For companies trying to avoid counterfeit products, bitcoin offers an innovative solution. Whether you are a buyer or a seller, conducting business online is more convenient than ever. More and more companies are beginning to use this currency as they take advantage of its potential benefits and seek ease of use. If you are interested in Bitcoin investment, you may use Bitcoin 360 AI, as a guide for trading.
However, despite its widespread acceptance, bitcoin has never been safer than your wallet! If you are not taking steps to secure your wallet right now, you are leaving money on the table!
The below-mentioned portion will walk you through some ways that you can secure your wallet, so it is safe from hackers and ill-intentioned users.
Choose a Wallet That’s Right for You
Your wallet should have an underlying philosophy. Choosing a wallet people did not build to fit your needs might risk your funds.
Here are some things you need to consider:
➥ Wallet Type: The first thing you should pay attention to is the wallet type. There are different types of wallets, each with a purpose for your money. Before settling on one, ensure you know what you’re looking for.
➥ Password-protected vs Encrypted: If you want security, use a password-protected wallet with 2-Step Verification. It means your wallet has an extra layer of protection you must manually type in. At the same time, encryption backs up your wallet and keeps it safe from prying eyes.
➥ Email Verification vs 2-Step Verification: Ensure you set up two-step verification on your account to protect your funds. You’ll need to send a verification email with a link to access your account after logging into it online or with SMS text message authentication. Bitcoin addresses are generated randomly by default, so there is no way for hackers to hack into your account without having the correct password.
➥ Minimum Polite Bitcoin vs Minimum Viable Amount of Bitcoins: When you decide on the right wallet, ensure it includes functionality and security. For example, if you’re looking to hold bitcoin in your account, don’t settle for a short wallet to hold the number of coins you want.
➥ Operating System: Since different operating systems have different security and privacy features, it could be beneficial to start by choosing a wallet that is compatible with your operating system. If the wallet you choose doesn’t support all the features your operating system needs and still has potential bugs, it could compromise your privacy and security.
➥ User Interface: A user-friendly interface can make all the difference worldwide. You might not want to use it if you can’t efficiently operate your wallet. The more features a wallet has and the easier it is to use, the more likely users will trust and use it.
Cryptocurrency Scams You Should Look Out for:
Here are some tips to help you avoid falling prey to cryptocurrency scams.
➥ Payment Method: Look out for what payment method you’re using when you buy your bitcoins. If the seller asks for direct bank transfers or a wire transfer, it could be a sign of fraud. It is because it’s challenging to trace direct payments like these, and the seller can disappear with your money. On the other hand, if payment is made via PayPal in the transaction, there is an option to claim a chargeback if the transaction goes wrong.
➥ Reputation: Look up sellers’ reviews before paying them with any cryptocurrency. Check on ratings online and read comments on forums before sending any money anywhere. Most importantly, if you don’t know the person well enough to know, they’ll stay honest with you, then don’t do it.
➥ Using a bitcoin exchange: Some currency exchanges will allow you to transfer bitcoin directly into your bank account and take out cash. These exchanges usually charge fees of around 0.5%. Ensure your exchange is reputable and well-known before depositing any funds into the account. With Bitcoin gaining in popularity and new merchants accepting it as a form of payment on their websites, bitcoin wallets are becoming more popular daily.
Like you’d watch out for cryptocurrency scams, keep an eye out for ICO scams. Unfortunately, they’re even harder to identify because they usually look just like any other legit transaction, with a good-looking website and all the right buzzwords. Always ensure that the company that’s running it is a registered business and has permission from the government.
Unfortunately, many ICOs out there are nothing more than scams, so make sure you know what you’re doing before jumping into a company’s ICO. Certain countries have banned ICOs to protect investors from falling prey to these scams.