Throughout the years, there are numerous case of people who have bitcoin loss, stolen and scammed in their own hands.
How to avoid this incidents to you? Read this full article and become a bitcoin safety expert.
There are myths that bitcoin can be hack and manipulated because it is a digital currency.
Bitcoin and the technology behind bitcoin has proven to withstand numerous attacks throughout the years. The weakest link in bitcoin is usually the people who is handling it.
Whenever there are news about bitcoin being stolen, don't blame the technology but the person who is not handling it carefully.
Bitcoin Safety 101
Bitcoin safety must start within you. You and you alone should have a private key to your bitcoin wallet. Whoever knows your private key can control your bitcoin.
If you are using a wallet from a third party company, you and the company knows the private key of your bitcoin address. And if ever they want to shut your account or even runaway with your bitcoins, they can.
Using wallet from a third party is like putting money on the bank. You don't have the full control of it, the bank does.
It's not bad to use wallets from third party as long as you put small amount as you can and verify the company if it is trustworthy.
For larger amounts of bitcoins, always use hardware wallets. They ate the most secured storage for bitcoins today. They come in a price because it is physical but will keep your mind at peace.
How to avoid losing your bitcoin
Losing your bitcoin is a term used when someone lost access in their private keys. Once you lose your private key, you can never bring it back.
Private keys are important so you should create a back up of it by writing it in a paper and placing it a safe place.
Treat your private key as a gold or something most precious to you.
How to avoid bitcoin theft
Online wallet and exchanges are the weakest link in terms of bitcoin theft. The easiest way to prevent this is to avoid keeping bitcoin in an online wallet or exchange.
If its inevitable that way, create a strong passwork for your bitcoin address.
1. Rules in creating a strong password
2. The more character the better
3. Use a variety of characters
4. Don't reuse passwords
5. Always enable 2FA
How to avoid bitcoin scam
Bitcoin scam such as phishing and ponzhi schemes are exposed everyday.
Phishing scam are websites that is sent to you thru email. It looks legitimate but it steals information about you.
Always check for misspellings and ssl before you input your information
Ponzhi schemes are investing scam which promises to bring back huge amount of investment. The older user gets paid by the money the new investors invested. And when certain target amount, the operator of the investment site disappears without a trace.
Take note: when sending bitcoin to someone make sure the address is right. Once you send a money it won't be reversible.
In dealing bitcoin, you should have a presence of mind. And be extra careful. Do your own research or ask someone who is more knowledgeable. It doesn't hurt to ask for help sometimes.
Thanks for your little time reading this!
Do you have any trustworthy wallet that you can recommended? We have many third party wallet here and there , they use to run ads and we may likely make a mistake by clicking on the wrong link.