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 have excellent value for potential buyers, but they remain a risky and, in most countries, illegal investment option.
Since Bitcoin is not regulated by any financial authority, you have no legal protection if something goes wrong. Blockchain being a new technology that not everyone understands, things go wrong for some users.
The good news is that you can learn how to protect your investment. The main threat to your cryptocurrency stock are digital wallets.
Whether you connect it to an online casino or a scam online merchant, there is a risk that someone will steal your hard-earned cryptos. But that’s why we’re here. We are going to give you some tips and tricks that will protect your Bitcoins and prevent you from losing them all.
Use a secure internet connection when purchasing
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 monitor these networks for potential buyers and can lift your Bitcoins before you know it. To make things even more secure, you can choose to use a VPN. This will change your IP address and location, making it harder for hackers to track.
Use only reputable exchanges
When it comes to buying cryptos and using them online, you should only do so through reputable exchanges. We’re not going to recommend one or the other – there are several great options you can find online.
A reputable exchange will give you the option to buy and store your Bitcoins in a safe place, so that no one has access to them. Even if a leak occurs, you will not be responsible for it. The exchange will take full responsibility.
Cold wallets are better
Hot wallets are easier 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 sticks or portable drives that are kept offline. In this case, your keys and Bitcoins will be 100% safe and secure from crypto hackers ravaging the internet. Compared to hot wallets, they are a much safer choice.
Change passwords regularly
Changing your account passwords regularly is a great idea for keeping your internet presence secure, not just for storing Bitcoins. Studies have shown that a large number of millennials use the same password on 10 or more devices, so they are an easy target when hackers access the internet.
You need a strong and complex password, especially when using bitcoin hot wallets on the web. It should be hard to guess and you should change it regularly for the best level of security.
Secure your device
Whether you use your PC, laptop or mobile phone to buy and move 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 will double for those who have a stock of Bitcoins stored in a hot wallet. Hackers are constantly writing code that explores vulnerabilities, but thankfully antivirus companies are doing the same, so stay up to date.
Watch what you buy
If you want to stay safe when using Bitcoin online, you need 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 ignore this website immediately.