3 Things To Know Before Entering Bitcoin’s Bull Run

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3 Things To Know Before Entering Bitcoin’s Bull Run

As the world welcomed 2021 into existence, the original cryptocurrency was well into a supercharged bull run. Opening the year at $29,458, a record high at the time, in only a matter of days the cryptocurrency soared to an incredible $40,000. The world – both within and outside of the crypto industry – watched with amazement. We’ve put together these 3 things to know before entering Bitcoin’s bull run to ensure that you stay safe from crypto attacks and navigate the markets with confidence and ease. 

1. Buy And Sell Bitcoin On Trusted Platforms

First and foremost, only use reliable, trustworthy platforms. If something sounds too good to be true, it probably is. Be sure to do thorough research before parting ways with your well earned cash (in your quest for well earned returns). While some platforms might be better than others, here are four tips to help you in finding the right one:

  • Security. We cannot stress this enough, ensure that the platform you are using prioritises their security. It’s not only your funds at risk here, but your personal information too. Scour their privacy policies.
  • KYC. Do not buy Bitcoin from a platform that does not require a KYC verification. KYC stands for Know Your Customer and is prevalent in any respectable platform’s buying Bitcoin process. KYC regulations are in place to protect both the exchange and the individual from any illicit activities. 
  • 24/7 Customer Support. Navigating new markets can be difficult, that’s why it’s best to find a platform that is there to support you every step of the way. If a platform is willing to give you customer support 24/7, they’re in the business of building a loyal customer base.
  • Read Reviews. Ensure that you DYOR (do your own research) and read any reviews you can on the company. Best to do this before taking the final step and transferring your money, only to find out that it was a scam all along. 

2. Use Only A Highly Secure Bitcoin Wallet 

One of the greatest attributes to cryptocurrency is that it is entirely digital, and able to be easily stored in digital wallets. However, on the flip side this does leave room to several security concerns, most obviously hacking. Many wallets, and exchanges for that matter, have been hacked over the years, so ensuring that you use only a highly secure Bitcoin wallet is imperative. We’ve fleshed out what a crypto wallet is and how to find the best one here, and have included two highly recommended wallet features below:

  • Accessible. As the Bitcoin market is susceptible to volatility (which isn’t always a bad thing) you want to ensure that you have easy access to your cryptocurrency should you want to quickly sell, or buy more for that matter. 
  • Enables 2FA. 2FA means two factor authentication which essentially offers another layer of security on top of the security protocols the company uses. By enabling 2FA, you ensure that before your account is entered, or any transactions take place, you need to verify the action with a code from a third party provider. Find a reliable and trustworthy 2FA facilitator here. 

3. Beware Of Crypto Scams

Unfortunately as Bitcoin’s market cap increases, so do the number of Bitcoin scams. But the cryptocurrency space needn’t be any more scary than the online world you’re used to. We’ve outlined a few key factors to keep in mind when managing your cryptocurrencies online, and a few things to watch out for:

  • Don’t open suspicious mails, or follow any links. Phishing is the act of pretending to be a platform by imitating their communication and then stealing the users’ personal information, or worse, their funds. By providing a false link to their imitation site, users follow the link and when they enter their personal information (like username and password) this information is stolen. Which leads us to the second point…
  • Always check the URL. Better yet, bookmark your platform of choice so that you know with certainty that the site is the real one. Imitations might be so subtle that one doesn’t even notice. Look out for small spelling mistakes or irregular punctuation in the URL, and always ensure that there is a lock symbol on the left of it. 
  • Be wary of someone contacting you from the platform, particularly on social media. Very rarely will a reputable crypto platform contact you through social media, so be wary of fraudsters posing as company employees and asking for any information. 

Stay Safe With Oobit

That concludes our 3 things to know before entering Bitcoin’s bull run. We’ve built the Oobit platform to cater to both newbies and professionals with an easy to navigate interface and equally streamlined processes. Buying and selling cryptocurrencies needn’t be more complicated than working with fiat currencies, and Oobit was built in this very light. Tap into the hyper secure state of the art wallet, 24/7 customer support, and buy and sell a wide range of cryptocurrencies, as well as manage your crypto portfolio from one simple, secure platform. 

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