Stay Safe with These 4 Tips When Transferring Your Bitcoin
You can work with Bitcoin exchange just like you work with any other kind of currency exchange. Just like working with banks, it is easy to make transactions through Bitcoin Exchange. Analogous to real trade, the user has to pay to purchase Bitcoins.
The major difference is that you have to open an account with some Bitcoin wallet provider. Your paid asset will be available in the form of digital currency that can be used to purchase any product. Bitcoins can be exchanged with other bitcoin holders too. This system works similar to the money exchanges in the banks.
Almost in all payment systems, the payments can be reversed after making a transaction through PayPal or credit cards. But with Bitcoin, the situation is changed, as after making a transaction, one cannot get it back or reverse it.
So you need to be careful while you make payments with with bitcoin, or while exchanging your bitcoins with currency mediums because you may face chargeback issues. It is preferable to make exchanges with other bitcoin holders near to you. So many people have been burned in one way or the other while transferring bitcoin.
For you not to share the same fate as these people, this article will explain four tips you should put in place while transferring bitcoin:
4 Must-know Safety Tips When Transferring Your Bitcoin
- Ensure you got the receiver’s walled address correctly
This is the first rule to follow while transferring bitcoin. Every bitcoin user has a wallet, and each wallet has a unique address with which it receives money in the form of bitcoin. Always double-check that you got the right account before hitting the “send” button.
- Activate 2FA for each bitcoin transfer
If you often do transfers with a public device, always activate 2FA for each bitcoin transfer. 2FA is a two-way security measure that lets you receive access codes while trying to send bitcoin to a third party. This prevents unauthorized bitcoin transfers.
- Send bitcoin to a known person
Since Bitcoin transactions are irreversible, it is recommended that you only transfer bitcoin to someone you can easily trace when the unexpected happens.
- Use an escrow
Making use of escrows while transferring bitcoin to an unknown person (could be a product seller, etc.) is recommended. This helps you keep your coins safe in case you didn’t get what you ordered.
Bitcoin is a digital currency that can be used by anyone without leaving their identity behind. Bitcoin transactions cannot be reversed, which is why you should be careful while sending your coins out. Following these few tips above while transferring bitcoin will keep you on the safe side.