Cryptocurrency is a digital currency, with crypto trading, countless became rich overnight while some have lost everything. No matter how controversial these coins are experts believe they will play a pivotal role in finance shortly. The future is an uncertain topic, so people should know how to safeguard their Bitcoins after all they are monetary assists holding financial values. People who do not secure these coins end up losing them to scammers. Scammers are running this beautiful concept of digital trading by robbing people of their valuable crypto coins. It is high time that you should do something about it so you do not fall for Bitcoin scams, try to use the following tips and be watchful where you trade online.
Do your research
The single best thing you can do to prevent online scams is to be a knowledgeable consumer. Do not purchase or trade Bitcoins unless you know these elements:
- When the coin was made
- Who made them and why
- What technology is being used
- How they are unique from other coin offerings
- How many coins are being made
- What value they hold
By ensuring you know the pros and cons of the crypto you are willing to purchase, you can prevent buying or trading coins that were meant to make their creators rich. Do more research regarding the best websites to buy and trade Bitcoins or any other cryptocurrencies so you do not get scammed.
Careful who you trust online
There are good and bad crypto advocators out there so do not listen to someone who’s leading you into Bitcoin scams. Do not take advice from social media influencers, most of the time they simply do it for promotion and do not have adequate knowledge. Do not trust anyone on the internet or dating sites giving financial advice without having any financial credentials.
Secure your crypto wallet
If you purchase digital currencies and store them in a crypto wallet, you have to be 100% sure that it is secure. Most crypto wallets are produced by reputable companies with a great track record. But scammers are now also creating fake crypto wallets only to seize others’ crypto. Do not ever give your wallet credentials to anyone and do not try to log in using public Wifi. Always sign up using two-factor authentication for more security and do not forget to password-protect your phone in case it gets lost or stolen. Your main priority will be to protect your crypto wallet so do not connect your device to a random laptop or computer. You can use multiple wallets and cold storage devices that are not locked with the internet. By doing this you will reduce the data breach and most certainly avoid Bitcoin scams.
Use multi-factor authentication
Multi-factor authentication enables you to secure your Bitcoins and crypto wallets. Hackers will not be able to get your logic credentials and your crypto wallet and Bitcoin trading account will be safe. To get access to your crypto wallet a verification code will be required, thankfully the code generates automatically every time you try to access your crypto wallet. The code will be sent either to your phone or email so if someone is asking for a code that is accidentally sent to you, it will serve as a red flag and possibly an attempt to get access to your crypto wallet.
