How To Get Bitcoins And 5 Tips To Avoid Losing Them
You can get Bitcoins by purchasing them using your fiat currency. You do this via a crypto currency exchange. You could also mine for Bitcoins but that is a complex process requiring specialized software. Most people resort to the easier method of buying them. But even before learning how to get bitcoins, you need to know how to avoid losing them.
There are two main ways you can lose Bitcoins. The first is when you execute a transaction but the exchange you are using needs a couple of hours or even days to complete it. You can also lose Bitcoins to fraudsters who can either scam you or hack into your digital wallet.
So you know how to get bitcoins, here are some tips that can help you avoid losing them.
-
Add funds before buying
FOMO often makes people make purchases with a wire transfer. The problem with this method is it takes a couple of days for the wired money to hit your crypto exchange account. By the time the funds clear, the price of Bitcoin might have changed drastically. To avoid this scenario, always add funds first and then buy Bitcoins from your balance.
-
Use several wallets
Avoid putting all your eggs in one basket. There is no limit to the number of wallets you can have. You can use online wallets for spending and store the rest on your mobile or offline wallets. You can also have separate wallets for receiving, spending and saving coins.
-
Obfuscate transactions
Do not share your private keys with other parties. Hackers can easily use taint analysis to work out which wallets are owned by one individual. You can use a mixing service to conceal the relationship between your different wallets. Apart from preventing fraud, it also helps to ensure your privacy.
-
Use cold storage
As long as a computer is connected to the internet, it is susceptible to attack. Using offline wallets (cold storage) is a great way of ensuring safety from hacking. Examples of offline wallets include vinyl wallets, paper wallets, and USB drive wallets.
-
Update your Bitcoin software
Always make sure to have the latest version of your Bitcoin wallet software. Software updates are often security patches and failure to install the updates makes your wallet vulnerable. If possible, enable auto-updating to avoid missing out on important updates.
Reports of people losing their Bitcoin are on the rise. It makes no sense to put a lot of effort on how to get bitcoins and yet take no measures for keeping the coins safe once you have them. Taking the deliberate steps outlined above will help ensure the security of your Bitcoin.
