Bitcoin is one of the hottest topics in the world right now. Not just bitcoin, but cryptocurrencies in general. There is no doubt that they hold excellent value for potential buyers, but they are still a risky and illegal investment option in most countries.
Since bitcoin is not regulated by any financial authority, you have no legal protection if something goes wrong. Since blockchain is a new technology that not everyone understands, things go awry for some users.
The good news is that you can learn to protect your investments. The main threat to your cryptocurrency stockpile are digital wallets.
Whether you are linking it to an online casino or a scam web merchant, there is a risk that someone could steal your hard-earned crypto. But that’s why we are here. We are going to give you some tips and tricks that will keep your bitcoins safe and keep you safe from losing them all.
Use a secure internet connection when buying
When buying cryptocurrency online, you should always use a secure connection. By secure connection we mean your home. Avoid using public Wi-Fi networks – it’s like inviting burglars into your home.
Crypto scammers are monitoring these networks for potential buyers and may be picking up your bitcoins before they know it. To keep things even more secure, you can opt to use a VPN. This will change your IP address and location, making tracking harder for hackers.
Use only reputable exchanges
On the subject of buying crypto and using them online, you should only do this through reputable exchanges. We’re not going to recommend one or the other – there are many great options you can find online.
A reputable exchange will give you the opportunity to buy and store your bitcoins in a secure place, so no one will get them. Even if a leak occurs, you will not be responsible for it. The exchange will take full responsibility.
cold wallets are better
Hot Wallet is easy to use, and every reputable cryptocurrency exchange has one. However, cold wallets are better if you want to keep your bitcoins safe and sound.
These wallets do not connect to the Internet – they are hardware devices such as USB or portable disks that are kept offline. In that case, your keys and bitcoins will be 100% safe and secure from crypto hackers who are sabotaging the internet. Compared to Hot Wallet, they are a more secure option.
change password regularly
Changing your account password regularly is a good idea to keep your Internet presence secure, not just for storing bitcoins. Studies have shown that a large number of millennials use the same password across 10 or more devices, so they are an easy target when hackers hit the Internet.
You need a strong and complex password, especially when using Bitcoin Hot Wallet on the web. It should be hard to guess, and you should replace it regularly for the best level of protection.
secure your device
Whether you are using your PC, laptop or mobile phone to buy and transfer bitcoins on the web, you need to secure your device. Make sure you have the latest antivirus definitions installed and use anti-malware tools to protect yourself from malicious attacks.
This goes double for those who have bitcoin reserves in the hot wallet. Hackers constantly write code that detects vulnerabilities, but luckily, antivirus companies do the same, so stay updated.
see what you buy
If you want to be safe when using bitcoins online, you have to watch what you buy. Never buy from shady websites and always check SSL encryption. If the certificate is invalid, the browser should notify you, and you should leave that website immediately.