Bitcoin is one of the hottest topics in the world right now. Not just Bitcoin, but cryptocurrencies in general. There’s no question that they hold excellent value for potential buyers, but they are still 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 awry. With the blockchain being a new technology not everyone understands, things do go awry for some users.
The good news is that you can learn how to protect your investment. The main threat to your cryptocurrency stockpile are digital wallets.
Whether you’re connecting it to a casino online or a scam web merchant, there’s a risk that someone can steal your hard-earned cryptos. But that’s why we’re here. We’re going to give you a few tips and tricks that will safeguard your Bitcoins and keep you safe from losing them all.
Use a Secure Internet Connection when Buying
When buying cryptocurrencies online, you should always use a secure connection. Under secure connection, we mean your home. Avoid using public Wi-Fi networks – that’s like inviting burglars into your home.
Crypto scammers are monitoring these networks for potential buyers and can lift your Bitcoins before you know it. To keep things even safer, you may opt in to use a VPN. It’ll change your IP address and location, making tracking harder for hackers.
Only Use Reputable Exchanges
While on the subject of buying cryptos and using them online, you should only do it through reputable exchanges. We’re not going to recommend one or another – there are several great options that you can find online.
A reputable exchange will give you a chance to purchase and store your Bitcoins in a safe spot, so no one will get to them. Even if a leak happens, you won’t 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 don’t connect to the Internet – they are hardware devices such as USBs or portable disks that are kept offline. In that case, your keys and Bitcoins will be 100% safe and secure from crypto hackers that are ravaging the Internet. Compared to hot wallets, they’re a much safer choice.
Change Passwords Regularly
Changing your account passwords regularly is a great idea for keeping your Internet presence safe, not just for storing Bitcoins. Studies have shown that a great number of millennials use the same password across 10 or more devices, so they’re an easy target when hackers hit 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 on a regular basis for the best level of safety.
Secure Your Device
Whether you’re using 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 goes double for those that have a stockpile of Bitcoins stored in a hot wallet. Hackers constantly write code that explored vulnerabilities, but luckily, antivirus companies do the same as well, so stay updated.
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 for SSL encryption. If the certificate is invalid, the browser should inform you, and you should skip that website right away.