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How To Stay Safe When Making Bitcoin Purchases

January 28th, 2017 | by BTC News

How To Stay Safe When Making Bitcoin Purchases

If you are realistically considering allocating some of your money into Bitcoins then it is very important for you to take the time to educate yourself about how Bitcoins work and how you can stay safe and protect the integrity of your investment by following a few industry standard safety tips for using Bitcoins. Online safety should be a critical concern for anyone who currently owns any amount of Bitcoin in a digital wallet since this currency is completely digital and has no tangible or numismatic value the way that a gold or silver coin would.

Protect Your Digital Wallet Private Key

One of the critical features of storing Bitcoins in a digital wallet is that the only way to transfer money out of the digital wallet is to enter the private key, and anyone who gains access to your private key can therefore move money out of your digital wallet. This also means that if you lose the private key to your digital wallet for some reason then you will be locked out and unable to access your finds. Therefore it is critically important that you protect your private key from other people and make sure that you never forget it.

Do Not Post Your Bitcoin Address Publicly

It is not good for your online safety to post your Bitcoin address anywhere public on the internet which is tied to the real digital wallet account where you keep any significant amount of Bitcoins. Once you have posted your Bitcoin address to a publicly accessible page on the internet then it can be possible to tie your real world identity to your Bitcoin transactions as well as making your digital wallet a target for hackers to try and crack your private key to access your funds.

Watch Out For Bitcoin Related Scams

Unfortunately today there are many Bitcoin related businesses and websites that are not necessarily legitimate or even legal, and these people do not have your best interest at heart and are really only trying to gain access to the funds in your digital wallet. One way to avoid falling for any Bitcoin related scams is to take the time to do due diligence and proper research before you invest any real money, and this can mean searching the internet for any legitimate reviews related to the website you are considering doing business with. By taking the time to educate yourself about the online safety tips for using Bitcoins and making sure you do not fall for any Bitcoin related scams, you can make sure that you are using this new digital currency with confidence and that your digital wallet is safe.

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