While cryptocurrencies have a variety of benefits, they do suffer from a couple of major problems. The first is that cryptocurrency is unregulated, although some people see this as a benefit. This means that you don’t get the same protections you would if you used a debit/credit card online. The second, and perhaps the most important one, is that you can’t take back a cryptocurrency transaction. Once it is sent, it is sent. This means that you need to be double-sure that your crypto funds are heading to the right place.
On this page, we’ll give you an overview of how to safely spend cryptocurrency online. Do bear in mind that we cannot cover absolutely everything that you need to know. A lot of using crypto online will rely on you using common sense. However, we’re confident that the tips we share here will go a long way towards helping you spend money online in a much safer manner.
Know where you’re buying from
95% of all crypto safety issues can be eliminated by making sure that you only use reputable platforms to spend your crypto, which is currently at an all time high. For example, if you’re planning to gamble using crypto online, which a lotof people do, then you should use a website like www.johnslots.com/en/casino/new-casinos where you can find legitimate crypto casinos. This means places that won’t scam you. Since a common scam online involves fake online casinos begging for crypto, this will help.
Outside of the gambling industry, we are sure there are other websites that you can use to track down legit platforms that accept crypto. If you don’t trust a platform, don’t spend your crypto there. A bit of research will go a long way.
The same applies to crypto wallets — although, hardware wallets are always the best option. Do your research to make sure that you’re using a trustworthy crypto wallet, since your crypto will be stored there, you don’t want anything to go wrong.
Make sure you’re sending crypto to the right place
This shouldn’t pose too many issues if you’re using reputable crypto shopping platforms, since their checkout will make sure that you are always sending your money to the right place. So, you don’t need to worry about that too much.
However, if you’re given a crypto wallet address to send cash to, always make sure that you are typing or copying the correct address and sending the money to the right account. Make sure you’re sending the right amount of cryptocurrency to the account too.
One of the biggest issues people have with cryptocurrency is the fact that once you’ve sent a payment, you cannot retrieve it. Now, there is a chance that the person on the other end of the line will be kind enough to send it back. However, crypto is completely anonymous. If you send crypto to the wrong account, then your money is gone.
This is another reason why you should only be using reputable platforms. It drastically lowers the chance of something going wrong with the transaction.
Don’t use public Wi-Fi when spending cryptocurrency
This is dangerous. People snoop on public Wi-Fi and, if you’re sending personal information, there is a good chance that it will be stolen. This applies to all public Wi-Fi. Never send any sort of financial transaction or personal information anywhere that isn’t your own home. This means avoiding the library, local coffee shop and city public Wi-Fi when making financial transactions.
Don’t enter your seed words for a cryptocurrency
You would think that this is pretty much a given, but a lot of people don’t seem to realise that you cannot, under any circumstances, share your seed words with anyone. If someone asks for them, say no. Your seed words are the key to your crypto wallet. If someone has your seed words, they are likely to steal your crypto.
Use a VPN
You can never be too safe when buying something online. This is why it is recommended that you subscribe to a good VPN if you’re making regular transactions. A VPN will help to secure the transaction a little bit better as everything sent over your internet connection will be better encrypted. This provides you with a lot more protection.
Use two-factor authentication
All your crypto wallets, and accounts you use to make payments from, should be secured with two-factor authentication. This requires that you enter a code from your phone, email or app to access your account. This will reduce the risk of you getting hacked, which can lead to a loss of your cryptocurrency. A lot of people who have shopped at dodgy places online have fallen victim to this type of scam.
Check the browser address
This applies whether you are paying using cryptocurrency, or some other payment method. Always look at the web browser address. If it does not start with https://, then the connection is not secure, and you should not be sending any payment information over that connection. Thankfully, most modern browsers should now let you know if you’re using an unsecured connection, which will provide you with more protection.
Final thoughts
If you follow these tips and use common sense, then sending cryptocurrency online will be a whole lot safer for you. While new scams are popping up all the time, these steps should reduce the risk dramatically. Remember, if you do fall victim to issues online, then make sure that you deal with the problem quickly. The faster you deal with it, the easier you’ll find it is to fix it.