Am I using Bitcoin correctly? – UniDAX Exchange
The following is a shallow dive into the basic steps you will need to consider, when holding cryptocurrency in a wallet on the blockchain.
The more I use crypto, the more I realize how little I know. Does anyone else feel the same?
Open balances, traceable IP address and more. Are you making sure you are safe?
The Bitcoin logo is orange, but maybe, it should be grey. There are so many parts of learning that require a lot of constant learning and attention.
Banking vs bitcoin storage privacy
Safety and privacy go hand in hand and many of us in crypto, will know that if you are storing, and transacting with BTC, you need to think more about it than simply creating one wallet address.
Why is one BTC account/address bad?
As we know, the blockchain is transparent. It shows all transactions, confirms actions are correct and true on the ledger. We rely on each other checking and verifying everything to make it decentralized.
So, what is the problem?
Your bank account, is also somewhat transparent, but only certain people, including banking staff and employees, can access. We understand this is normal, so that discussions can be made to fix problems or to request services from the bank. Even if my friends, family or close colleagues want to check my account balance, they won’t have access. It’s not normal to see how much someone has in their account. Even if they know my bank card number or other details, they will need to pass security in multiple ways to get into my accounts.
On the blockchain however, even if someone doesn’t know you, but does know your BTC address, they can see exactly how much you have, where you spend or send BTC and everything else.
Your entire finances are public.
There are ways to ensure your privacy, but it requires some time and work on our parts, to make sure we aren’t telling everyone just how rich, or poor we are.
Use new address to receive and send BTC.
In every wallet, cold or hot, you should have the option to create new BTC/crypto addresses.
Take Ledger for example;
You can create as many addresses as you want, not only in one wallet, but as many wallets as you wish to use. This improves your privacy across multiple accounts, rather than having your money all in one place.
Have you already taken steps to keep your balances safe?
let me know below. Thanks for reading.
Published at Fri, 13 Sep 2019 03:23:06 +0000
Bitcoin Pic Of The Moment
✅ This image from Marco Verch (trendingtopics) is available under Creative Commons 2.0. Please link to the original photo and the license. 📝 License for use outside of the Creative Commons is available by request.
By trendingtopics on 2019-04-05 10:35:37
