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Bitcoin is one of the easiest and best ways of moving money on the internet. Of course, just like any other money management methods, there are some risks involved. There are many ways someone can steal your money, track your bitcoin spending and also violate your privacy. Well, once you buy bit quick, here are some useful safeguard measures to help you keep your money safe.
First, you should consider keeping separate wallets. There are many people who make the mistake of keeping one wallet which contains information on their bitcoin holdings, spending sprees and much more. If you do this, you are susceptible to different types of abuse. You can keep separate addresses for all your bitcoin information such that if one is violated, you can always keep the rest safe.
Secondly, avoid keeping your bitcoin savings in a web wallet. Recently, there have been a few hackings and most bitcoin holders have had their wallets emptied. Of course, there is a lot of convenience in having a web wallet but it’s more useful as a checking/current account. Therefore, if you keep very little money on these accounts, in the event of a hack, you can lose very little rather than your entire savings. Keep in mind that if your bitcoin savings are stolen, there is no way to get them back.
Lastly, you should always keep your privacy at a high level of security. Never share your private passwords with another individual. If you’re keeping several bitcoin wallets but are using the same key for access, you could be in danger once you share it. Therefore, keep your access to yourself alone and avoid being hacked or your bitcoin balance being cleared.
Bitcoin has become popular but it’s not completely regulated. Therefore, once you buy bitcoin, these security measures will keep your money safe for you!