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How to Stay Safe When Buying Bitcoin by Christian Muller, Independent Writer

How to Stay Safe When Buying Bitcoin

The idea of buying Bitcoin has captured the imagination of many people in the last few years. Price predictions for Bitcoin in 2019 run from suggestions that it will hit zero to claims that it could go as high as close to £30,000. The huge volatility of this currency is one of the reasons why it is so attractive to investors, of course.

If you are interested in making an investment in this digital currency then one of the main issues you may worry about is the security. Some of the biggest Bitcoin thefts to date include $63 million stolen from Nice Hash and $72 million from Bitfinex. So, how can you keep your coins safe when you buy them?

Choose a reputable exchange

For the majority of people, a cryptocurrency exchange is where they will buy their first ever virtual currency. There are like digital marketplaces, as they are websites where you can buy Bitcoin and other currencies using fiat money such as pounds, euros or dollars. But how will you know which exchange to use?

It is a good idea to check out some reviews and see what others are saying about each of the popular exchanges before you make a decision. You can find a list of the top ten best bitcoin exchanges for 2019 at BestBitcoinExchange, with the likes of eToro, 24option and Wirex all included.

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Get a wallet you can trust

Where will you keep your Bitcoin once you buy it? The most common solution is to put these digital coins into a wallet. Naturally, you will need to do some research in order to find the type of wallet that you feel most comfortable using. The basic choice is between an online or offline wallet.

Offline wallets are also called cold storage wallets and are less vulnerable to hackers than their online equivalents. You can also choose between hardware and software models. According to Tech Radar, the five best Bitcoin wallets just now include Bitcoin Core, Electrum and Jaxx but there are many more to choose from.

Use a secure device

Finally, what sort of device will you use to buy, sell and manage your coins online? This is a hugely important point, as you need a device that has the latest software and a good anti-virus program on it. There is no doubt one of the big current security threats is from hackers who are keen to target cryptocurrency owners these days.

Whether you use a desktop PC, a laptop or a mobile device, it is vital that you take the right steps to ensure your safety. You are going to have some new passwords and keys to remember, so keeping them all safely stored somewhere is going to be another issue to think about. You might even decide to use a VPN for added security.

Buying Bitcoin can turn out to be a terrific move if you go about it in the right way. By putting security issues at the top of your list of things to do, you will give yourself the best possible chance of doing this safely and without any problems.

 


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