How to Stay Safe and Secure Your Bitcoin

By  //  October 19, 2020

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As more people are gearing towards bitcoin trading and investment today, online fraudsters are also on the rise.

There is more than enough emphasis on staying safe on the internet but it is sometimes easier said than done. Many times, people get to recover their stolen funds or trace the fraudster but this is never the case with bitcoin.

Bitcoin doesn’t work with the government or a third-party institution such as the bank. This means if a wrong transaction occurs, it cannot be reversed. This is why it is constantly emphasized to secure your bitcoin to avoid any fraudulent activity. This article highlights some helpful tips to guide you.

Choose a Secure Wallet

There are many crypto wallets available today but while it might be the easiest to set up, it is also the most important to consider. Your choice of wallets should be taken seriously, as a little vulnerability can make you lose all your funds.

There are different kinds of wallets and this includes software wallets, hardware wallets, paper wallets, and exchange wallets. Software wallets, such as, are common today and also the easiest, as you only have to install the software on your phone or laptop to get started. Software wallets are susceptible to the risk of hacks and to avoid this, you must ensure your device is secure with antivirus and you also have your login details and the private key kept safe.

For other kinds of wallets, the common denominator is to ensure that your private key is safe. Without this key, no one will be able to access your funds or any personal information. Also, ensure the wallet has other security measures in place such as the two-factor authentication and that there’s a reputable company managing it.

Be Careful Who You Trust

When it concerns finances, you may want to hold your trust to yourself. Many people are lurking around to break into your wallet at any chance they get. Spotting scammers isn’t that difficult if you’re vigilant and not looking for a get-rich-quick scheme.

If the offer you’re getting seems too good to be true, there’s a high chance that it’s not true. If you are offered a ridiculously high discount with a short deadline to get you to pay immediately, you may want to check thoroughly, as offers like that often turn out to be fake.

While joining online groups, especially via telegram, be careful to who you give your details to. Do your research on every platform you join to ensure you’re in the right place and not on an impostor group.

Finally, don’t overshare. Whether it is how much interest you’ve garnered overtime or a glimpse into your business or your account details, be careful what you put out there on telegram groups or other social media platforms.

You will be more susceptible to fraud based on the information you share. This includes screenshots of your account details; if you must take a screenshot, blur, or crop out sensitive information. Don’t put yourself at the forefront of fraudulent activities.