Today, everything is shared on the internet. On Twitter, Facebook, Reddit, and Insta, Millenials share their daily moments with strangers. A Direct peek into their habits, lives, and finances are freely approved. Elderly people have been advised to never tell anyone about their salary because others will judge them as well as for personal security. You can become a target if strangers know about your finances.
Bitcoin is a decentralized cryptocurrency residing on a public ledger. It is encrypted and secure but there are other security precautions to avoid losing them.
Bitcoin Basis is a resourceful platform dedicated to offering information about cryptocurrencies. Visit the website to learn about the dos and don’ts associated with Bitcoin security from the public world. When you read, you will learn that Bitcoin is based on Bitcoin technology, which is strong. There is news on the media about Bitcoin scams, hacking, and manipulation. You need to know that –
- Bitcoin itself is not vulnerable to hacks and thefts. It is the users who handle it inaccurately, just like regular money risks.
- For more than a decade, Bitcoin and blockchain public networks have proven their promise. It has overcome numerous attempted system attacks.
- People who understand the working of blockchain technology are aware that meddling with this decentralized public ledger is impossible.
- Bitcoin network is not hacked but it is the users [less tech-savvy] that got scammed or hacked.
To avoid getting scammed trading Bitcoin choose a reliable and established crypto exchange. There are some basic safety precautions you can take to keep Bitcoin safe from the public world.
Basic errors to avoid….
- Don’t trust exaggerated promises like big returns or free BTC.
- Don’t send crypto or money to strangers, who contact and ask.
- Don’t invest in Bitcoin because a friend told you. Do your research and understand the pros and cons before trading.
- Don’t invest blindly. Understand your affordability to lose first.
- Don’t share passwords, recovery seeds, or private & public keys with anyone. These are codes that allow crypto wallet access.
- Don’t reuse BTC addresses.
- Don’t act hastily because in the crypto world transactions are irreversible.
- Don’t trust sites starting with HTTP because they are not secure.
- Don’t open unknown senders’ email attachments.
- Don’t borrow finances for cryptocurrency investment.
- Don’t put all eggs in a single basket. Diversification of portfolios allows for reducing the hits to expect in the highly volatile crypto market.
- Do use a password manager. It avoids reusing passwords.
- Do use a secure Wi-Fi connection.
- Do keep the antivirus tool updated on your computer. It avoids downloading malware or viruses.
- Do a periodic backup of your wallet.
- Do store backup wallet [recovery seed] paraphrase and cold storage wallet passwords in a fireproof safe.
- Do use two-factor authentication or the 2FA method everywhere.
- Do a regular review of the chosen cryptocurrency exchange’s security features.
- Do thorough research because the crypto world is noisy.
- Do double-triple checks of wallet address before you send, even if you have copied/pasted it.
The public world has its share of good and bad, so understand the importance of best safe practices associated with Bitcoin trading!