How to Stay Safe with Bitcoin

Staying safe with Bitcoin should be the number one concern when dealing with money anonymously and online. Margin trading crypto can be a risky business that could lure any inexperienced miner or trader to the financial graveyard. Here are some tips and tricks to staying safe with Bitcoin.

  1. Never Share Info

Sharing your password, or other info, could be the end of your account. Hacking in the online, digital world is very possible and you could lose everything. Your money isn’t insured either, so you are out of luck if you lose all of your crypto.

Years ago, Bitcoin was small, but today the price has skyrocketed and it is expensive, so people knowing that you have a lot of Bitcoin could make you vulnerable and you could be targeted by people that are jealous. So stay out of social media with your business and stay safe, don’t let yourself become a victim of a crime.

Don’t ever share your Bitcoin passphrase or private key. This is quite self explanatory, but it has happened before and people have lost thousands and thousands of dollars by making this mistake. Anybody will be your friend until they have access to your money, and then you will never hear from them again. Be careful who you do business with and keep everything private, no matter the case. 

  1. Keep Track of Everything

Keeping a tab on everything that oversees your account is very important. There was an instance of a man who threw away $60 million worth of Bitcoin because they lost their private key. You cannot get your money back… ever, so be careful and store everything in one container before something like this happens to you.

As long as you have an eye on all of your work and progress, you will be able to stay as safe as possible. Also having your computer up to date with anti-virus software is quite important. You don’t want to get hacked and lose everything, so take extra precautions to prevent these careless mistakes.

Cryptocurrency is becoming increasingly popular, day by day, so that means there are going to be more people that want to see you fail. Take your business seriously, before it’s too late and you are regretting everything you did. Until cryptocurrency becomes insured by a bank, you must understand the risks because nothing is guaranteed, even if you have that $60 million Bitcoin in your account. 

Stay safe and prevent the problems before they occur. Happy mining/trading in the world of the modern wild west.


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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2161 Articles

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