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Protecting Your Bitcoins

Are Your Bitcoins Safe from Theft?


Bitcoin is a digital currency that can be transferred to just about anyone in the world. The main problem with Bitcoins is that they operate without an authority and the supply isn't monitored either. This means that they can't be manipulated, or monitored by the bank, the government or any organisation. Another problem is that when Bitcoins are stolen, they are impossible to recover and you can't file any fraudulent charges with anyone either.

If you want to make sure that your Bitcoins are safe then you may want to consider investing in mobile verification authentication. With this additional level of protection, you would send a onetime password over a communication channel, which is normally over the phone or by text. The IP channel that is normally used to make transfers is blocked in this instance, so only those that have access to your phone can initiate the transfer.

The payment will only be made after the password has been entered and this is a great way to ensure that unauthorised transfers are eliminated. Aside from this, you can also make it so you can also make it so you need to use your phone to login to your registered account and this adds an additional level of security when you are resetting any passwords and making changes to your wallet.

After all, Bitcoin theft may be irreversible and it may be incredibly difficult to track down the person that committed the crime, but it is entirely possible for you to protect your own account with just a few simple steps and this is a great way for you to add an additional layer of security to your account. It doesn't cost anything but it could end up saving you from a scam, theft or financial disaster. .

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