How to use Bitcoin safely
Consumer education is the key to building trust in the Bitcoin economy – says industry giant Paxful.
The current digital age has redefined the way we communicate, interact and trade. Amongst the many recent tech developments, digital or virtual money – also known as cryptocurrency – emerged as one of the key disruptors of our time.
Bitcoin is the leading currency in the crypto economy. To the surprise of some, Africa has become a leader in the Bitcoin economy. Despite what you may have heard or read, many experts contend that the Bitcoin economy is relatively safe: For example, a recent report found that illicit cryptocurrency activity accounted for just 2 per cent of Africa’s roughly $16 billion trading volume from July 2019 to June 2020.
Investing in the protection of users:
Leading global Bitcoin marketplace Paxful knows a fair bit about the best use of the Bitcoin-economy. With nearly five million customers, and a vast amount of bitcoin volume securely traded annually, the platform is considered one of the world’s safest. Aside from hiring top-tier security experts, and applying best-in-class business practice, Paxful invests a great deal of time educating their users about bitcoin.
Here are some of Paxful’s top tips on how to stay safe when using Bitcoin:
- Educate yourself about the Bitcoin economy: The more you know about any financial system, the safer you will be.
- Steer clear of get-rich-quick schemes: If it sounds too good to be true, it often is.
- Transact on reputable platforms: Research the exchanges or marketplaces you use. You want to use a portal that has a solid user track record.
- Use two-factor authentication to protect your crypto transaction account: We all have been asked to answer a security message or input a cell phone code to log into an account. This additional step beyond a username and password is two-factor authentication (2FA). Multi-factor authentication is a stronger method of identity validation.
- Start small: If you’re new to the Bitcoin-economy, keep your transactions modest. You can increase your spending when you become more au fait with the crypto sector.
For more on Paxful, please visit www.paxful.com
