Bitcoin and cryptocurrencies are a brand new concept and most people are still learning about how they work. Due to this lack of knowledge, a large number of scam companies have set up shop online to attempt to steal money from its users. To avoid being scammed it is important to carry out a number of checks when using BTC or any other crypto. In this article, I will explain the steps you can take so that you stay safe when using Bitcoin.
Using Bitcoin is extremely safe and as long as you know how to store it correctly it can provide more security than fiat currency. You are in full control of your own money and if the banking system fails, your BTC will be safely stored. One of the reasons why crypto has become so popular is to act as a hedge against a total complete collapse of the financial system. The risks arrive from investing in investments that returns are too good to be true or by using fraudulent companies.
There are two types of Bitcoin scams that trick online users out of money. The first is related to Bitcoin Casinos that are set up to take advantage of players and the second is related to investment scams promising a fortune in returns.
When you are gambling using Bitcoin online there are a number of checks that you must first carry out. The first place should be a trusted review site such as Bitcoin Casino No Deposit Bonus and check if the site is blacklisted or has bad reviews. Next, you need to check if it is a real Blockchain Casino and you can do this by seeing if a public displayed ledger is on the site that displays each bet. If it does not have this you’re not getting the benefits of provably fair technology so you could be getting scammed by the site.
It is also vital that if you do deposit Bitcoin at casinos or gambling related sites that you make sure that your account is secure. If you get emails with unknown links or that are from suspicious sites does not click on the links. Make sure you set a strong password and use an advanced password manager to store it. It is vital that when storing cryptocurrency that you turn on 2-factor authentication to provide an extra layer of security. Also, check that your antivirus along with firewall is up-to-date and if you want to be extra secure use a VPN network.
Over the last few years, there have been many Bitcoin-related investment scams online that have made millions. If you come across a site that promises returns that are greater than average investment, the chances are it is a scam. Do not use these sites and enter your personal information as they can easily steal your identity along with all of your crypto.
When a Blockchain company is set up correctly it is the safest place to store your BTC and offers a greater level of security compared with fiat based models. Make sure you choose which websites you use and carry out research before entering personal details along with depositing any Bitcoins. Do not take part in any telemarketing or email campaigns from companies that you did not register with and request information from. The technology is advancing at breakneck speed so it will not be long before sites are completely secure but for now, you need to make sure that you take extra precautions.