Bitcoin Fraud Prevention Tips
With Bitcoin rising in popularity, bitcoin fraud prevention should be on the top of everyone’s mind. When you invest in Bitcoin, you want to make sure that your coins are safe. Because Bitcoin is unregulated, you aren’t guaranteed the kind of protection that typical money is in regular banks. Though Bitcoin being unregulated is a part of its appeal, it’s still important to make sure your coins are safe, which is why it is of the utmost importance to make sure that your Bitcoin is protected. When securing your Bitcoin from fraud, make sure that you always use a VPN during transactions, store your Bitcoin in separate wallets, create strong passwords and avoid social media giveaways. Keep reading to learn more about these Bitcoin fraud prevention tips.
Top 5 Bitcoin Fraud Prevention Tips
When it comes to protecting your Bitcoin, you’ll want to do the most to make sure that your assets are protected. There are more ways now than ever to make sure that your Bitcoin is safe. The price of Bitcoin has increased exponentially in 2021, and experts predict that it will only go higher. Securing your Bitcoin wallet is a big part of ensuring the safety of your digital currency, in addition to following fraud prevention tips. There are many ways to go about Bitcoin fraud prevention; but, if you follow the tips below, you will adequately protect your Bitcoin.
Use a VPN
When you are trading Bitcoin, use a VPN to make sure that your transactions are safe. Hackers can easily gain access to any public WiFi network. A virtual private network or VPN is an easy way to ensure that your transactions are safe from hackers. VPN’s enable you to hide your IP address to prevent hackers from tracking your IP address. VPNs also provide an extra layer of protection against phishing attacks, malware, and other malicious codes. Using a VPN will not only protect your Bitcoin transactions but your computer as well. When choosing a VPN to protect your Bitcoin transactions, you should make sure that they accept Bitcoin, provide a fast, strong connection, and provide IP leak protection and encryption.
Keep Separate Wallets
Keeping all of your Bitcoin or cryptocurrency of choice stored in one place is more convenient for you, but it’s also more convenient for hackers. Keeping separate wallets makes it harder for someone to gain access to all of your Bitcoin. It would be best if you kept a hot wallet for daily transactions, essentially like a checking account and a cold wallet to store the rest of your Bitcoin, like a savings account. Cold wallets are stored offline, making them harder to track and hack. It’s much safer to store all of your Bitcoin offline than to keep it in a hot wallet that is stored online.
Don’t Trust Social Media Giveaways
The more popular Bitcoin becomes, the more people attempt to exploit it on social media. Recently there have been many Bitcoin giveaways via social media, but many of them have been scams. If you see someone claiming that they are giving away free Bitcoin or any cryptocurrency, it is likely a scam. There have even been a few people who have impersonated big companies and celebrities on social media. These hackers hijacked verified accounts and pretended to be celebrities and companies, claiming they were giving away Bitcoin if users donated it. The scammers claimed they would double the amount sent to the digital wallet address and send it back.
Invest in Antivirus Software
Antivirus software is a general must-have when dealing with cryptocurrency. Similar to the VPN, this Bitcoin fraud prevention tip will help protect your Bitcoin and your computer. While antivirus software won’t protect against everything, it will prevent certain malware from attacking your computer and Bitcoin. If you’re doing anything with cryptocurrency, you should have antivirus software installed on your computer. Several websites pretend to be legitimate places to buy Bitcoin, but they are, in fact, scam sites. While these sites may not necessarily be out to steal your Bitcoin, malicious code on the site could infect your computer. If one of these sites infects your computer, they’ll likely be able to gain access to more than just your Bitcoin.
Create a Strong Password
Many people make the mistake of making their password for the digital wallet something simple, which is detrimental to the safety of your Bitcoin wallet. Simple passwords are far too easy to hack, and your password should not be something that you’ve used for something else either. It would be best if you had a unique password for every wallet you have. Each wallet’s password should consist of letters, numbers, and symbols. It would also help if you took care to stay away from predictable phrases and words that you may have used in previous passwords. It is also advisable to use two-factor authentication for all of your wallet addresses since it is the simplest way to secure your digital wallet and prevent Bitcoin fraud. Not only is this way simple, but it is also free. When creating your passwords, make sure that you write them down and store them safely. Try not to keep them in a cell phone or online because that can become compromised.
Buy Bitcoin Safely with Pelicoin
Pelicoin is a cryptocurrency ATM service with locations all over the Gulf South, Alabama, Louisiana, Tennessee, and Texas. You won’t find a more user-friendly place to make your Bitcoin purchases. Whether you’re a first-time user or an old pro, Pelicoin ATMs are the best machine for you. Many of our ATMs are located in gas stations and convenience stores that are open 24/7. We want to make sure that you have ample opportunity to purchase your bitcoin whenever the mood strikes you. After making your initial purchase from a Pelicoin ATM, consider one of these top apps for cryptocurrency investors.
Avoid Bitcoin fraud and purchase your Bitcoin with Pelicoin today!