Protecting your Bitcoin investment is one of the most important things you should learn to do as soon as you buy your coins. Given the attractive Bitcoin price, hackers out there are hungrily roaming the internet to get vulnerable investors to steal from. As a result, you should be on your guard and equip yourself with the necessary armor to fight these thieves.
Perform sufficient background check on vendors before performing any transactions with them
Today, a single Bitcoin value is at the price of at least $19,000. This is a lot of money for anyone to lose to unreliable and untrustworthy vendors carelessly. Be sure to perform a thorough background check on them before using them.
For starters, check where they are registered and the security measures they have in place to protect their clients. They need to look out for you anytime you are performing transactions like changing Bitcoin to Canadian dollars or any other currency. To be safe, it is better to use vendors with great reputations; the likes of Coinbase, BTC-e, or Kraken.
Separate your Bitcoin wallet address from your private key
Keeping your wallet and private key in the same location makes it super easy for hackers to gain access and wipe you out. The increasing price of Bitcoin is their main motivation to do all they can to access your hard earned coins. Therefore, make an effort of separating your address from your private key.
Use your computer or mobile device to perform Bitcoin transactions
The industry of the Bitcoin in Canada will show the increasing number of hackers there are in the country. So much so that the authorities are taking regular measures to warn the public from hackers. Just because a lot of people are turning Bitcoin in Cad money doesn’t mean the transactions are legit. Some of them are hackers draining investors’ wallets.
To avoid getting hacked, perform all transaction using your very own computer or phone to prevent leaving your passwords on someone else’s devices. Your passwords are meant to be so private that not even your kin should know them.
Split your Bitcoin currencies amongst several wallets
This is one of the many awareness Bitcoin campaigns being spread in countries like Canada. Authorities have let investors aware of information like;
- How to successfully split coins into different wallets
- Where to Buy Bitcoin in Canada
- How to buy Bitcoin in Canada
Splitting the coins is a sure way to guarantee you are not going to lose all your investment at once. After all, you did not resolve to learn how to buy Bitcoin currencies only to lose it.
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— Blockstream (@Blockstream) January 18, 2018