Bitcoin has recently become very popular around the world although it is in existence for many years. People are eager to know more about this cryptocurrency called ‘Bitcoin’ as how and from where to buy these in the safest way. As a novice to this domain there are chances that you might come across some fraudster or hackers or even a scam that is going around this, so to be in a position to buy the Bitcoin in a safer way here are some safety measure that can be followed while trading in Bitcoin.
Here we have Categorized the safety measures when it comes to cryptocurrency
The main highlight of Cryptocurrency is privacy and since many of the regions in the world still haven’t accepted the usage of Cryptocurrencies so to hide or to mask the identity of the person holding this currency is a vital thing.
The Bitcoin is another form of money only, so the risks involved in trading of these are to be mentioned and warned to avoid loss of money.
This should be the most important of all because it’s about your physical security. There may be some methods or sources through which you could buy these, but here we need to warn you not to use any of them for the safety of your own as they might be very risky.
Things that must be avoided while buying Bitcoin
Buying Bitcoin for cash by identifying a seller near you is not advisable, as this involves a physical security issue as explained earlier and because there are chances of you getting robbed or fooled by the other person. So engaging in such a private meeting for a business is not at all safe and a very bad idea of buying through cash.
Buying bitcoin from a corporate supplier is also not safe and similar to the previous scenario. Even though it might now be that risk to your physical security but definitely it is risking your Identity security as there might be someone outside noticing you using crypto coins. This is nowhere safe for a crypto user.
Buying bitcoins through various forms like gift cards, postal money orders, mobile recharges and many other methods is not a safer way. As the reputation is not good, buying bitcoin through several other forms must be avoided forever.
These are still many more methods that should not be followed while buying a bitcoin for you to be in a safer zone. Then what methods are needed to be followed by a crypto user while buying bitcoin and the way to buy safely is also mentioned below:
Buying through exchange units
While buying through exchange units, make sure that the exchange is a trusted platform. There are many exchange platforms to exchange but you make sure to choose the one which is trusted by many due to their long period reputation as trust is the key. Secondly, when trading is done, move your bitcoin out as soon as possible or else having a separate online wallet will be a better solution.
Buy it from Market places
The market place gives access to the Sellers & Buyers to keep track of the trades. Even though the market is a safe place but ensure to trade only in a reputable Market place.
Purchase at ATM's
Buying at ATM's is also a safe way to buy bitcoins without any human interactions. But do check whether the particular ATM which you are choosing is safe to exchange, get reviews about the ATM. Make sure you don’t use that ATM all the time.
Buy it from the wallet providers
The online wallet providers benefit you with buying and selling facility which can be done immediately in the meantime. The provider will have your personal details and the risk symptoms also taken care of by the provider itself. So it is safe to buy with a provider.
Make sure you avoid using the don’ts mentioned above while buying bitcoin. Be safe even though it is a safe platform to buy and sell. Being alert & cautious is a must in any business.