Bitcoin has been a staple in tech conversations for many years now. Nowadays, we live in a world where nothing is inevitable, so the uncertainty of crypto coins is not that problematic. As it turns out, people are now more than ever interested in investing in Bitcoins and other Altcoins. So, the question remains – is it safe? Is it worth the trouble? Or is it just a next fad that will go over without us noticing? This article will review the critical elements of Bitcoin safety, some threats to look out for, and how to stay safe online.

First, let’s start with the concept of safety in the crypto world. The one thing that you need to remember is that you have no authorities that will help you out if something goes wrong. The best and the worst thing about it is that it’s not centralized. That means – you have no authority that will govern those transactions. You cannot be insured by the FDIC – Federal Deposit Insurance Corporation. Your Crypto transactions will depend only on the parties' mutual agreement.

So, how to stay safe? Well, you need to follow a few ground rules to trade safely and without any issues whatsoever. The first thing you need to remember is that you need to follow safe practices.

• Don’t keep your crypto on the exchange indefinitely. Only use the exchange if you are trading the coins now; when you want to store them, transfer them to your crypto wallet.

• Two-factor authentication is critical when it comes to keeping your crypto safe and sound; add a phone number or email address to every login; that way, you will be able to see whenever someone tries to log in to your account;

• Additionally, while encrypting your account is essential, be sure also to have it backed up in some kind of physical storage; using a cold wallet is essential when keeping your crypto safe;

Let’s now go over some of the most essential crypto regulations worldwide to understand what kind of protection you can actually count on. Of course, those are just some of the solutions, as plenty of rules are state-oriented and can differ based on your location. So, without further ado, here are the key ones to keep in mind:

KYC/AML Compliance

Among many others, the first is Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. These regulations can help you secure crypto accounts within the whole Bitcoin network, as those necessitate the disclosure of users' identities to prevent illegal activity online. So, it’s a safeguard so that people would not treat crypto as financing criminal activity.

License

Crypto markets are also governed by various licenses all over the world. Depending on where you live, you may be required to provide a special license to operate legally with cryptocurrencies.

Taxes

Of course, you must also include all the taxation necessary for trading crypto. Those rules can also vary depending on where you live and your status, so check out the local guidelines for crypto trading.

Consumer Protection Laws

Next, we have laws protecting consumers from fraud or scams. Although it’s a decentralized market, cheating someone out of their money is not legal. So, you can count on those laws to help you in need.

ICO

ICO, or Initial Coin Offerings, are the laws protecting potential investors from fraud or unregistered transactions. Those are uncommon, but some countries have implemented those solutions to protect their citizens better.

Blockchain

The blockchain itself can be a regulating force for this risky investment. Some countries are taking jurisdiction over these networks as they try to develop the technology to keep them safe. The concepts are great for creating safe environments, as they are highly secure and advanced in digital security.

So, now that we know the regulations that can help us stay safe with our Bitcoins, let’s go over some of the main ways we can protect ourselves. Of course, plenty more issues can come up, but usually, if you follow the safeguards and best practices, you will be safe from any malicious activity. So, here is how you can ensure that your Bitcoins are safe!

Get a Secure Wallet

One of the critical elements when it comes to protecting your Bitcoins from crypto scams is to have a secure wallet. There are plenty of Hardware Wallets, Paper Wallets, or Online Wallets with good recommendations from the community. Be sure to do your research and opt for the wallets that are commonly recommended, like MetaMask or CoinBase.

Secure your Private Keys

Additionally, be sure to secure your private keys so no one can access them. If you are unsure, use secure password managers or physical backups to ensure your keys are stored responsibly.

Use Two-Factor Authentication

Additionally, be sure to implement Two-Factor Authentication. Whether it’s an SMS code, clicking on a notification in the app, or something completely different, it will quickly help you prevent unauthorized access.  

Get Regular Updates

One critical way to understand all the threats you may be facing is to be prepared for them beforehand. That way, you will not lose out on the opportunity to see what are the most common threats these days, and you will be able to take them on with no issues whatsoever. 

Have Some Sense

Be sure not to be, well, unreasonable with your online activity. Don’t click on shady links. Don’t download attachments from unknown sources. That way, you will be able to avoid most of the issues on hand and, additionally, have the ability not to get hacked at all!

Use a Secure Network

Additionally, be sure only to use secure networks. Public Wi-Fi may seem like a good idea, but it can also be used to hack your device. To enjoy crypto safely, you need to ensure that your digital wallet does not have any substantial security risks. 

Make Regular Backups

Next, make sure that you are creating backups for your devices regularly. It’s the easiest way to ensure that you will provide your crypto security. You can restore everything to the last backup if something goes wrong and restore it with no issue.

Use Different Storages

Be sure not to store everything in one place but keep everything spread out. That way, you can get your information back if one of your storage gets compromised.

Keep up with the Latest News

Next, be informed on the latest best practices in the crypto world. Understand what is being developed, how you can implement those changes in the security of your company, and whether or not you need additional security measures.

Have an Offline Storage

Don’t keep everything online. Use offline storage, as it will allow you to close everything you have online and still have access to your Bitcoin account with offline storage.

One of the most secure and easiest ways of storing your Bitcoins safely and being able to gift them, sell them, and do it all anonymously are Crypto Vouchers from RoyalCDKeys. It’s pretty simple – you buy a voucher at Royal CD Keys for a disclosed amount, and you can exchange this at partner websites for the amount declared on the voucher. 

You can pay it with any payment method you want. This method also allows you to create accounts without disclosing your phone number or real name. That way, you will be able to keep anonymity when buying Bitcoins. It’s essential when living where trading is frowned upon or heavily checked. RoyalCDKeys is considered a safe site selling software, so you will not be anywhere near the crypto world. If you want to stay anonymous, you can do it with Crypto Vouchers.

Additionally, it’s an excellent gift for those interested in the crypto world. You can present it to them, and they will be able to monetize it on the partnered website and transfer it to their wallets.

Here is how to go through this process.

• First, create or log in to your RoyalCDKeys account; 

• Choose your Crypto Voucher for Bitcoin with the amount you’d like to sell it for;

• Go to Cryptovoucher.io

• Click “Redeem”

• Enter the code you have on your Crypto Voucher

• Then, the amount of Bitcoin you have purchased will get transferred to your crypto wallet.

The only thing to remember is that you have 180 days to redeem the voucher, or it will go to waste. Keep that in mind as many people treat Bitcoin as an investment opportunity long-term, so keeping it is a natural choice.

So, now that we know how to protect ourselves from any threats, let’s go over the hazards that can arise. As you may imagine, there are plenty of potential problems all over the world that are facing people online. Of course, you will not be able to care for all of them, but you must know what to expect.

Phishing

The first element that you need to look out for is phishing. People are always trying to get users' information by asking the right questions or creating fake websites of banks, other financial institutions, or payment methods like PayPal. Don’t respond to unsolicited messages that look suspicious, see if the URL of the website it claims to be is the same as the official, and overall – verify the authenticity of everything you are logging into.

Fake ICOs

As you can imagine – if it’s too good to be true, it’s probably too good. Great offers are usually just terrible ones disguised as something more interesting than it claims to be. Be sure to verify everything.  

Research is the key to not getting yourself into trouble or scammed. So, be sure to do it before you buy something that could be problematic.

Pyramid Schemes

Another big thing when it comes to creating problematic situations for BItcoin buyers is all the people involved in the pyramid schemes. Those are all the firms promising great returns on investments while subsequently – asking you for a lot of money upfront. And – you need to sell their product as part of the deal.

Be sure to weed out those individuals as they are often not as great as advertised, and more often than not – you will just lose the money in the process.

Fake Crypto Institutions

As with everything, you must also look out for all the fake crypto institutions. There are plenty of fake crypto wallets and crypto exchanges. Similarly to phishing scams, you can count on multiple entities to try and scam people out of their hard-earned crypto. The best way to fight against those practices is to use two-factor authentication and verify the exchange or any other website you are trying to use your crypto at. Another solution could also be to use a hardware wallet rather than an online one.

Impersonation

Sometimes, you can come across pretty standard-type scammers who are all about impersonation. They will tell you that they are Will Smith and just broke up with their wife and need 2 Bitcoins, as they are stranded on a desert island. You are the only one who can help them. You will probably notice when something like this happens, but only to be sure – no celebrity will write to you asking for Bitcoins. Be aware and always check twice before sending anyone money.

Viruses

Other common threats are malware and ransomware. Or just viruses as a whole. It’s common in this world that people are highly susceptible to viruses, as everything is stored online. The blockchain itself is almost unbreakable, but your account is not. So, be sure to never click on some shady links from shady websites, back up all of your files, and just make sure that no one has access to your money besides you.

Pump-and-Dump

This is probably the most problematic element, as there are plenty of problems in the vast interwebs, and you can never be sure if that wouldn’t happen to you. It goes like this: an influencer or a group of people are getting together to launch a project that will be THE NEXT BIG THING in the crypto world. 

Well, tough luck, it may just not be. As the hype is going up, the prices, too; suddenly, the owners decide to sell all their assets and flee. Well, that can be a problem. The only way out of this mess is never to believe influencers, as it seems. And – beware of hypes. They can get you a lot of money, but more often than not – it will only be another scam like many.

Let’s now go over the most crucial way of keeping Bitcoins safe – finding the correct exchange. It does not mean it should be the most popular exchange on the market or the best price. Here, we will provide you with some of the tools you can use to verify whether an exchange is a legitimate business or not. If you take all those precautions into account, you will surely be able to verify an exchange with no problems.

• Law-abiding – one of the vital elements of any exchange is whether or not it’s a law-abiding one. Does it have all the licensing needed for this particular line of business? Are all the regulatory bodies happy with its existence? Are they committed to follow any financial regulations? Those are just a few of the questions you need to ask before you invest your money into that exchange.

• Reputation – another big thing to find out is the reputation of the exchange. Find out what people are talking about; how long has it been on the market? Those few minutes you’d spend on the research could save you a lot of trouble!

• Security – remember to check out if the site has all the necessary security elements to run this kind of operation; where the money goes, do they have 2FA, and what are their encryption methods? It’s extremely important to do, as you can eliminate some of the exchanges right off the bat.

• Liquidity – also – be sure to see if the exchange has enough liquidity to make transactions. If not, resign from using it, as you will always come to the issue of not having enough money coins to exchange. And if it comes up even once – it’s too stressful to go through with it.

• Customer Support – ensure your cryptocurrency exchange is all about helping you in need. Without proper help, you will be left alone with nothing in your bag and many questions that no one will answer.

• Insurance – another essential thing to remember is to find out whether or not your exchange has any insurance policies you can utilize to protect users and pay them out if something goes wrong. With that, you can be more sure that even if you get scammed, it will probably be reimbursed.

• Geo-locked – Additionally, find an exchange available in your region. Plenty of exchanges are geo-located, and you can never withdraw your money or crypto. That can pose some serious problems to you and your assets.

Finally, let’s briefly go over the concept of a crypto-wallet with a short description of each type. This will help you understand where you can store your Bitcoins safely and what type of wallet would be best for your situation.

Crypto Wallet Types

• Hardware Wallets – have you ever seen a USB stick? Well, that means you have witnessed hardware wallets. Those are some of the most secure storage places in crypto. With them, you can safely store your coins with no issues whatsoever.

• Software Wallets – apps and software being used to access different computers on the web. They are trendy, and if you find a recommended one – you will surely be safe and sound.

• Online Wallets – those are the wallets you can access online through a web browser on a server hosted by a third party. As you can see – those are the least secure out of those, with major red flags. Nevertheless, some are pretty secure, so don’t leave them hanging.

• Paper Wallet – it’s a physical paper that you write your public and private keys. It can be accessed only by real-world stealing, so it’s pretty secure.

• Hot Wallet/Cold Wallet – this distinction means whether or not the wallets are on- or offline. Cold ones are offline; hot ones are connected to the internet.

Critical Elements of Crypto Wallets

• Public Key – you need this to receive crypto coins; you can compare it to your bank account number;

• Private Key – it’s your access to your hot wallets and cold wallets as well;

• Crypto Storage – crypto wallets are mainly used to store your cryptocurrency or tokens;

• Transactions – with crypto wallets, you can send or receive coins; you need to have a wallet to be able to access your digital assets;

So, we hope that now you are more than ready to take on the Bitcoin safety problem on your own! As you can see, Bitcoins are mostly harmless. The same goes for having them as a currency. You can pretty much handle as much as you want, and it’s easier than ever. The only thing you will need to keep in mind is to take some precautions in order not to get yourself scammed.

Be sure only to use the preferred methods of payment that protect you as a customer, such as Crypto Vouchers from Royal CD Keys, or use exchanges with a longer history. Be sure not to disclose your data online, and make sure that no customer service agent will redirect your information into some crazy country with no protection. 

That’s it for today. Thank you so much for checking out this article. If you liked this one, be sure to check out many other ones on our site, from software through gaming and office-related stuff, ending with some crypto information as well. Stay safe, and we will see you in the next one.