Bitcoin is the decentralized system of payments where each transaction is stored in the form of the block at the integrated public ledger called the blockchain. Due to a lack of regulation by a central body, cryptocurrency holders are solely responsible for managing and securing their assets and funds from felonious intentions.Â
According to the trading platform 1K daily profit, here are some few ways in which you can stay alert and avoid any fraud:
Stay alert while transacting Use your wallet and cryptocurrency exchanges with caution. There have been many examples of a security breach due to inappropriate security and insurance. It is, therefore, recommended to use safe wallets and security keys while operating them.
Further, these transactions must be made with utmost attention to even the minutest of the details. So, double-check the receiver’s address. Simply looking at the URL, you will be able to make sure that it is authentic or a fake copy. You must act with caution if there is anything suspicious email or social media profile requesting funds.
Diversify the amount in every wallet This is a good practice to distribute your funds in various wallets in different proportions. Hot wallets, the ones using internet connectivity, are the favorite targets for thefts and frauds. Therefore, portion out your funds for everyday use, and store the rest in other safer kinds of wallets.
Wallet backup The details of the funds and their locations, along with the security keys to access them, should be stored in an extremely safe place. Further, it should be easy to access, and conveniently recoverable. Make sure you keep checking on any hidden internal private keys in the wallet while taking its complete backup, otherwise they might hinder the recovery process. Further, the backups should be preferably stored offline, as the internet might make it vulnerable to cybercrime activities. Use of different cold storage media like USB keys, or papers is recommended to make regular backups, recording all your recent updates.
Wallet encryption This allows you to secure transfers and withdrawals by adding an additional layer of the shield of password and security keys. The seed phrase or the password should be strong enough to break. Though sometimes, it gets hard to remember these. Store them in a safe place, preferably offline to keep track.
Save your funds offline Cold storage wallets are quite secure, and protect your funds and assets against various vulnerabilities. You could also make a choice between offline signing for a transaction or a hardware wallet. While both are equally secure, making a transaction is convenient in the latter case.
Update your software regularly This fixes the stability or security issues of the software on computer devices or even smartphones. Further, it helps in getting some additional convenient features that improve its efficiency.
To increase your profits over a secured platform,
Opting for multi-signature feature This feature requires multiple independent approvals for completing a transaction. In addition to making a process simple and secure for an organization, it is also beneficial for an individual to keep the transaction under control, thereby preventing any chances of theft happening during the process.
Evade open Wi-Fi Public internet access makes your funds vulnerable to malicious activities by hackers and fraudsters. Using your phone, laptop, or tablet to these open internet sources could prove expensive.
Further, you should refrain from sharing your devices, as this could also expose your personal details to intended misuse.
Conclusion
The sole responsibility of Bitcoin security is upon you. Following some very basic and simple steps could help you stay away from getting involved in any activity like fraud or scam, and consequently lose your precious money.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.