How you could lose everything with Bitcoin

blockchain

This blog post by Lexie over at ExpressVPN really hits home the need for due diligence when engaging with Bitcoin – or any cryptocurrency for that matter.


 

We’ve all heard the great successes of Bitcoin—thousands made a killing trading the cryptocurrency. But more people have lost it all…

With the value of cryptocurrencies skyrocketing into the $100 billion range, it’s easy to get infected by the biggest “digital gold rush” since the dot com bubble. But while everyone with half a brain and a smartphone seems to make tons of money, it may be time to remind ourselves that it’s just as easy to lose everything on a bad investment.

Here are some of the things you should avoid:

You might get hacked and lose all your Bitcoin

The most common way to get hacked is through phishing links. You might receive emails or private messages on Twitter, Telegram, or Slack asking you to “urgently update your account” or to log in through Coinbase or your email account to “claim a prize.”

Equipped with your details, the attacker will try to log into all popular cryptocurrency exchanges or wallets that you might use or might use your email to reset the passwords on your accounts.

Other forms of hacking resemble social engineering, tricking you into sending money to the wrong wallet, or helping out a “friend in need.”

Read more (via ExpressVPN)

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