6 Foolproof Tips for Safely Trading Cryptocurrency

Exchange services, cryptocurrency processing systems, and web wallets are each susceptible to online theft. Despite this fact, cryptocurrency continues to be one of the safest ways to move money online. Here are some tips to boost your cryptocurrency security.

6 Foolproof Tips for Safely Trading Cryptocurrency - bitcoin image

Photo by Andre Francois on Unsplash

Watch out for High-Volume Altcoin Trading

Treat any cryptocurrency exchange that engages in high-volume trade campaigns involving altcoins with caution. Altcoins are an alternative to Bitcoins. And, if the particular altcoin the exchange is pushing has a fishy reputation, steer clear. Another sign of a shady exchange is participation in “initial coin offerings.” You put yourself at risk when trading in new coins.

Trust Your Intuition

If it walks like a duck and quacks like a duck, it’s probably a duck. In other words, if an exchange seems shady, they probably are. You can learn a lot about the future prospects of a cryptocurrency exchange if some of their big names quit the company. For example, the director of MyCoin exchange resigned right before it became clear they were running a Ponzi scheme.

Diversify

If you put all of your eggs in one basket, you’re in big trouble when that basket falls. You don’t want your trading posture to have any one point of failure. To avoid this, diversify your risks. You can do this by investing in many different cryptocurrencies, storing your coins offline, and using more than one exchange service.

Be Careful Using Your Smartphone

You might want to purchase a separate smartphone specifically for cryptocurrency trading. And, if your smartphone has a ton of apps, do not conduct transactions on it. Cyber thieves can gain sufficient privileges to get your private information and blackmail you just by hacking one of the apps. If there are apps on your phone that you never or rarely use, uninstall them.

Protect Your Email Account

Use a strong password containing special characters and lowercase and uppercase letters to safeguard your email account. Add an extra layer of security to your account with multi-factor authentication. The vast majority of cryptocurrency-related hacks happen when a user’s email is compromised.

Keep Your Personal Email a Secret

Your personal email address should not be public knowledge. When you sell or buy cryptocurrency, exchange services typically submit notifications to your registered email ID. Attackers can track your transactions by compromising your email account. They can then potentially gain unauthorized access to your crypto wallets.

With these tips, you can have peace of mind as you enter the booming cryptocurrency industry.

Will Cryptocurrency Save Our Financial Woes?

Will Cryptocurrency Save Our Financial Woes? - hacker image

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A lot has been said about cryptocurrency recently. And it’s becoming a very solid option. But for those people who have some savings with real money, is it a worthwhile option? Here’s why cryptocurrency is very hot right now, and why it’s something you should consider as part of your savings.

Saving On Bank Charges

When it comes to looking after your savings, you need it stored in a bank account so it can accrue interest. But for those who struggle financially and are constantly living in their overdraft, the bank charges alone can cause more than its fair share problems at the end of the month. Thinking about something like Bitcoin, which is a decentralized currency, this needs a lot more clarity and transparency to how it’s monitored. It has lower transaction fees than banks, meaning that if you can buy Bitcoin, you don’t have to pay as many charges as you would with a standard bank account. Buying Bitcoin is relatively straightforward now, you can buy Bitcoin in the UK easily, but you can buy Bitcoin anywhere now. And when you enter into a Bitcoin transaction, you can see that there is very low, or in fact, zero fees!

It’s Widely Accessible

You can buy Bitcoin anywhere in the world, but it’s also very easy to use. Cryptocurrency has a process to make you able to invest in different coins. Assessing the system is straightforward, and has little hassle, as opposed to trying to access money from a bank. You can also transport money easily. Instead of the typical concerns you have with moving a large amount of physical money, you can store virtual currencies like Bitcoin on a memory card, so nobody feels like they’ve got a hefty wad of cash stuffed in their pocket!

You Can Use It (Almost) Anywhere

Cryptocurrencies are fast becoming accepted everywhere, and the great thing about cryptocurrencies that there’s no exchange rates, transaction charges, or interest rates exclusive to a certain country. As a result, you are getting more bang for your buck, and it’s an easier process when it comes to transactions. Lots of online retailers accept cryptocurrency now, so if you are savvy enough, you could buy everything through cryptocurrency. Retailers like Amazon accept Bitcoin, and as time goes on, we will see more retailers accepting Bitcoin and cryptocurrency. You might even see your local high street retailer accept it!

Of course, with cryptocurrency, it’s something that isn’t tangible. So to an extent, it’s not that easily monitored. This can bring up worries as far as the security of your online currency is concerned. Although there is a process called cryptography which helps add a layer of security to any transaction. The other problem with cryptocurrency being so hot right now is that everybody’s jumping on the bandwagon. As a result, using cryptocurrency as a way to save your finances might not be completely foolproof, as people are jumping on it like the gold rush back in the 1800s, but on the other hand, being savvy and knowing exactly what you are dealing with will put you ahead of the curve. So it’s not just the only way to make a saving, but it’s something you can do in addition to saving physical money. The more currencies you have, the more you can play the market!