Given the alluring value of Bitcoins today, people out there are hungrily surfing the web to scam hard working people from their money. So you ought to be alert and arm yourself with the necessary reinforcement to battle these scam artists.
Perform adequate verification on Bitcoin merchants before any exchanges
Today, a single coin costs somewhere in the neighborhood of $20,000. This is a considerable amount for anybody to easily lose to conniving people. Since you may have to use merchants to purchase your coins, don’t feel shy to carry out thorough checks on them before engaging their services.
First of all, check whether they are legal. Then check the measures they use to protect their clients. For increased safety, it is advisable to utilize merchants with great testimonials from their clients.
Isolate your Bitcoin wallet address from your private key.
Keeping your wallet and private key in the same space makes it simpler for cons to get a hold of your passwords and wipe you out. The high cost of Bitcoin, which is always increasing, is their primary inspiration to do whatever they can to get to your coins. To be safer, do yourself a favor and isolate your address from your private key.
Utilize your PC or cell phone to do Bitcoin exchanges
The Bitcoin industry is becoming more famous than gold, especially in its increasing value. As a result, it is not a wonder why so many con artists are drawn to people owning coins. While there are many measures taken to make bitcoin owners aware of these con artists, there is still much you can do to protect yourself. To abstain from getting hacked, carry out all exchanges through your PC or phone to avoid leaving your passwords on another person’s gadgets. Your passwords are intended to be private to the point that not even your blood relative knows them.
Split your Bitcoins in different wallets
Splitting your coins in different wallets allows you to do the following;
- Not to worry about losing your coins all at once. It would be very heartbreaking if your wallet was hacked and you lost all your coins. At least when separate, a hacker may access one wallet and you would have the rest to fall back on.
- Sleep better at night knowing you do not stand the chance of losing all your coins at the same time.