Maybe you have been briefed about how to buy bitcoins. You may know that you can buy them from exchanges or from individuals. And you may also know that the first thing you need to do is to buy a wallet, or in short terms a bank account where you can store private keys to help access bitcoins. And with such knowledge, you will be on the way to becoming one among many bitcoin lovers. However, it is possible that no one has told you what you should be careful about when buying bitcoins. You may want to be careful bout several things highlighted below:
- Wallets are not as regulated as bank accounts
You will easily get a wallet with the innumerable agencies located on the online platform. However, hackers are also looking into making extra coin by getting details about your wallet. And, it is unfortunate that you have no insurance for your wallet as it is the case with the bank accounts. There are many security measures that you can take to ensure that hackers do not access your wallet. Your agency can be of great help in this regard.
- Not easy to recover funds
Once fraud has already happened, it is not easy to recover funds as it is the case with the bank accounts. The bitcoin exchanges are still on the growth path and some of the regulations have not been put in place to ensure that you are fully insured and that you can recover funds in some instances. Taking security measures before and after buying bitcoins will help you not to lose your bitcoins or money to fraudsters.
- Some banks have issues with bitcoins
It is unfortunate that some banks feel threatened by the rise of bitcoins. Therefore, they may problems with the transfer of funds to pay for bitcoins and related exchanges. If are in such a bank, you can buy your bitcoins through hard cash- the bank’s hiccups should not hinder you from buying bitcoins. You can also open an account with a bitcoin-friendly bank.