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.
Get yourself a Bitcoin wallet with robust security features
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:
- Supports two-factor authentication (2FA) – Enabling your wallet’s 2FA adds an extra layer of security to your Bitcoin funds by requiring a code to verify the user’s identity. This assures you that only you have access to your crypto.
- Accessible and convenient to use – There are different types of cryptocurrency wallets. But with Bitcoin’s unpredictable price movements, it’s ideal to get a digital wallet that will allow you to access, buy, and sell BTC with a few taps on your smartphone anytime and anywhere you are.
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.
Buy and sell Bitcoin on a reputable crypto marketplace
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:
- High-security standards – Choose an exchange that can protect not only your funds but also your confidential information. Marketplaces like Paxful strictly comply with know your customer (KYC) regulations to verify every user’s identity and activities. This is another way of eliminating the bad actors on the platform and maintaining a safe and secure trading space for all users.
- 24/7 customer support team – Bitcoin’s price can reach peaks and troughs anytime. That’s why it’s ideal to choose a marketplace with customer support teams that you can easily reach out to for any trading concern you might have.
Be on the lookout for fraudsters’ malicious and deceptive traps
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:
- Don’t click suspicious links – Note that these malicious links can be shared through QR codes and shady URLs via text messages, emails, social media, or trade chat. This is one of the most common attacks set by fraudsters, especially when BTC’s price is booming.
- Check the website’s domain address – Before entering your log-in details, make sure you’re on the legitimate website you’re trying to visit. Cybercriminals often create fake websites that look very similar to the real ones to lure their victims, so be on guard!
- Don’t interact with unfamiliar profiles regarding your BTC trading activities – Aside from tricking you into clicking on suspicious links, fraudsters also pose as someone from the company or organization they’re imitating to earn your trust and steal your BTC right after.
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.
Ready to ride Bitcoin’s next bull run?
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.