A single bitcoin’s value has increased from the original US$0.0008 in 2010 to its current value of $23,486.68. It has pulled through negative criticism, investment schemes, and high-transaction claims.
Now, it’s the world’s most valuable and traded crypto that provides an excellent potential for wealth accumulation. However, just because the currency is famous and reliable doesn’t mean every crypto wallet and exchange is safe.
How to Buy and Sell Bitcoin Safely
Most crypto wallets and exchanges support mobile and PC operating systems. Although these platforms have security encryptions, they’re not 100% secure.
Therefore, before accessing your bitcoin wallet on your mobile or desktop device, ensure it is secure. Download and install a premium antivirus program. Ensure you update your security patches while ensuring all passwords are strong and hard to guess. One effective way to do this is with a password generator.
Choose a Credible Bitcoin Exchange
When selling or buying bitcoins, you must transact through a highly trusted bitcoin exchange. Look for bitcoin exchanges that comply with anti-money laundering policies and know your customer rights.
Such platforms have been verified and confirmed by regulatory bodies and veteran bitcoin traders and investors to be safe and reliable.
Ensure you’re not dealing with data scraping and collection sites in the name of a bitcoin exchange. Since you’re giving almost every detail about you, make sure you don’t end up freely giving your sensitive data to scammers.
Check online exchange reviews and individual customer testimonials and ratings to find an exchange you can trust.
Choose a Good Wallet for Your Investment
Your cryptocurrency sits in a special bitcoin wallet. The wallet is like your online banking account, which receives and stores your money. Basically, clients have to choose between offline and online bitcoin wallets. Wallets tend to have a private key and a public address, visible to the person sending or receiving bitcoins.
Cold wallets (offline wallets) are hardware-based wallets similar to modern USB drives. These are the securest and most reliable wallets for long-term bitcoin investors.
Hot wallets are virtual-based and require an internet connection to operate. They’re the best wallets for crypto traders who actively trade and invest in bitcoins. However, hot wallets aren’t reliable for long-term investors who trade vast chunks of money.
Invest What You’re Ready to Lose
Like gambling, crypto investments aren’t 100% sure ways to get rich. Luck and skills play the greatest part in the progress, and your ability to leverage profits depends on how skilled and lucky you are. Therefore, you can’t invest blindly and expect to leverage your earnings and stay at the top of your investment game.
To succeed as a bitcoin investor, you must have a goal and a budget. Know what you can afford to lose in a single purchase or sale. If you have budgeted $1,000 per month, know how to spread the bets, and don’t be greedy. Use the latest and most efficient bitcoin trading bots in addition to keeping abreast of the latest developments to help you leverage profits.
Use Proxies to Access Crypto Exchanges and Wallets
The worst mistake a crypto investor can make is to access Bitcoin exchanges with public Wi-Fi. The number of data scraping bots and systems installed on crypto exchanges and websites is massive.
Consequently, you risk man-in-the-middle attacks if you don’t hide your identity when buying or selling bitcoins. If you don’t have 256-bit solid encryption protocols, you may lose sensitive data and money to hackers.
To buy and sell bitcoins online, use proxies with 256-bit encryption protocols enabled. When you need a residential proxy, look for trusted proxy service providers. Proxies make it impossible for hackers to interpret and use your data online.
They hide your identity from hackers and ensure you can securely access crypto exchanges.
Trade Bitcoin With Ease and Peace of Mind
Buying and selling bitcoins has now been simplified, thanks to the latest user-friendly and cost-effective crypto exchanges and bitcoin ATMs. Although most websites and systems have 256-bit encryptions, it’s still possible to lose your data and money to hackers if you don’t take care.
For safe transactions, you have to choose credible bitcoin exchanges and ATMs. You must equally use proxies when accessing online crypto exchanges and wallets.