Why you should Never Leave your Coins in Bitcoin Exchanges

With the current Bitcoin value at $15000 – $20000, it is essential to keep your coins safe and secure. One of the ways to do this is through good Bitcoin wallet management practices. This is where you initiate a couple of good rules to keep your coins safe. One such rule is never leaving your coins in the Exchanges.

Exchanges are one of the places where to buy Bitcoin currency. They may be companies or someone who does the transaction for you. You need only have ready cash in hand or a credit/debit card containing enough money for the purchase. Once you know what the current Bitcoin price is, you should go with the money to make the purchase. An example of such a purchase is switching Bitcoin to Canadian dollars or any other suitable currency. Alternatively, exchanges are also used to switch money to coins. This is mostly used by new investors looking to invest in the coins.

As soon as you have purchased your coins, you will gain access to a Bitcoin wallet that will contain your coins. This is the part where investors need to be very quick. At the exchange, your primary goal is to buy or sell the coins. Immediately after the purchase, you should move the coins into your wallet. Sometimes you may find people leaving their coins at the Exchanges. This could be because of purchasing them either when the Exchange is about to close for the day or a few minutes before some power blackout. Whatever the reason for the delay in moving the coins, the following are points to consider when leaving them at the Exchange for too long;

Someone in the Exchange Company might move the Bitcoins

The current Bitcoin price is enough to motivate someone to move your coins before placing them in your wallet. There is no point in learning how to buy Bitcoin currencies only to lose them over a small delay. Therefore, whether you intend to change your Bitcoin in Cad money later, or any other currency, better to play it safe and move them immediately the transaction at the Exchange is complete.

Hackers can easily gain access to your Bitcoins

The internet is filled with people making a living out of stealing coins from hard working Bitcoin investors. The price of Bitcoin is always fueling them to work harder on their scamming tactics. Therefore, one way to avoid hackers is to move your coins into your wallet where you will be the only person in control. Learn a few things from countries like Canada. Bitcoin in Canada is thriving, and many are learning how to buy Bitcoin and from where. The authorities are also doing a good job of giving out information on how investors can avoid hackers and avoid losing their investment.

2018-03-21T14:34:40+00:00