Bitcoin has had a massive impact on the way that business transactions are done in the world today. It provides a nearly effortless way to move currency across the internet. As with any internet transaction, there are some risks that come with the rewards. It’s possible for someone to track your spending, take your money, or violate your privacy if you are not aware of basic security tips. Before you head down to the Bitcoin ATM in Milwaukee, WI to purchase your first Bitcoin, make sure you know these things first.
It’s Best to Have Multiple Wallets
It is recommended by experts in Bitcoin and other cryptocurrency that you use a separate Bitcoin wallet (or address) for each and every transaction you make. If you are using the same wallet to spend Bitcoin as you are to store it, this makes it much easier for someone to swoop in and gain access to your Bitcoin. The good news is you can have as many Bitcoin addresses as you need, so don’t be afraid to have a few.
Web Wallets Aren’t the Best Option
Web wallets can be convenient and may be largely safe, but there have been many cases of these wallets being hacked and emptied of all cryptocurrency. You should use your web wallet the same way as you would your checking account – by placing money that you plan to use in the near future. If there is a limited amount there, you won’t experience large losses even if something goes wrong somewhere.
Keep Your Privacy Protected
The biggest rule here is to never share your private keys. Don’t share them with friends. Don’t share them with family. When you think of your address as the same as a bank account number, the key is basically your pin number. Another layer of protection is possible by using a mixing service, which can make it less likely that someone can find your other wallets by watching your transactions.
Make Sure to Create a Back Up
If you use a desktop application to store your wallets, you will usually see an option to back it up. You should make use of this and store it somewhere else to avoid losing access to your wallets. You can upload a copy to Google Drive, Dropbox, or another service so if something goes wrong with your computer, you aren’t left high and dry.
Getting Started with Bitcoin
One of the easiest ways to get started is by using a Bitcoin ATM in Milwaukee, WI. RockItCoin offers the ability to both sell and purchase Bitcoin at a physical location. If you would like to learn more, you can visit our website.
