Bitcoin makes it easy to move money across the web, but this convenience doesn’t come risk-free. Because there are plenty of ways by which someone can steal your money, violate your privacy, or track your spending and transactions through Bitcoin, it is important to keep your activities discreet and secure. A reputable Bitcoin mixing service is a good line of defense against these attacks, although it is important that you do your homework as to which service to use—one that will help protect your assets instead of taking advantage of your trust. Here are more ways to transfer your money securely through Bitcoin:
- Maintain separate wallets. If you use the same wallet for Bitcoin spending as your entire cryptocurrency holdings, you put your savings at a risk of different kinds of abuse. You are more vulnerable to being targets of scammers and hackers if you keep your holdings in one place. There is virtually no limit to the number of wallets or addresses that you can create while trading Bitcoin. This way, you can easily create separate wallets for spending, receiving payments, and storing your savings.
- As a general rule, avoid keeping your savings in a web wallet, where they can be open to hackers. Just recently, several cases of hacking have been on the news, reporting web wallets being emptied of their Bitcoin contents. While wallets are convenient, they should only ever be used as checking accounts and places to store money that you intend to use in the near future. Keeping only a small amount of spending money in your web wallet limits your losses to a minimum if the wallet gets hacked. Bitcoins don’t work like your typical bank or credit provider. Meaning losing money fraudulently doesn’t entitle you to a refund claim.
- Protect your privacy and never share private keys with anybody. Your wallet key is equivalent to your bank account’s PIN.
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