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While using BTC ensures tight security in all your transactions, there are still hazards you can encounter. Here are a few tips to add security to your bitcoin:.
If you do, chances are, your e-wallet can be susceptible to different types of hazards. Have a separate wallet for all of your transactions and savings.
Online wallets are convenient to use if you want easy transactions. However, online wallets are more susceptible to breach. If your account gets opened by hackers, you will lose your bitcoins permanently.
Create a strong password. Create a password that will be difficult to crack. Sharing your private key to your wallet is not advisable.
Keep all your keys private and secure them in a place where only you can access and open. Always have a back-up. You also have to make sure that you have a backup of all your existing wallets.
Advantages of Bitcoin Anonymity. Bitcoin transactions are recorded on a network. This network is accessible to the public.
Only the identity of the owner remains hidden. No Intermediaries. One of the most important advantages of using bitcoin is it cannot be regulated by any government or financial institution.
Since Bitcoin is decentralized, transactions using BTC has lesser fees compared to fiat currencies. No Taxes. You can purchase anything with bitcoin without having to pay for the additional tax set by the government.
Less Transaction Fees. If you use Bitcoin to send money to a different country, the cost is low compared to the amount asked when sending fiat.
Privacy and Security. People who are interested in using Bitcoin should know that Bitcoin transactions are not fully private. Regulated Countries.
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Bitcoin can be acquired through a process called mining. Bitcoins can be sent through peer-to-peer encryption. Most Bitcoin transactions take up only a few minutes and has less transaction fees.
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