You may have heard of digital currencies like Bitcoin, Ethereum and Ripple. After all, they have experienced something of a boom in recent years. The hype is over, but cryptocurrencies still have a lot of potential. However, there is one factor you should never neglect if you are interested in investing in digital currencies.
We are talking about safety, because as attractive as cryptocurrency like bitcoin may be, there are some risks involved. Seniors should therefore place a lot of emphasis on safe use. What all this involves, we would like to show you this article.
Beware of dubious providersThebuying and selling of digital currencies is actually possible without major risk.
However, only if you are careful not to get involved with a dubious provider. In the past, there have already been several crypto platforms that have ripped off their users completely unexpectedly. This can theoretically happen to you as well. It is therefore important to do your research in order to avoid falling for a dubious provider.
A healthy skepticism is definitely an advantage. This also applies when investing in a digital currency that is controversial. The best example of this would be the so-called OneCoin, which turned out to be a scam after a few years, as the entire system was based on a Ponzi.
Payments only with SSL encryptionIn the meantime, it is not that uncommon to pay something with cryptocurrencies. After all, adoption is on the rise and as a result, there are more and more merchants offering currencies like bitcoin as a payment option.
However, when making a transaction, you should always take extra care. This includes, among other things, only paying at merchants that offer reliable SSL encryption. In the gambling sector, this is the case with Betway Online Casino, for example, although there are of course companies from all industries that place value on good encryption. Should such not be available, hackers have an easy game.
It can theoretically happen at any time that your wallet is stolen along with its contents.
Secure wallets sufficientlyAwallet is a digital wallet and as you can imagine, it should not fall into the hands of unauthorized persons. Otherwise, you can assume that you will never see your money again. Unfortunately, wallet thefts do occur on a regular basis. However, they are often related to the fact that insufficient security measures have been taken.
A good example of this is all the scandals surrounding IOTA. A few years ago, the currency experienced a real hype and many people created wallets. However, a significant portion of them lost all their investments because the wallets were simply stolen. However, this could have been easily avoided as most of the victims had their seeds or rather the access code to the wallets created with a running internet connection.
This would not have been necessary, however, as seeds can also be generated offline, which makes it more difficult for criminals to obtain the data. In general, securing your own wallets should be a top priority. Good passwords and the use of two-factor authentication are therefore highly recommended.