As with any new technology, there are risks associated with digital currencies. It’s important that consumers understand the risks and ensure they have the tools to protect themselves and their money.
One of the most important features of Digital currencies like Bitcoin, Ethereum etc is that transactions aren’t reversible. This means that once you receive Bitcoin, you don’t have to worry about the sender reversing the transaction. But it also means that if your Bitcoin account gets compromised or hacked, they can send it off and you won’t be able to get it back again. If you own digital currency you need to prepare yourself against scammers and scams.
You should first and foremost be sure to only deal with a reputable Bitcoin company and learn how to identify Bitcoin scams, but that is only half the equation.
Bitcoin is attractive to scammers for the same reason it’s attractive to you: it’s fast, it’s international, and it’s irreversible. So as Bitcoin usage has grown, we have seen more and more Bitcoin scammers disappear with user funds.
Always use two-factor authentication on your Bitcoin wallets.
Two-factor authentication (or 2FA) is one of the best, free ways to secure your online accounts. It is one of the most effective ways to protect yourself and can be done in under two minutes.
It adds another layer of authentication to access an account by requiring two things: something you know (your password) and something you have (your mobile device).
Many sites and services already support 2FA, including Google, Facebook and Luno. You might already be used to your bank or credit card provider sending you a text message with a one-time PIN for certain transactions. These services also two-factor authenticated.
The most popular 2FA apps are Authy, Google Authtenticator, LastPass Authentictor and FreeOTP. Do your research and install one of them on your mobile device
To learn more about how to protect your account and identify Bitcoin scams, please visit Here