Bitcoin is now more popular than it has ever been, with its price increasing every day and investors flocking to make hay while the sun shines down on the bitcoin investment. However, many experts and regulatory authorities have urged investors to stay away from the Bitcoin boom with some of them even predicting that it is a bubble waiting to pop.
But if you are still looking to buy Bitcoin then here is what you need to do to avoid being scammed.
Use a Legitimate Bitcoin Wallet Service.
The quickest and safest way to get in on the Bitcoin hype is to use a wallet service. This is third party software that will help you invest. Some good options include Blockchain.info, Xapo and Coinbase. These wallets can be used both on your computers and your smartphone. Registering is easy and quick; you just need to provide your name, email address and a password. Ensure that your password is a strong one.
After you have set up your wallet, connect it to your online banking account, credit card or debit card. Don’t use your phone number or SMS for this since that can be easy for hackers to get into. Also set up a security key or Google Authenticator.
After you have the necessary security precautions in place, you can invest in bitcoin. After you decide how much money you will invest, use the wallet service and transfer the amount.
Setting up and controlling your own wallet is another option but it is far more complicated and not really the way to go for Crypto virgins.
Tips to Avoid Being Scammed
To avoid being scammed, only use legitimate websites and always bookmark the link you use. Please don’t click on links from emails, online advertisements or even searches without authenticating them.
Remember that investors in cryptocurrencies are the target of cybercriminals and hackers looking to make a quick buck so being vigilant is extremely important.
Scammers try various methods to get people to leak out their personal information, including getting investors to enter data into websites that look genuine. An email that could look genuine but are fake is another way scammers look to gain information. If you receive such emails delete them.
Some websites also promise huge profits and ask for private details of investors. Stay away from such websites and remember that if something seems too good to be true, it most likely is.