The first few days of 2021 have been full of surprises for crypto enthusiasts. We welcomed the year with a soaring Bitcoin (BTC) price of 22,346.3 USD. Just a week later, it crossed the 40,000 USD mark. This extraordinary upsurge in the Bitcoin market made this year’s news headlines and piqued the curiosity of people even outside the crypto world.
While newbies and veterans are exploring opportunities in the bull run, fraudsters are playing clever and deceptive tricks to fool traders and investors amidst the noise and excitement in the markets. This is why it pays to stay vigilant at all times, especially when BTC’s price is surging. Here are some practical techniques to guard yourself against falling prey to various crypto attacks.
Bitcoin runs electronically through digital wallets and gadgets connected to the Internet. While this feature makes it more accessible than fiat money, it also makes BTC more susceptible to fraudulent online attacks. Choosing a crypto wallet is very crucial, especially when you’re storing massive amounts. That’s why it’s ideal to look for a Bitcoin wallet that has the following features:
If you’re new to the crypto market and are scouting for a reliable crypto wallet, know that creating an account on Paxful entitles you to a free Bitcoin wallet. If you already have a Paxful account, be sure to enable your 2FA and other necessary security features to keep your crypto wallet more secure.
There are thousands of cryptocurrency exchanges on the Internet today, but it pays to get fractions of BTC from a reputable and trustworthy one. Here are some factors to keep in mind when choosing a Bitcoin marketplace:
With BTC’s soaring price and trade volume, the rate of crypto fraud and scams has also significantly increased. These pitfalls are often laid through social engineering, phishing, and other dangerous cyberattacks. Keep yourself from falling prey to such shady deals and activities in the crypto space by keeping these things in mind:
While Paxful utilizes powerful security features on the platform, you can help secure your funds by applying the best practices in protecting your crypto account against phishing and other kinds of scams in fast-evolving crypto markets.
2020 has been undoubtedly a challenging year for us as we’ve spent most of our time indoors. While that event allowed us to have plenty of time to reflect and think, the first few days of 2021 have brought an event that lots of crypto traders and investors probably didn’t anticipate. Bitcoin’s year-end price of 28,841.57 USD had seen a dramatic increase of about 45% after eight days when it reached its current all-time high of over 42,000 USD.
Some crypto enthusiasts say that institutional investors and traders may have played a huge role in this bull run, but how long will it last? More importantly, how prepared and secured are your funds before Bitcoin’s next rollercoaster ride kicks in?
We hope the things you know now can help you navigate the uncharted waters of this emerging coin. Remember to keep these things in mind and always keep your guard up!
*The content of this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
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