No matter your reason for engaging yourself in the Bitcoin world, Bitcoin exchange glitches are a real concern. These include hacking of cash and sketchy transactions that may leave Bitcoin owners losing their digital assets forever. If you are a Bitcoin investor, there are many ways you could lose your digital currency. These include being attacked by hackers and being a victim of a compromised network or service that will result in unauthorised access to your account. Below are other ways you can lose your digital currency and how to prevent these situations from taking place:
Losing your Private Key
Although the technology used in Bitcoin transactions is advanced, it comes with risks and compromises. If you lose your private key, you won’t be able to access your Bitcoin. That is why you must back up your keys in many ways which could include writing them down.
Not Moving your Bitcoin from an Exchange
As you start your Bitcoin journey, Paychain Bitcoin exchange can be of big help for you. But, exchanges are highlytargeted by cybercriminals. Thus, storing your Bitcoin on their exchange digital wallet can compromise your cryptos. Thus, consider moving your Bitcoin to a safer wallet like a hardware wallet instead of a digital one.
Not Using a Strong Password
It is typical for people to use generic passwords on their online accounts like social media accounts for convenience. But, when an account involves money, it has to be secured with a stronger, more complex password. Hackers can easily crack weak and repeated passwords. You can avoid this by refraining from using the same password for various accounts.
Not Using Two-Factor Authentication
This method is an additional form of security for Bitcoin accounts. It is mostly used in financial services to improve access protection. Enabling a two-factor authentication to your accounts means you will have to give two authentication factors whenever you access your account. For extra security, experts recommend enabling two-factor authentication on all accounts.
Downloading Unknown Software
Some software comes with malware that can steal your private keys or personal information. In fact, it can even replace addresses if you send Bitcoin. You can avoid this by keeping your antivirus up-to-date and double-checking public addresses whenever you send Bitcoin.
Installing Unfamiliar Browser Plug-ins
As with software, some plug-ins may also be accompanied by malware which causes the same damage to your Bitcoin account. As a matter of fact, this kind of malware might monitor your activities. Thus, make sure you install only trusted plug-ins and review the permissions you will want to grant them.