Cryptocurrency is not just a bizarre phrase heard from passersby anymore. Instead, it has become commonplace and one of the most valuable methods of making payments and making financial deals to date.
Cryptocurrency is now one of the most popular methods of making payments and allows anyone interested to become involved with the process. Before jumping onto the cryptocurrency bandwagon, there are a few tips to keep in mind to ensure your own safety, privacy, and protection.
With an understanding of cryptocurrency privacy, make transactions and investments without worrying about the risk of leaking private and secure information of your own.
Making and contributing to a Bitcoin (or another cryptocurrency) account can seem overwhelming and daunting, especially if you are unfamiliar with the market. Using a Bitcoin mixer or a mixing service is a way to effectively “launder” the virtual coins you have harvested, purchased, or obtained in other ways.
Having the ability to mix and launder virtual coins is a way for you to maintain your privacy even if you are interested in getting involved with the realm of cryptocurrency and all it has to offer. A cryptocurrency mixer such as BitMixer or BitBlender is imperative when you want to work with multiple digital coins and cryptocurrencies.
Using a mixer allows you to buy, sell, and send cryptocurrency without the risk of being tracked or blacklisted from your favorite mining sites or other websites you use regularly to obtain the Bitcoin or another cryptocurrency you are interested in.
Use a VPN Service
Working with a VPN (Virtual Private Network) is one of the best ways to ensure your online privacy that has quite a few of other added benefits. A VPN service is a great way to get started when you want to make sure that your online activities remain private, which is especially important when dealing with cryptocurrency.
Some of the benefits that a VPN can provide is hiding your IP, encrypting your traffic, and enabling a private DNS. This combination does much more than guarantee your privacy: it also makes you a difficult target for hackers and protects you from more common online scams.
Of course, you will want to make sure you use a reliable provider and stay away from free VPNs that are often notorious for data farming. No-logs policy is a must, and if you want to go the extra mile, you can see if your provider is registered in an area where such conduct is legally possible (good examples are Panama and the British Virgin Islands: neither have obligatory data retention laws.)
Provide a New Address for Transactions
One of the highlights of having a private IP address when working with Bitcoin and other cryptocurrencies is the ability to implement a new address for each individual transaction you make and complete.
Providing new buyers and contacts with a new IP address ensures your own privacy without putting your real name and authentic information at risk, even if you are selling virtual coins or if you are interested in bidding on cryptocurrency that is most valuable to you.
Some of the most valuable tips to provide a new address when dealing with unfamiliar crypto transactions include:
- Utilize a VPN to ensure and guarantee your own safety, protection, and security
- Avoid using a public address which is easily traceable
- Use HD wallets which specialize in cryptocurrency formats and allow users to send messages without the ability to be traced or tracked down
- Avoid transferring funds to IP addresses and other cryptocurrency accounts you have used in the past. Always use new accounts that are virtually untraceable and with the use of a VPN for an additional layer of security anytime you are reaching out to others or
- if you want to buy and sell the current cryptocurrency you have to your name (regardless of the type of cryptocurrency you have in a virtual wallet).
- Always remember to use any public address you are provided even when you begin to use browsers such as Tor or a private browser. Remain forthcoming with a public IP address to gain trust with users who are buying and selling Bitcoin and other cryptocurrency options to prevent the opportunity of building a professional relationship or gaining trust with other users who are prominent within the community of your choice
Buy and Sell in Cash
Any time you are thinking of selling your Bitcoin and other forms of cryptocurrencies, consider doing so with cash transactions. Today, more local ATM machines are available than ever for those who are interested in cashing out from their cryptocurrencies or those who want to simply add to what is already owned.
Selling any of the crypto-cash that you have accrued for cash is one of the best ways to stay under the radar while allowing you to benefit financially without visiting a local banking company or institution near you for an extended period of time.
Tips to keep in mind when buying or selling cryptocurrencies for cash:
- Always use a burner phone or a phone that cannot be traced by any company that already has your personal information (including your address, phone number, email, and transactional information).
- Research trustworthy buyers and sellers on any online forum or market you are interested in using. Verify each buyer or seller and their past before moving forward with making a deal or selling off any of the virtual cryptocurrency you have obtained.
- When making deals in public, only agree to do so in a public place. Avoid and block contacts who are interested in private meetings out of the public’s eye, especially if you have not worked with them in the past.
Understanding the basics of crypto and how it is impacting and changing today’s economy is essential for anyone interested in getting involved and making an investment of their own.
When you begin investing in crypto coins, knowing how to protect yourself and to stray from potential hackers is a way for you to feel comfortable with and confident in the decisions you make regarding cryptocurrencies moving forward with your decisions.