Bitcoin on its own is not unsafe at all. Though the ever-increasing profits made from Bitcoin trading is attracting a thousand or hundred thousands additional hackers around the world that can conceivably leak your private data and steal your bitcoin without your consciousness. The likelihood of the data being leaked is significantly great if there is no care taken.
Is Bitcoin not safe on its own?
Bitcoin came into existence a long back ago and if it was unsafe, it would have been known to people within a year or a few. Many business people have a large proportion of bitcoins and few people who invested in bitcoins has made enough money.
If you don't like putting 10 hours a day working but still prefer to get enough money, then you should make those trading tycoons your role models. Let's move to the main topic.
Bitcoin is a delusion - Warren Buffett
Even your old grandparents may know about bitcoin as it is the oldest cryptocurrency. Old is gold, and gold is old, same goes for Bitcoin, though some may fear due to it exists digitally. If the user is executing it safely, they may not have to bother about getting scammed. Investing in bitcoin unquestionably includes jeopardy yet where there is volatility, there's a lot of advantage. Let's know how to play safe with Bitcoin.
How to keep Bitcoins safe?
Bitcoin hackers will plausibly try to steal your private key by which they can get the entrance to your bitcoin wallet and take all of your bitcoins away from you. Do you know whether you're putting your bitcoin in a safe container? The fact is there are more fake wallets than legit wallets.
Some ways by which a stealer can steal your Bitcoin and how to prevent the stealing:
- Fake Changes: Use well-known exchanges which you are positive about.
- Blackmail: Hackers may attempt to blackmail you to enter your private key. Ask the data about the person before coming to any arrangement.
- Cheap Giveaways: The most popular and infamous form of stealing bitcoins. At shortest your money can disappear. Try not to trust social media advertisements on giveaways because most of them are fake.
- Malware: It gets access to your device, does changes to your device that can leak your data. Keep anti-virus and anti-spy up to date.
- Keyloggers: Use a virtual keyboard while typing private information instead of the physical one.
- Trading: Meet person IRL while trading. Certain risks are associated with digital platforms.
- Websites: Put yourself away from websites that seem doubtful. Better use those sites with the 'https' protocol and you should be assured of the website.
Some common types of scams that make Bitcoin unsafe
1. Non-Legit Wallet:
Let me present you with the name of some of the well-known fake bitcoin wallets.
- Bitcoin Armory Wallet
- Green Address
Shocking is the truth that these fraudulent apps can be installed from the Apple store as well as Playstore. There are literally thousands of fake wallets around the app stores.
2. Social Media scams
Social media is an extra growing source for hackers to hack the personal data of users. Even with the progress of increasing security and privacy, some top corporations couldn't fully counter the hackers such as Google and Apple.
For instance, the co-founder of Apple accused YouTube. The co-founder matched the efforts put by Twitter as well as YouTube to combat the threatening information. Though Twitter took action on the same day whereas there was no response from YouTube. The co-founder of Apple registered a lawsuit against Google because it was lukewarm to take down those fake giveaway videos.