Important Security Tips to Remember to Purchase Bitcoin Safely

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Investments in cryptocurrency (especially Bitcoin) have seen a significant rise, with many people now looking to secure their finances in digital currency. While it’s growing in popularity, there have also been concerns regarding Bitcoin security. Thankfully, there are many ways and practices you can use to ensure safe investment when purchasing Bitcoin.

Opt for an Established Crypto Exchange

According to a report presented by Lloyds Banking Group, cryptocurrency scams witnessed a 23% rise in 2023 as compared to 2022. This means you need to take those security threats seriously, and the first step towards safety is to pick an authentic cryptocurrency exchange.

When you want to purchase BTC, remember that the safest exchange is usually the one that has invested in cold storage and stores almost 95% of their cryptocurrency offline away from hackers. You should also compare exchanges for trading options, fees, and the availability of different cryptocurrency types. Similarly, two-factor authentication, cold wallets, and frequent security checks and updates are steps a good exchange would take.

Activate Two-Factor Authentication

Two-factor authentication is a type of security step that allows users some control while adding a second layer of security. An example of this can be a verification code sent to your email or phone. You use it in addition to your passwords.

It’s a good idea considering a study conducted in 2023 that revealed that accounts with 2FA activated had a 99.99% chance of being safe from hackers. Be mindful to activate 2FA not only on our cryptocurrency exchange accounts, but also on all your email accounts as well. In fact, it’s even better to use an app like Google Authenticator for improved security.

Consider Hardware Storage for Crypto Investments

While the buying and selling of cryptocurrency is best done through exchanges, their storage should be managed in a special piece of hardware, called cold wallets. Remember, approximately $1.7 billion was lost to hacking, so the best way to keep your Bitcoin safe is to buy cold wallet storage.

A cold wallet is more like a hard drive where you can secure your cryptocurrency by keeping it offline. And it’s always the better choice if you’re more interested in buying and holding your crypto.

Keep Software Updated

Software updates should always be installed for antivirus, OS, and cold wallets as they have security updates as well as patches against new hacking practices. Both Google and Apple introduce updates and address vulnerabilities from time to time. In fact, Apple issued emergency security updates in 2023, including their very first “Rapid Security Response”.

Be Aware of Phishing Scams

Scammers will always try to steal your passwords or other information using different ways and means. Here are a few steps you can take to save yourself from these scams:

Avoid clicking random ads and links and never share private information.
Be mindful of the email addresses you receive emails from and check the URL before clicking it.
Emails that ask for personal details are more often than not scams.

Similarly, frequent security checks allow you to test if your security is up-to-date. Regularly changing passwords, updating account settings, and running antivirus scans are all parts of the security sweep. And creating unique passwords using an automated generator will also help.

Endnote

Since the evolution and expansion of the cryptocurrency industry, it’s imperative to secure your Bitcoin investments. Remember, you can easily avoid being scammed or hacked by choosing the right exchange and staying updated about the latest news and security updates.