4 Easy Steps That Ensure Bitcoin Investments’ Safety
Bitcoin is a well-known digital asset that has been subject to different threats and risks, typically bedeviling virtual or online entities. However, cryptocurrency investors can follow some guidelines that can aid them in keeping their investments safe.
We find this Yahoo! Finance article highly relevant and significant for our readers to learn from, especially Bitcoin investors. It presents four easy tips that can assist them in their cryptocurrency investing journey.
Based on the information posted on Coinmarketcap.com, Bitcoin’s trading price at the time of writing is US$35,935.35. Investing in this world-famous and promising crypto asset with peace of mind is reportedly possible, despite its notorious volatility and the inevitable hazards.
According to the details posted online by the Australian edition of business, markets, finance, and personal finance news source Yahoo! Finance, the following four tricks and tips help Bitcoin investors keep hackers and cybercriminals at bay:
- Ensure that one’s cryptocurrency wallet’s software is updated.
Bitcoin wallets can get hacked. Thus, investors need to keep their software up-to-date.
After all, software updates can possess significant security and privacy features that could potentially prevent hacking incidences. Besides the cryptocurrency wallet’s software, updating one’s laptop and mobile software is also essential.
- Select a secure cryptocurrency exchange.
Cryptocurrency traders who purchase and sell Bitcoin should choose a safe trading platform. This virtual currency exchange is typically registered with a national financial crime regulator.
This watchdog is compliant with anti-money laundering and security standards. A secure digital currency exchange is also a platform linked to non-government organizations that promote effective and stringent cryptocurrency policy and regulation.
- Write down Bitcoin wallet passwords and keep them in safe locations easy to recall.
Bitcoin investors should keep in mind that their cryptocurrency investment is vulnerable to cybercriminals and hackers because it is stored online. Plus, they should remember that their digital asset is gone forever if they get locked out of their cryptocurrency wallet.
Hence, Bitcoin investors should remember that it is extremely important for them to keep their passwords safe. They can perform this key measure by writing their passcodes down and keeping this record in a protected place that is easy for them to remember.
- Always employ two-factor authentication.
Two-factor authentication or 2FA is a security process that many Bitcoin exchanges provide their traders with as a choice they can utilize. 2FA’s other names are dual-factor authentication or two-step verification.
Bitcoin investors usually get asked to provide a one-off code from their other 2FA application whenever they log into their Bitcoin wallet. Through the 2FA security feature, they get notified if a cybercriminal attempts to get into their application. The latter would fail to get in their target’s Bitcoin wallet without the additional code.
The cryptocurrency world is a highly risky realm that even the most risk-taking investors get frustrated and discouraged. However, by following the abovementioned four tips, Bitcoin investors can relish many advantages and feel motivated to engage in their cryptocurrency investing journey.