allowing you to dive up to 60 meters deep without the need for an external housing, making it an excellent choice for water sports enthusiasts. Its versatility is further enhanced by features like a front-facing screen for easy framing and convenient controls, making it a user-friendly and reliable companion for capturing action-packed moments.

Why you might avoid it:

While the DJI Osmo Action 3 excels in durability, video quality, and image stabilization, its versatility may be somewhat limited compared to other action cameras. While it offers a range of shooting modes and features, it may not have as extensive compatibility with third-party accessories or additional functionalities as some competitors. If you require specific add-ons or advanced capabilities beyond its built-in features, it is important to consider whether the Osmo Action 3 fulfills your specific requirements.

In conclusion, the DJI Osmo Action 3 is the best action camera of 2023, offering outstanding durability, impressive video quality, and reliable image stabilization. Its waterproof capability and user-friendly design further contribute to its appeal for outdoor enthusiasts and action sports enthusiasts. While its versatility may be comparatively limited, the Osmo Action 3 remains a top choice for capturing thrilling moments with exceptional quality and ease of use.

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Best 360 Camera of 2023

Insta360 ONE X2 360 Camera

Our Experts Picked the Insta360 ONE X2 360 Camera

 

ReadWrite Expert Review: 9/10

  • Durability: 9/10
  • Video Quality: 9/10
  • Image Stabilization: 10/10
  • 360-Degree Capture: 10/10
  • Versatility: 8/10

Why we picked it:

The Insta360 ONE X2 360 Camera takes the crown as the best action camera of 2023, offering a unique and immersive shooting experience. Its exceptional durability ensures it can withstand the demands of adventurous activities, making it suitable for capturing action-packed moments in various environments. With its impressive video quality, the ONE X2 delivers stunning visuals, allowing you to relive your experiences with crisp details and vibrant colors. The camera’s advanced image stabilization technology ensures smooth and steady footage, even during fast-paced movements, providing professional-level results. The standout feature of the ONE X2 is its ability to capture 360-degree footage, offering a truly immersive perspective and endless creative possibilities. From capturing breathtaking landscapes to recording extreme sports, this camera provides a new level of engagement for viewers. Its versatility is further enhanced by a range of shooting modes and editing options, allowing you to customize and enhance your footage to suit your vision.

Why you might avoid it:

While the Insta360 ONE X2 excels in durability, video quality, and image stabilization, its versatility may be somewhat limited for traditional action camera applications. Its focus on 360-degree capture may not cater to everyone’s specific needs, especially if you primarily require standard wide-angle footage. Additionally, the post-processing and editing workflow for 360-degree content may require a learning curve for those unfamiliar with the format. If you prioritize a more traditional action camera experience or have specific requirements that do not align with the 360-degree capability, it is important to consider whether the ONE X2 suits your specific needs.

In conclusion, the Insta360 ONE X2 360 Camera is the best action camera of 2023, offering exceptional durability, stunning video quality, and reliable image stabilization. Its ability to capture immersive 360-degree footage provides a unique and engaging perspective for viewers. While its focus on 360-degree capture may not cater to all users, its versatility, range of shooting modes, and editing options make it a standout choice for those seeking an action camera with a twist.

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Best Videography Camera of 2023

Canon EOS Mark II Camera

Our Experts Picked the Canon EOS Mark II Camera

 

ReadWrite Expert Review: 9/10

  • Video Quality: 10/10
  • Low Light Performance: 9/10
  • Image Stabilization: 9/10
  • Versatility: 8/10
  • Audio Capabilities: 9/10

Why we picked it:

The Canon EOS Mark II Camera takes the crown as the best videography camera of 2023, offering exceptional video quality that meets the demands of professional videographers. With its advanced sensor and image processing capabilities, the Mark II delivers stunning footage with impressive detail, vibrant colors, and excellent dynamic range. Its low light performance is particularly noteworthy, allowing you to capture clear and sharp videos even in challenging lighting conditions. The camera’s image stabilization system ensures smooth and steady footage, reducing camera shake and enabling professional-looking results. The Mark II also offers versatility with various shooting modes, customizable settings, and a wide range of compatible lenses, giving videographers the flexibility to achieve their desired visual style. Additionally, its audio capabilities, including microphone input and built-in stereo recording, provide high-quality sound capture for a complete videography experience.

Why you might avoid it:

While the Canon EOS Mark II excels in video quality, low light performance, and image stabilization, its versatility may be somewhat limited compared to other camera options in terms of specialized videography features. It may lack certain advanced functionalities and dedicated video-centric tools found in higher-end cinema cameras. Additionally, the Mark II’s size and weight may be a consideration for videographers who prioritize portability and mobility. If you require specific videography features or need a camera that is more compact for on-the-go shooting, it is important to assess whether the Mark II aligns with your specific needs.

In conclusion, the Canon EOS Mark II Camera is the best videography camera of 2023, offering exceptional video quality, impressive low light performance, and reliable image stabilization. Its versatility, customizable settings, and audio capabilities make it a top choice for professional videographers seeking high-quality results. While it may not offer the same specialized features as higher-end cinema cameras, the Mark II provides a well-rounded videography experience with its superb video quality and adaptable shooting options.

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Best Game Camera of 2023

GardePro E6 Game Camera

Our Experts Picked the GardePro E6 Game Camera

 

ReadWrite Expert Review: 8/10

  • Image Quality: 8/10
  • Detection Range: 9/10
  • Battery Life: 9/10
  • Durability: 8/10
  • Ease of Use: 7/10

Why we picked it:

The GardePro E6 Game Camera is a top contender for the best game camera of 2023, offering impressive performance and reliable results. With its excellent image quality, you can capture clear and detailed photos and videos of wildlife in their natural habitat. The camera’s generous detection range ensures that you won’t miss any critical moments, allowing you to monitor game trails and feeding areas effectively. Its long battery life is a notable advantage, enabling extended periods of monitoring without frequent battery changes. The camera’s durability is also commendable, designed to withstand harsh outdoor conditions and ensure long-lasting performance. If you’re an avid hunter or wildlife enthusiast, the GardePro E6 Game Camera is a reliable choice for capturing and tracking game.

Why you might avoid it:

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Best Trail Camera of 2023

WOSPORTS Mini Trail Camera

Our Experts Picked the WOSPORTS Mini Trail Camera

 

ReadWrite Expert Review: 7/10

  • Image Quality: 7/10
  • Detection Range: 8/10
  • Battery Life: 7/10
  • Durability: 6/10
  • Ease of Use: 8/10

Why we picked it:

The WOSPORTS Mini Trail Camera is an excellent choice for capturing wildlife and monitoring outdoor areas, making it the best trail camera of 2023. With its decent image quality, the camera allows you to capture clear and detailed photos and videos of animals and their natural habitats. It offers a generous detection range, ensuring that you don’t miss any important moments or wildlife activity. The camera’s battery life is also commendable, allowing for extended periods of monitoring without frequent battery changes. Its compact size and ease of use make it convenient for setting up and operating in various outdoor environments. Whether you’re an avid wildlife enthusiast or a hunter looking to track game, the WOSPORTS Mini Trail Camera provides reliable performance and functionality.

Why you might avoid it:

While the WOSPORTS Mini Trail Camera performs well in many aspects, its durability may be a concern for some users. It may not withstand harsh weather conditions or rugged outdoor environments as effectively as more robust trail cameras. It’s important to ensure proper protection and placement to prolong its lifespan and maintain optimal performance. Additionally, while the camera offers decent image quality, it may not match the resolution and clarity of higher-end trail cameras with more advanced sensor technology. Depending on your specific needs and expectations, you may consider other options if image quality is a top priority.

In conclusion, the WOSPORTS Mini Trail Camera offers a reliable and user-friendly solution for wildlife monitoring and outdoor surveillance. With its decent image quality, impressive detection range, and convenient features, it provides valuable insights into the natural world. However, users should be mindful of its durability limitations and consider their specific requirements when choosing a trail camera.

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Best Film Camera of 2023

Canon AE-1 Film Camera

Our Experts Picked the Canon AE-1 Film Camera

 

ReadWrite Expert Review: 9/10

  • Build Quality: 9/10
  • Image Quality: 9/10
  • Manual Control: 10/10
  • Film Compatibility: 8/10
  • Ease of Use: 8/10

Why we picked it:

The Canon AE-1 Film Camera is a legendary choice for film enthusiasts and photographers seeking the best film camera of 2023. With its solid build quality, this camera is designed to withstand the test of time, ensuring long-lasting performance. The AE-1 delivers impressive image quality, capturing the unique and nostalgic look of film photography. Its manual control capabilities allow photographers to have full creative control over their shots, including aperture, shutter speed, and focus. The camera’s compatibility with various film formats adds versatility and options to your photography experience. Despite being a film camera, the AE-1 is still relatively easy to use, making it suitable for both beginners and experienced photographers who appreciate the art of film photography.

Why you might avoid it:

While the Canon AE-1 Film Camera offers an exceptional film photography experience, its film compatibility may present some limitations. Certain film formats may not be readily available or may require additional effort to source, limiting the versatility of your shooting options. Additionally, using a film camera requires a different approach compared to digital cameras, as you need to consider factors such as film loading, processing, and limited exposures. It’s important to have a basic understanding of film photography and be prepared for the associated costs and workflow when choosing the Canon AE-1 Film Camera.

In summary, the Canon AE-1 Film Camera stands as a classic and reliable choice for film enthusiasts seeking the best film camera of 2023. With its exceptional build quality, impressive image quality, manual control capabilities, and film compatibility, it offers a unique and nostalgic photography experience. While film limitations and the learning curve may be factors to consider, the AE-1’s overall performance and enduring appeal make it a top contender in the realm of film cameras.

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Best Youtube Camera of 2023

Sony ZV-1F Vlog Camera

Our Experts Picked the Sony ZV-1F Vlog Camera

 

ReadWrite Expert Review: 9/10

  • Video Quality: 9/10
  • Audio Quality: 9/10
  • Compact and Portable Design: 10/10
  • Vlogging Features: 9/10
  • Connectivity Options: 8/10

Why we picked it:

The Sony ZV-1F Vlog Camera is a top choice for content creators looking for the best YouTube camera of 2023. Its impressive video quality ensures that your vlogs and videos will have stunning visuals with vibrant colors and sharp details. The camera also excels in audio quality, featuring built-in microphones that capture clear and crisp sound. Its compact and portable design makes it easy to carry and vlog on the go, allowing you to capture your moments wherever inspiration strikes. The ZV-1F is packed with vlogging features such as a vari-angle LCD screen, background defocus button, and product showcase mode, enhancing your vlogging creativity. It offers various connectivity options, including Wi-Fi and Bluetooth, enabling seamless file transfer and remote control of the camera using your smartphone.

Why you might avoid it:

While the Sony ZV-1F Vlog Camera offers a range of impressive features, its limited lens options may be a consideration for some users. As a fixed-lens camera, it may not provide the flexibility and versatility of interchangeable lens systems. Additionally, while the camera’s connectivity options are convenient, some users may find the absence of a dedicated headphone jack for monitoring audio a drawback. It’s important to evaluate your specific needs and preferences to ensure the Sony ZV-1F meets your requirements as a YouTube content creator.

In conclusion, the Sony ZV-1F Vlog Camera stands out as an excellent choice for YouTubers in search of the best YouTube camera of 2023. With its exceptional video and audio quality, compact and portable design, vlogging features, and connectivity options, it empowers content creators to produce professional-looking vlogs and videos. While the fixed-lens system and limited lens options should be taken into consideration, the overall performance and features of the ZV-1F make it a standout camera for YouTube content creation.

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Best Waterproof Camera of 2023

GoPro HERO8 Waterproof Camera

Our Experts Picked the GoPro HERO8 Waterproof Camera

ReadWrite Expert Review: 9/10

  • Waterproof Capability: 10/10
  • Video Quality: 9/10
  • Image Stabilization: 9/10
  • Versatile Mounting Options: 9/10
  • Ease of Use: 8/10

Why we picked it:

The GoPro HERO8 Waterproof Camera is the top choice for those seeking the best waterproof camera of 2023. Its exceptional waterproof capability allows you to capture stunning underwater footage without the need for additional housing. Whether you’re snorkeling, swimming, or diving, this camera can withstand water depths and ensure that your adventures are recorded in high-quality video. The camera’s video quality is impressive, delivering sharp and vibrant footage with its high-resolution capabilities. With advanced image stabilization, your videos will remain smooth and steady, even in challenging environments. The HERO8 offers versatile mounting options, making it easy to attach to helmets, bikes, or other equipment, providing unique perspectives and capturing your action-packed moments. The camera is designed with user-friendliness in mind, allowing you to focus on capturing your adventures effortlessly.

Why you might avoid it:

While the GoPro HERO8 Waterproof Camera excels in its waterproof capability and overall performance, some users may find its battery life to be relatively short, especially when recording in higher resolution or using advanced features. It’s advisable to carry spare batteries or a portable charger to ensure uninterrupted filming. Additionally, while the camera offers impressive video quality, some users may prefer more manual control options for fine-tuning their footage. It’s essential to consider your specific needs and shooting preferences to determine if the HERO8 meets your requirements as a waterproof camera.

In conclusion, the GoPro HERO8 Waterproof Camera is a standout choice for those in search of the best waterproof camera of 2023. With its exceptional waterproof capability, impressive video quality, advanced image stabilization, versatile mounting options, and user-friendly design, it empowers adventurers to capture stunning footage in any water-related activity. While battery life and limited manual control may be points to consider, the overall performance and features of the HERO8 make it a reliable and versatile camera for capturing your water adventures.

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Aaron Heienickle

Technology Writer

Aaron is a technology enthusiast and avid learner. With a passion for theorizing about the future and current trends, he writes on topics stretching from AI and SEO to robotics and IoT. You can reach him at aaron@readwrite.com

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Politics

A Guide to Identifying and Avoiding Top Crypto Scams

Published

16 hours ago

on

06/04/2023

By

Alex Vakulov


The surge in popularity of Bitcoin and other cryptocurrencies has a dark underbelly. It is spurring the growth of a vast cybercrime industry rife with numerous scams. Cunning wrongdoers are preying on unsuspecting Internet users, hoping to trick them into losing their Bitcoins. In this article, I will shed light on the most common cryptocurrency-related scams, providing tips on staying safe when using crypto.

Ponzi schemes

Some websites may entice you with irresistible crypto offers that seem too good to be true. They promise to multiply your Bitcoin holdings in a short span, like doubling them overnight. However, this is often a classic sign of a Ponzi scheme. Once you part with your Bitcoin, the chances of even recovering your original amount are slim to none.

Protection:

  • Be suspicious of any investment that promises guaranteed returns. Investments always come with risk, and anyone promising a sure profit is likely not being honest.
  • Legitimate investments make money through a clear business model. If you cannot understand how an investment makes money, that is a red flag.
  • Ponzi schemes are highly dependent on recruiting new members. If you are pressured to bring in more people to make money, it might be a Ponzi scheme. These websites often incorporate referral programs enabling members to earn money by bringing in new customers. If you spot a referral link in URLs, it should raise a red flag. These referral links typically look something like this: superwebsite.com/?ref=9472.
  • Before investing, check with your country’s financial regulators to see if the company is registered and if any complaints or actions have been taken against it.
  • Do not invest more than you can afford to lose.

Cloud mining

Cloud mining is a cryptocurrency mining process that utilizes a remote data center with shared processing power. In essence, cloud mining providers rent out their mining hardware and their computational abilities to clients, who can then mine cryptocurrencies without having to purchase and maintain expensive mining equipment. While the concept itself is excellent and entirely legitimate, fraudsters often launch deceptive schemes. They entice potential investors with lofty promises, only to deliver significantly lower returns than promised if any at all.

Protection:

  • Ensure the website provides clear and transparent information about which mining pool is used and who manages it. This also includes information about their mining facilities, the types of hardware they use, and their mining capacity.
  • Check contract details. In a legitimate cloud mining contract, details like the cost of the contract, the amount of processing power you will receive, and other terms should be clearly stated. If these details are not precise, be cautious.
  • Seek advice from an independent cloud mining advisor or someone knowledgeable about cryptocurrency mining.

Bogus crypto exchanges

Beware of advertisements promising to sell Bitcoins at bargain prices or with minimal transaction fees. These could be a bait to draw you to a fraudulent cryptocurrency exchange website. Another telltale sign of a scam is the PayPal to BTC exchange ruse. Websites running this scam typically present you with a form asking for your PayPal email and the amount you wish to spend. Following this, a QR code is generated to authenticate the transaction. But, alas, the promised Bitcoins never arrive, and you are left with a compromised PayPal account instead.

Protection:

  • Before using any Bitcoin exchange, do your research. Read reviews from reputable sources and seek opinions from experienced users. You can also check the exchange’s website for information about the company, including how long it has been operating, its physical address, and the names of its team members.
  • Many countries require crypto exchanges to be registered and comply with specific regulations. Check if the exchange is compliant with these regulations in your country.
  • Be careful not to click on any suspicious links that might be trying to lead you to a fake exchange. Always double-check the URL of the exchange before logging in.

Fake wallets

Identifying deceptive Bitcoin wallets can be a bit trickier, as the main purpose of a wallet is to hold crypto, not to trade it or execute BTC smart contracts. This means that these scams are not usually about immediate financial gain. While they may ultimately pilfer your assets, these rogue wallets often first aim to snatch sensitive data.

Protection:

  • Always download wallet software from the official website or a reputable app store. Rogue wallets often disguise themselves as the real thing, but they can only be found in unofficial or unregulated app stores.
  • Enable MFA for added security. This requires you to provide two forms of identification, usually a password and a verification code.
  • If you are dealing with large amounts of cryptocurrency, consider using a hardware wallet. These are physical devices that store your cryptocurrency offline.
  • Ensure your device and any applications you use are kept up to date. This includes the wallet software, your device’s operating system, and any security software.
  • If the Bitcoin wallet comes as a downloadable application, it is a good idea to scrutinize it for any potentially harmful code first. Websites such as VirusTotal can be quite useful, as they scan software binaries for recognized threats using multiple antivirus programs at once. If the wallet is open-source, you can check its code on platforms like GitHub. While this may require some technical knowledge, it can provide insight into the wallet’s security and functionality.
  • Many crypto wallets provide a way to back up your wallet, often in the form of a seed phrase. You can use this phrase to recover your funds if you lose access to your wallet. Keep this phrase safe and secure.

Good old phishing

Phishing, arguably the most common scam in the digital realm, aims to trick users into visiting a deceptive website masquerading as a well-known and trustworthy service. The malicious email could seemingly come from a cryptocurrency exchange or wallet service you currently use. Cybercriminals typically gather your personal details from numerous past data breaches to use in their phishing emails.

Scammers might also employ online advertisements or dubious SEO tactics to lead you to a counterfeit Bitcoin exchange or wallet when you search for terms like “Buy Bitcoin,” or “Bitcoin exchange,” or “Buy Crypto.” These trapped sites often appear among the top search results.

Protection:

  • As a rule of thumb, avoid clicking on links within emails. A deceptive link might appear authentic at first glance, but it uses multiple redirection steps to ultimately land you on a hacker-controlled site. To avoid this risk, directly type URLs into your browser or use your bookmarked links.
  • Also, be sure to treat every email attachment with caution. Hackers often use attachments as a means to distribute malicious software.
  • Be suspicious of unsolicited communications. When in doubt, check the email address or phone number and get in touch with the company using the contact details provided on their legitimate website.

On-the-spot crypto trading hazards

As Bitcoin theft reaches beyond the digital sphere, new laws and regulations controlling cryptocurrency trading are emerging globally. In some areas, these changes pose challenges to conventional online buying and selling of Bitcoins. This has spurred a shift in the Bitcoin economy, with traders turning to in-person meetings for transactions.

There have been several incidents highlighting the potential dangers of in-person Bitcoin exchanges. For instance, in India, an entrepreneur fell victim to a robbery while attempting to purchase BTC at an appealingly low price. He arranged a meeting with the alleged sellers at a shopping center, only to be ambushed by them and lose the $50,000 he had brought for the transaction.

Protection:

  • Avoid in-person meetings with strangers for Bitcoin exchanges, especially if you are carrying large amounts of money.
  • If in need, conduct transactions in public places like coffee shops or shopping centers. These locations are generally safe as they are often crowded and have surveillance cameras. Inform others of your whereabouts.
  • If possible, bring a friend along with you.
  • Use reliable peer-to-peer platforms with features like blind escrow.
  • Utilize the platform’s reputation and feedback systems to select trustworthy traders and thoroughly clarify all trading specifics using encrypted chat before proceeding with any transactions.
  • Ensure the other party shows you the agreed sum of money first before you send any coins.
  • Trust your instincts; if something does not feel right, walk away. It is better to miss out on a trade than to risk your safety.

Pump-and-Dump schemes

Crypto “pump-and-dump” schemes are a type of manipulation where the price of a cryptocurrency is artificially inflated (pumped) through coordinated buying or spreading of misleading positive news. Once the price has significantly increased, the manipulators sell off their holdings (dump), leading to a rapid price drop. This can result in substantial profits for the scammers but causes significant losses for those who bought in during the pump. These schemes are illegal in many jurisdictions due to their fraudulent nature. However, cryptocurrencies’ decentralized and global nature can make them difficult to prevent.

Protection:

  • Do not rush into investments based on hype or pressure. “Fear of Missing Out” can lead you to rash decisions.
  • Spread your investments across different assets. This can reduce the impact of a bad investment.
  • Be skeptical of “Get Rich Quick” promises. If it sounds too good to be true, it probably is.
  • Set Stop-Loss Orders. This will limit potential losses if the price of a cryptocurrency suddenly crashes.

Fake airdrops

Fake airdrops are a common type of cryptocurrency scam where fraudsters promise free coins in an attempt to lure unsuspecting victims. These scams require participants to provide sensitive information like private keys or personal data or make a small payment to “unlock” their supposed reward. However, after fulfilling the conditions, victims receive nothing in return. By creating an illusion of a free giveaway, scammers prey on the desire for easy profits.

Protection:

  • Always confirm the airdrop is from a legitimate and reputable company. Check their official website and social media channels for announcements.
  • Legitimate airdrops will never ask for your private keys. Your private key is your most sensitive piece of information. Never share it with anyone.
  • Be cautious if an airdrop asks for excessive personal information. Although you might need to provide some data, consider any unreasonable requests as potential red flags.
  • It is likely a scam if an airdrop requires you to send cryptocurrency to receive tokens. Legitimate airdrops do not require a purchase.

Cryptojacking

Cryptojacking is a form of cybercrime where hackers covertly use other people’s computing resources to mine cryptocurrencies. This is often done by infecting a website or an individual’s computer with malicious code. Once the unsuspecting victim visits the compromised website or installs the infected software, their computer’s processing power is harnessed to mine crypto without their knowledge. This can lead to degraded system performance, increased power consumption, and hardware wear and tear. It is a stealthy and unethical way for hackers to profit at the expense of others’ resources and can pose significant cybersecurity risks.

Protection:

  • Use reliable and powerful antivirus software that includes features to detect and block cryptojacking scripts.
  • Install browser extensions that can help prevent cryptojacking scripts from running in your browser.
  • Regularly monitor your system’s performance. Unusually high CPU usage might indicate a cryptojacking attack.
  • Regularly update your operating system and all software, including browsers, as updates often include security patches.

Conclusion

Despite the initial hype surrounding cryptocurrencies subsiding, the industry continues to grow with the emergence of new projects. Cryptocurrencies are here to stay and will remain a part of our lives. However, as a relatively new form of currency, the crypto sphere will always attract new scammers. By being aware of popular scams and following the recommended protection measures, you can reduce the potential risks involved in trading cryptocurrencies.

Alex Vakulov

Alex Vakulov is a cybersecurity researcher with over 20 years of experience in malware analysis. Alex has strong malware removal skills. He is writing for numerous tech-related publications sharing his security experience.

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