Major Tips To Keeping Your Bitcoins Safe
Major Tips To Keeping Your Bitcoins Safe
Buying Bitcoin has become a major investment since the big cryptocurrency bubble in 2017. Especially after all the testimonies of people who became millionaires at the time. Interestingly, a number of people also lost out at the time, some lost their private keys and could no longer access their wallets. Some were victims of hackers.
At BTCBIT.NET, we are committed to a system where Bitcoin investment is safe and easy. We have been able to put this in place through several account verification processes to ensure that you are in control of your funds. These days, the investment in cryptocurrencies has gone beyond just bitcoin.
With the boom in bitcoin, you might also want to pay more attention to the security of your wallet as hackers are now on the prowl. Here are a few tips to help you keep and even get more BTC.
1. Always Carry Out Research
The only way to getting optimal returns in bitcoin investment is by fully understanding what you’re investing in. Understanding how something works would go a long way in helping you make the right predictions and transactions. Before you set out to purchase or transact bitcoin, try to get more information on how cryptos works.
Once you fully understand the very concept of cryptocurrency, it becomes relatively easier to research more specific concepts involved. Know the various way by which you can purchase bitcoin and find out which is most suited for you. The same applies to wallets and finding vendors you can trust.
At BTCBIT.NET, we make the process of buying bitcoins as easy as possible so you can buy bitcoin easily with your credit or debit cards.
2. Have Multiple Wallets
Another important tip in dealing with cryptocurrency is having multiple investments. This can be achieved in cryptocurrency by having multiple wallets. Multiple wallets also offer you some security in case one is hacked or you lose the passkeys.
However, before choosing wallets, it is important to understand how they work. Bitcoin was established as a decentralized peer-to-peer currency. This simply means that there is no central control of the currency, it is controlled by its users. While this means better economic power and freedom, the downside is that everyone is responsible for securing their funds.
A cryptocurrency wallet only serves a bank account and mailbox for your coins. From your wallet, you can carry out transactions using your coins and you can also see a record of your previous transactions. Some wallets support different cryptocurrencies while some support just one type cryptocurrency.
Having your bitcoin in several wallets, however, comes with a responsibility. It means you would be required to keep tabs of the passwords and transactions going on in each of the wallets.
3. Always protect your private keys and always have a backup.
Private keys are the major way by which cryptocurrency wallets are protected. Every wallet has a public key which is also the address of your wallet and what you use to receive coins. A private key is, however, how you access your coins. Private keys are a long string of number and letters and they serve as a password to your wallet. If you ever want to cash your coins, you would also need your private keys. This is why it is important to keep them safe.
Private keys can get lost. Sadly, most cryptocurrency users often learn this the hard way because once a private key is lost, access to the wallet it is linked to might be lost forever, except in some instances where they are backed up by a passcode.
Keeping your private keys is also very important. Considering the increasing rate of fraudulent people now getting involved in cryptocurrencies, you might want to be sure of the kind of people you share your private keys with. Considering once they are lost, they are lost forever, you can back up your private keys with a trusted person.
4. Always transact Bitcoin with reputable sources
As mentioned earlier, there are many ways to buy Bitcoin. This includes buying online. However, you might want to be sure that wherever you’re getting the coin from is a reputable source. Although peer-to-peer sales have the lowest fees, they can also be very risky, especially because it is easy to get scammed by individuals.
However, platforms like BTCBIT.NET are reputable and make the whole process of obtaining your bitcoins very easy. Also, when the time comes to cash your investment, you might want to be sure of the reputation of whoever you’d be selling your coins to. This is because bitcoins have been associated with a lot of illegal activities on the internet.