Bitcoin is one of the easiest things to keep a close eye on, there are no other cryptocurrencies that have such wide acceptance as bitcoin, bitcoin security tips can be a bit more difficult to find but I found some useful ones that could help out at least a little bit with what we would like to keep in mind when making some financial decisions regarding Bitcoin. Let’s go over some of them.
Bitcoin Wallet Private Key
As an option to store your BTC keys for all your accounts, there are options available for private wallets such as Ledger Nano S and Trezor, both offer very secure hardware wallets, while the latter can only support up to 100 coins and transactions per day. While private key storage is available the method of storing them can be challenging.
Private keys can also be stored on exchanges. We recommend using Bitfinex or Bittrex for this, they provide excellent crypto trading fees and will even allow you to import and export them for free, so you can hold your BTC without worrying about what people are going to do, as long as you have the correct wallet to receive it. These services have been the best to use and we’ve had zero problems with any issues.
Don’t Store Your Bitcoin Toilet Paper (That is Not Safe)
A Bitcoin toilet paper is a really good idea if you don’t want to take care of storing your coins on the blockchain. It could prevent against hackers knowing how much of your money is being held. In my opinion that it should not matter, Bitcoin wallets should just be for keeping your coins. You can transfer a lot of money from different exchanges to another and it is possible it might be too easy to lose or gain your coins on these exchanges, which could change how you feel and how you think about the cryptocurrency in general. When using these services however, you will be able to make sure that you don’t fall into this situation. Even though bitcoin has never been hacked this problem of losing coins or having too much coins will be gone, it just might not hurt you in the end.
You Can’t Sell Bitcoins Without Getting Canned
One of the most common mistakes people make when selling their cryptos is buying the right amount of coin. For example, in Bitcoin you can sell 1 BTC to anyone that will pay you 10 BTC, so the person who bought the wrong amount of coin and made a mistake with the transaction, could still sell his coins at a profit, this gives investors a chance to get rich selling your coins at a loss, like with Nifty Wallet or similar services. This method is called “shorting” (selling someone’s coins just to make a quick buck). That way it doesn’t matter whether you did it right or not and you have made money.
As I said before you should always stay away from short-term investing and buy coins only as a last resort when the rest of the options fail to yield results.
Be Careful With P2P Wallets
P2P wallets offer two pieces of software to connect any device to a cloud server, that can be used for instant transfers. So instead of actually transferring some money from your computer, you download an application and wait a few seconds for a couple of bitcoins. If you go through a website that allows you to register (you could use Coinbase), you have access to P2P wallets for almost anything where people can send crypto, it’s simple enough, you just need to know where it is located.
You Are Always On The First Page Of Google For Crypto And Other Cryptocurrencies
Google is one of the biggest internet search engines so it offers information on cryptocurrencies and is well known for its huge array of searches, a lot of which are related to crypto and bitcoin. All of these searches are done by Google and have a user friendly interface. You find all the information you need online at your fingertips. It makes for a good place to start with your searches and make important choices. Another great thing is many users find some interesting links at the bottom of pages and click them to see them later, it is convenient enough to find out how to convert to cash in any crypto currency in the world.
So I hope that those 4 tips for choosing your next exchange and wallet will help you out! What do you do? Do you use any other alternatives, especially Bitcoin or Ethereum based ones? How would you look for resources that could help guide you out? Let me know your comments in the comment box below!
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