With political turmoil, economic uncertainty, and Treasury bills turning to a ‘ Safe Haven’ such as gold, or the Swiss franc. The crypto proponent says that bitcoin should also be included in this list. The price of crypto has dropped significantly due to the coronavirus, which has made people very sceptical about the safety of bitcoin. But recently the price of crypto has started rising.
How to keep your bitcoins safe?
A secure digital wallet is required to store cryptocurrency. There are many types of digital wallets, all have their speciality and technology. Sometimes hackers can also access crypto wallets, the cryptocurrency kept in the exchange and wallet is not considered as any insurance or FD key deposited in the bank. But some exchanges provide the facility of a private insurance policy in case of theft and hacking. When trading crypto, you choose a platform that is robust and secure that involves holding large amounts in cold storage and two factors for users. Cryptocurrency exchanges offer reserves for their coins via hot wallets, which are secure but vulnerable to hackers being online.
Use Cold Wallet
Cold Wallet does not work online so that it is away from cyber-attacks. This is known as a hardware wallet, in which private keys are stored in a cold wallet. Due to not being connected to the Internet, it remains safe and away from hackers, it is considered a good behaviour option. If you are interested in bitcoin trading visit this link to know what are the different things you can do using bitcoin .
Use Secure Internet
Avoid public Wi-Fi when processing crypto transactions Use a secure Internet connection A VPN is a good website. Access your home network using it, this website protects your browsing activities from harmful actors by changing the IP address and location when accessing it.
Too Much Panic
It is a matter of great concern whether bitcoin will be able to maintain its value or will fall in value. People started selling bitcoin because of the fear of this topic. At the beginning of the coronavirus, bitcoin was hit, which caused some stability in things. But the market is still in a state of volatility indicating that there is still a lot of uncertainty.
Use A Strong Password
Passwords play an important role in an online wallet, forgetting the password can result in permanent loss of your money. The password which is the only recovery option must be secure and strong and must be at least 16 characters long. Only letters or recognizable words are not enough, it is necessary to use numbers, punctuation, etc. A difficult password isn’t easy to remember, you can keep a photocopy of it in a secure safe, but it’s better to remember it yourself.
Lack of utility:
We cannot consider bitcoin as a safe asset, because you cannot spend bitcoin on important things like food, etc., which you need in times of crisis. But you don’t have a specific reason to keep bitcoins. Apart from this, it is more useful if you keep other assets or old cash.
The Bottom Line
Simply put, bitcoin is not a haven right now because of the steep fall in its prices, the market is very stable. How will it move in the future? You can track its prices on the BTC trading platform, but it’s certainly not a good idea to rely on it right now. But bitcoin may emerge as a widely accepted payment method in the future but we cannot consider it as a safe haven until it is possible.
