How To Protect Your Bitcoin From Thieves
Top 3 Tips on How To Protect Your Bitcoin
One thing that has many people hesitant to buy or trade bitcoin is the fear of it getting stolen. They often hear about scams or cryptocurrency suddenly disappearing. Today, we have 3 powerful tips on how to protect your bitcoin.
The reality is that bitcoin is extremely secure due to the strength of the encryption of the blockchain. Not only is it strong, but it is decentralized, so there is no one point of entry. The blockchain itself can’t be hacked. However, there are tons of Bitcoin scams you should be worried about.
There are many ways that you can lose your bitcoin and have it stolen. No matter how secure the blockchain is, you still have to be careful. Examples of fraud are the Bitcoin Prime scam and the fake Ledger text message, but let’s take a better look.
In this article, we’ll provide several tips on keeping your bitcoin or another cryptocurrency safe and secure.
Keep The Keys Safe
When you sign up for a free Bitcoin mobile wallet, you are given a set of codes (or keys as they’re called). They are a set of unique numbers to your bitcoin and mark the hash where they are stored. If somebody got these keys, they would be able to unlock your coins and move them to another wallet.
And if you lose those keys, then you won’t have access to the coins anymore, either. They can’t be changed, so you need to make sure that you always have access to them but that nobody else does.
Please hide them in a safe or even a safe deposit box. Anywhere that they cannot be accessed by anybody else. Don’t forget them either, you can access them yourself again.
Use a Cold Wallet
When you buy your bitcoin, you automatically put them into a digital wallet. This is good for when you buy them, but at some point, it is better to move them to a cold wallet. What is that?
A cold wallet is essentially a USB drive that you can unplug from your computer, so when you are online, nobody can then try to hack into.
You can keep some in your digital wallet for easy access and to make quick purchases or trades. However, it is recommended to move some of the other coins into the cold wallet. This way, if anything ever happens to your digital wallet, the bulk of your cryptocurrency is secure.
Before we go any further, here are some great cryptocurrency hardware wallets.
Only Use Trusted Exchanges
Many of the problems that you have read about happening with scams occur on shady exchanges. There are many to choose from to buy your bitcoin or sell and trade it. However, they are not all the same.
The big names in exchanges are the ones to stick with since they have a history and money behind them to secure the process, so you aren’t likely to get hacked while transferring your coins. Fly by night exchanges are not secure and usually have vulnerabilities in the code that a hacker can exploit.
If you stick with the trusted exchanges and then move your coins to a cold wallet, you should be safe from them getting stolen. Avoid cryptocurrency scams at all times.
Top 5 Cryptocurrency Scams
Watch the video below to see the Top 5 cryptocurrency scams:
How To Report a Bitcoin Scammer
Let your family and friends how to protect their bitcoin. Share this article on social media, as well. You can officially report crooks or any other suspicious activity to the Federal Trade Commission (FTC) using the link below:
How To Protect Yourself More
Be the first to find out the most prevalent scams every week. Subscribe to the Scam Detector newsletter. You’ll receive weekly emails – we promise not to spam.
Last but not least, educate yourself with some other bitcoin fraud-related articles published right under this paragraph, so that you know how to stay safe online. Feel free to use the comments section below to expose other common cryptocurrency scams.
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