If you do frequent Bitcoin transactions then you need to be very careful with your online activities. Because it is the concern of your privacy.
Many think Bitcoin is the anonymous payment network. Yet Bitcoin is potentially the most open payment network in the world.
Moreover, Bitcoin will not disappoint you in terms of privacy, because it offers a satisfactory level of privacy when used properly.
BUT do not worry, here we are coming up with the ways in which you can protect your bitcoin transactions.
Below are the suggestions that you should remember.
Understand Bitcoin Transactions:
In the Bitcoin network, all Bitcoin transactions are public, traceable, and permanently stored.
The only details used to identify where bitcoins are allocated and where they are sent are Bitcoin addresses.
The wallets of each user generate these addresses privately. However, if addresses are used, the past of all transactions they are connected to becomes contaminated by them.
Since the blockchain is immutable, it’s important to remember that in the future, anything not currently traceable can become simple to track in the near future.
So, for the sake of these reasons, you need to keep changing your Bitcoin address after you made each transaction.
This brings us to the next factor.
Always use a new address when making Bitcoin transactions
Now, what do I mean by changing an address is that every time you receive your payment or you make a payment, consider changing your Bitcoin address to protect your privacy.
Moreover, you can use multiple wallets, this lets you isolate each of your transactions. This would make it difficult for them to be associated with each other.
The good thing is that your other BTC addresses would be completely private, people who send you money would not be able to verify what you do with them.
Do not forget this legit advice.
Hide the IP address of your computer:
Bitcoin network is a peer-to-peer network, It is possible to listen to the relays of Bitcoin transactions and log their IP addresses in the Bitcoin network.
Full node clients transmit the transactions of all users just like their own.
This means that it can be difficult to locate the source of any specific transaction and any Bitcoin node can be confused as the source of a transaction when it is not.
You can protect your computer’s IP address with software like “TOR”, this can prevent the tracking of your IP.
There are some online mixing services that use separate Bitcoin addresses to blend traceability between users by receiving and sending back the same amount.
It is necessary to remember that, in each jurisdiction, the legality of using such services can vary and be subject to different laws.
These services often require that you trust the people who run them not to lose or steal your funds and not to keep a record of your requests.
However, mixing services can break traceability for small amounts. For larger transactions, it becomes increasingly difficult to do the same.
Do not let your Bitcoin address go online:
If you are very much concerned about your privacy then you should avoid publishing a Bitcoin address on any public space like a website or any social platform.
On top of that, remember not to use your same bitcoin address multiple times. Now, what happens is that if you use your Bitcoin address over and over, then you will be the easy target in the eye of hackers.
Moreover, you also need to take precautions about not using any of your transaction information online. If you do so then it could let someone easily identify your BTC addresses.
These are the five ways that you can consider to keep your Bitcoin transactions private and your funds safe.
The tips you should take into account is to keep changing your BTC address, use TOR to prevent your IP track, do not let your BTC address expose online, etc.
Using these suggestions can surely protect you from hackers and several kinds of fraud.
So, let us know in the comments which tips you are using to protect your Bitcoin transactions, or if you are not utilizing any of these helpful hints then you should promptly start considering it.
Are you taking enough safety measures to keep your Bitcoin wallet safe?
If you are doing, then it is a GREAT thing.
But, if you are not, then it would become a serious problem for you or you even might lose everything from your wallet.
But that day will never come into your life because we are here to give you some solid actionable tips that you can consider to keep your Bitcoin wallet safe.
Although, there is no doubt that Bitcoin is a very much safe currency and nearly impossible to hack.
Still, it is your job to implement good practices in order to protect your money.
It does not matter whether you use hardware, mobile, or a desktop wallet.
Your Bitcoin will always be attractive to scammers, fraudsters, and thieves, especially if you are holding or making purchases with a huge amount.
So, without any further due, let’s jump in.
What are the security risks if you do not take enough precautions to your Bitcoin wallet?
During the Coronavirus pandemic, the security risks have been increased. The hackers and fraudsters are trying to find new ways to access your wallet.
But do not worry, the crypto market can not be affected by such scams.
However, the risks are there. Below are the possible security risks that merchants could encounter.
1. Do not get overwhelmed
Yes, it can be the reason for your loss. Do not tell someone if you have profited from Bitcoin that you invested in a couple of years back.
This exposes you to all sorts of attention and makes you a target out there for really bad people.
Use common sense, you can be an easily targeted person both digitally and physically.
2. Scams involving phishing
During the pandemic, emails claiming to come from reputable sources such as charities and government agencies have increased.
How do these scams happen? This allows individuals to click on links to donate or buy personal protective equipment.
These links are HIGHLY vulnerable from malicious websites where personal information can be leaked to hackers, such as private keys of crypto exchanges.
3. Scams related Investment
There are fraudsters who will act as a crypto-trader and tell you the high returns are now on cryptocurrencies just to make you fool.
They take the help of social media and emails to target users.
The predominant cryptocurrency on the market is now “Bitcoin”.
4. Never forget “Ransomware”
Ransomware can restrict a user from accessing a computer and its files, most commonly in Bitcoin, until the ransom is paid to hackers.
They also request payments via Bitcoin or other cryptocurrencies.
If you do not want to get into these troubles then install not just any but a legitimate anti-virus on your computer that protects your pc from any kind of current and upcoming viruses.
Now, let’s understand the ways that you can protect your Bitcoin wallet.
12 actionable advice that can keep your Bitcoin wallet safe
Despite these security risks, using crypto wallets is one of the best options to secure your cryptocurrencies.
If you take these tips into account, you will be free from any scams and security problems and your money will be out of any danger.
NOW, take a look at the safety measures you should take to protect your Bitcoin wallet.
1. Online Wallet:
Using online wallets can store your private Bitcoin key online. It is a web-based wallet that can place great power into the hands of the organization that runs your online wallet because they have the private key.
It is always good to have access to your online wallet so that you can use your Bitcoins anywhere at any time.
There are some good legitimate online wallet providers one such example is Consider “Coinremitter”. It offers a bit more security like (2fa) and also encrypts your private keys.
It is essential to have two-factor authentication to your wallet, you need to take an additional security step rather than using only one password to access the crypto wallet.
3. A trusted password manager:
It might be challenging for you to remember the code of your private keys, which gives you access to your crypto wallet.
Now in this case you need a reliable password manager that can store and retrieve your code.
And you will be free out of the hurdle to remember your private keys.
4. Use a solid password for your Bitcoin wallet:
It will be not any random password which generally includes birthdates, names, phone numbers, etc. You need to create a tremendously strong password for your wallet.
Your strong password should have contained the letters, numbers, punctuation marks and must be at least 14-18 characters long.
The safest passwords are those created specifically by programs designed particularly for that purpose. Remember your password or keep it in a very safe place.
5. Never give away your private key:
As its name depicts, your private key should be limited to yourself.
Your private key is highly confidential. Do not share it with anyone and do not ask for transactions to be made for you by someone else.
Moreover, do not trap into the proposals or requests that involve a third party or person asking you to share your private key.
6. Save your private at a safe place:
Secure your Bitcoin wallet by saving its private key in a safe place.
It is recommended to write down the private key on a piece of paper and hide it to the location which can only be accessible to you.
Do not take the risk of saving on an electronic device, rather you have a very safe alternative.
7. Separate your wallet for daily transactions:
A very smart idea to separate your wallet if you use Bitcoin for your daily transactions. It also helps you in your time of need.
One great thing is that there is no limit on how many wallets you create.
The benefit is that the protection of your entire portfolio can be strengthened by sorting your transactions and keeping the most important ones apart.
8. Take backup your Bitcoin wallet from time to time:
Backing up your Bitcoin wallet regularly will protect you from computer crashes and a lot of human mistakes. It also helps to recover the data (only if you encrypted the wallet) if your device gets stolen.
It is less likely that any bad incident will keep you from recovering your wallet if your backup is not based on a single location.
Make sure that by periodically backing up all recent Bitcoin address changes and new Bitcoin addresses that you’ve created should be included in your backup.
9. Always verify the Bitcoin address:
You should always carefully check the recipient’s Bitcoin address when making transactions.
When you copy and paste a Bitcoin address and change the pasted output to another address, there are malware programs that can ‘intervene’.
You will end up giving your Bitcoins to someone else if you do not take enough care checking the wallet address.
10. Stay away from the suspicious links:
Whenever you surf the internet, just make sure to not click on any unknown or strange link.
Internet scammers are everywhere they can duplicate entire websites and use URL addresses that are almost identical to the legitimate ones.
If you use an online wallet or a similar service where you are required to enter the private key, make sure to verify that the website address is the authentic one.
11. Update your device software and antivirus:
Check for the update of your antivirus regularly.
A daily upgrade of the software and antivirus solution is one of the best ways to improve the system to reduce vulnerabilities.
To prevent data breaches, you should always use the right security measures. The tips offered will enhance your protection online and help secure your Bitcoin wallet.
12. Use a VPN (a virtual private network):
Another way to improve your security is by using a Virtual Private Network app.
Using VPN you can encrypt your online connection, blocking hackers from tracking your crypto exchanges. To ensure their privacy online, many crypto traders use this method.
These are the security risks and the possible precautions that you can take to keep the Bitcoin wallet safe and not let the scam happen to you.
No one is responsible if something happens to the security of your Bitcoin wallet.
The cryptocurrency scene is continually changing day-by-day and security systems are becoming more enhanced.
You should take all appropriate security measures and keep up-to-date with the latest changes and security upgrades.
Setting up a Bitcoin Gold payment gateway onto your site can give your customers another opportunity to pay for their goods.
However, it does not only offer a different mode of payment but, it also attracts clients from across the globe.
But how can this happen? (you might have this question in your mind)
Because, before the integration of the Bitcoin Gold payment gateway your customer had no option except to pay with credit/debit and PayPal.
So they tended to return from your website without making any purchase.
BUT, this is not the case with Bitcoin Gold or any other cryptocurrency. You’ll be have every payment option listed on your website.
What it does is that this can let your customers make a purchase from their preferred payment option. Ultimately, you’ll gain new consumers and it will help in growing your business internationally.
Now, let’s get to know about what is Bitcoin Gold.
Bitcoin Gold (BTG) is a new form of cryptocurrency that emerged as a result of a hard fork in Bitcoin and strives to be more decentralized than Bitcoin.
It is used as a peer-to-peer currency capable of managing day-to-day transactions and competing with conventional credit card transactions like Visa.
BTG utilizes the same PoW consensus algorithm as BTC, so the only distinction among them is the use of the Equilash hash algorithm rather than SHA 256 to avoid Bitcoin Gold mining unless it is done with ASIC equipment.
Bitcoin Gold can be used just as Bitcoin Cash can be. It is a legal cryptocurrency, which can be used to transfer money or use it for investment purposes to others.
SO, before we move on to the integration part let’s look at some of its advantages. You’ll get to know how it’s beneficial to your business as well as your current & future customers.
Advantages of Bitcoin Gold to merchants
Bitcoin Gold is pretty much like Bitcoin except for a few distinctive characteristics.
These are the leading advantages: Fungibility -1 BTG is at any time equal to 1 BTG. The BTG is similar, replaceable, and interchangeable as a fungible digital currency.
Here, we have listed the advantages of your business as well as for your customers.
Profits your business:
Usually, you can collect payments from BTG a few seconds after your customer sends them. That’s because the conventional payment processors don’t slow down transactions.
Acceptance of Bitcoin Gold offers the company the potential to grow into an emerging client base for the future of payments and tap: people directly looking to invest their Bitcoin Gold.
Since Bitcoin Gold transactions are irreversible, it becomes difficult to recover charges. Instead, consumers may be refunded at their own convenience.
One of the key benefits of using Bitcoin Gold is that it offers security and relative anonymity. No personal details are needed to access the Bitcoin Gold wallet.
Profits your customers:
Bitcoin Gold like Monero utilizes complete anonymity for transactions, protecting senders and receivers’ wallet addresses on the network.
Thanks to its improved design, it allows for quicker transactions. While Bitcoin is thought to generate around 5 transactions per second, it is estimated that Bitcoin Gold is up to 27 TPS.
It’s easier to pay with Bitcoin Gold, although there is no need to carry credit/debit cards. Users only have to enter their name and shopping information and they’re good to go.
Bitcoin Gold is decentralized and there are no intermediaries operating the network, the transaction fee is also quite low.
Begin accepting Bitcoin Gold payments via Coinremitter
Why to delay?
TO stand out from the crowd, you have to take the step NOW!
Integrating the Bitcoin cash payment gateway lets your customers pay who have been specifically looking to make purchases with cryptocurrency.
Setting up a crypto payment gateway for your customers is the best you can do TODAY!
If you want to stand out from the competition and expand your business to the international level then these subtle improvements on your website can give your business a new shape.
ALL YOU NEED to do give another payment option to your customers. Bet me, this will impact a lot on your business than you think.
As a merchant, your key priority is to be able to accept and process Bitcoin cash payments as easily and seamlessly as possible.
Thus, you can please your customers and accept bitcoin cash payments without any headaches.
Bitcoin cash offers quick and low-cost transactions. As the world digitally changes, electronic currencies like Bitcoin cash are becoming the go-to way of paying online and in retail stores.
Before we set up bitcoin cash payment gateway, let’s understand what is Bitcoin cash and how it’s helpful to your business.
What is Bitcoin cash
Bitcoin cash is a peer-to-peer cryptocurrency and people have been using it for a couple of years in their day-to-day transactions.
Nowadays, it’s not only the world’s first but also stable and most popular cryptocurrency.
Before the Bitcoin cash had a maximum block size of 1 MB, then it later increased to 8 MB, and now the current block size is 32MB.
This means the increased block-size will allow more transactions to be processed.
With the Bitcoin cash, you can send and receive bitcoin cash payments directly from person to person. Moreover, Bitcoin cash is also used for investment purposes.
Why merchants should start accepting Bitcoin cash payments
There are a number of traders and users who have already set up the Bitcoin cash payment system on their website.
However, there are many organizations that don’t know the benefits of accepting Bitcoin cash payments.
So, let’s get straight to it.
1. Bitcoin cash is irreversible:
Transactions of Bitcoin cash payments are irreversible. What does that mean is that once the funds have been sent to the receiver’s wallet, the refund will not be available unless the receiver agrees.
Unlike the debit/credit cards where the payments can be refunded. However, this isn’t the case with bitcoin cash. Irreversible payments can also prevent fraud and give companies EXTRA protection.
2. Better user experience:
Using Bitcoin cash also offers consumers a better shopping experience since they don’t need to worry about theft of their credit cards.
It is a lot easier to pay online with Bitcoin cash. You don’t have to carry your cards and fill out all the informations. You can pay directly through BTC by entering your name and shopping information.
3. Expand business:
Accepting Bitcoin cash payments can expand your customer base. Moreover, many consumers these days are using BCH to buy products and services. Even, anyone with a smartphone can use BCH.
Coinremitter helps merchants by allowing them to integrate the BCH payment gateway on their website. So the customers from all over the world can make purchases.
4. Faster transactions:
After your client sends them you can receive BCH payments in a few seconds. This is because the traditional payment processors don’t slow down transactions.
However, payments don’t go through banks, there’s no delay or failed transactions. BCH is paid straight from the digital wallet of the customer with the transaction completed in a few seconds.
Accept Bitcoin cash payments through Coinremitter
To accept bitcoin cash payments on your website, you need to have a Bitcoin cash payment gateway installed.
Coinremitter: the bitcoin cash payment gateway helps merchants to accept BTC and any other cryptocurrency payments quickly & smoothly without any hurdles.
This merchant friendly gateway offers such quality features like multi-currency wallet, create an invoice, current swap, and more.
However, coinremitter is known for its low transaction fees which is just 0.23% (lowest in the market)
With such features, it’s become popular among merchants from the past couple of years.
If talk about its integration process then it can be done in only 3 STEPS.
Merchants should have a Bitcoin cash wallet. In order to set the Bitcoin cash option on the checkout page. The process of setting up a bitcoin cash can be done ion a matter of minutes.
In the next step, you’ll require an API key and password which you can access by clicking on the Bitcoin cash wallet. You can read the API process here.
That’s all, you’ve come to an end. Now you just need to install Coinremitter on your website. Install according to your platform and you are good to go.
That was all about bitcoin cash. Integrating bitcoin cash can set your business presence apart from the competition.
SO, integrating BTC gateway is the wise decision you can take at the moment to extend your business and attract international clients.
Now accept bitcoin payments is way much easier & quicker than before.
“Bitcoin”, a very much popular name across the globe, has been providing a highly secure and transparent way of transferring currency for several years.
Every day the value of Bitcoin keeps growing. Nowadays, the pace of growth in cryptocurrencies and the adoption of blockchain technology has sparked a revolution in the financial industry, taking the online payment sector to a new dimension.
Giant corporations are currently INVESTING their capital and resources in Bitcoin. So you can estimate the value of Bitcoin.
It becomes common that many small and large businesses around the world have already begun to accept bitcoin payments.
Now it is time for you to consider accepting bitcoin payments for your business because you have to keep up with the trend.
This will make your presence as you are at the forefront of technological growth, drawing new clients, and keep your business safe from a number of scams.
We know that being an eCommerce merchant you may have a number of questions running on your mind like how can I start accepting BTC payments, will it benefit my business or not, and more.
Isn’t that the case?
However, we are going to cover all the necessary points that you need to know about your business. You will get a clear understanding of BTC payments and more at the end of this blog!
Down below is our in-depth guide to implementing this new payment system for your online store.
SO, let’s hop into…
What benefits merchants can get from adding the bitcoin payment gateway
Using BTC payments on your website helps you to process lower fees payments and receive payments instantly.
This currency is also ideal for sites involving foreign payments, as it is much quicker than bank transfers from one country to another.
Here are the key benefits that every merchant could get.
1. BTC will expand your customer base:
Integrating cryptocurrency payments into your online store checkout will set you apart from your competitors as well as help attract new customers to your business.
Adding another payment gateway will allow your customers to make a payment through. Ultimately, the customers who prefer to make transactions via cryptocurrencies are more likely to go with the crypto option.
You will notice a significant improvement in your sales.
2. It will eliminate chargebacks:
Transaction through credit/debit cards is reversible. That means the merchants get all of the cardholder’s sensitive information to drag money from the account.
However, this isn’t the case with Bitcoin. Once the funds have been transferred, the party that sent the payment is unable to retrieve the transferred payment without the merchant’s permission.
Every transaction in bitcoin is guarded by the Bitcoin network. That means merchants are able to accept bitcoin payments without having to worry about the threat, fraud, or charges.
3. Provide you the low transaction fees:
Cryptocurrencies are used more often for regular transactions. Merchants may use this to reduce the costs of collecting transactions for their company.
As you already know that Bitcoin is not government regulated. Transactions occur exclusively between the buyer and the seller, so there are no intermediaries who can hold your funds.
More significantly is the fees for processing BTC payments are lower than credit cards.
4. Offering the utmost security:
Bitcoin uses blockchain technology it means blockchain holds the data and is linked to each other. If anyone tries to change a portion of the chain, the entire chain will be alerted and alarmed. That is the level of security.
Therefore, there is no longer a chance of identity fraud or any other security concerns when verifying a transaction.
Criteria to consider when choosing a bitcoin payment processor
So, you have made up your mind accepting bitcoin payments on your store. You can promptly begin accepting cryptocurrencies by implementing a bitcoin payment processor into your existing business platform.
Consider Coinremitter, it works best with the eCommerce platforms.
But BEFORE integrating any payment processor onto your store you must have to check out the following criteria.
1. The transaction fees:
First and foremost you have to check for the transaction fees charged by the Bitcoin payment processors that you are considering.
Bitcoin transaction fees are lower than credit card fees. Coinremitter, however, offers only 0.23% which is the lowest among other gateways.
2. Supported plugins & currencies:
It is advisable to check that the Bitcoin payment processor should support the currencies & plugins that your business requires.
Coinremitter provides all the popular open-source plugins, so you don’t have to look for the other options. Nevertheless, it also offers the most renowned & widely used cryptocurrencies that you can integrate into your store.
You should look for the features of a payment processor that you want to install such as security, digital wallet, multi-currency support, currency swap, etc.
Choose what is best suited to your business requirements. Coinremitter comes with all the features that merchants should need in their business.
4. Customer support:
Last but not least, the payment processors should be available to solve your queries 24/7. This is crucial to your company as issues could hamper your sales processing capability.
Must look at what kind of support is there like is there any live chat support? Or do they offer via mail? Consider those criteria prior to making any decision.
Accept bitcoin payments in just 3 steps
To begin the process,
As we talked above, choose the gateway that suits your business needs according to its features, transaction fees, customer support, etc.
Let’s take an example of Coinremitter for your better understanding.
1. Create your bitcoin wallet:
In order to create your bitcoin wallet, you need to have a coinremitter account. To do that, you can simply create your account by filling your details in the signup form and you’re all set.
After you log in to coinremitter, you’ll have to select a Bitcoin (you can even create other coin wallets too) and then have to fill up the details such as wallet name, password, etc.
Your wallet will be created soon after you fill out the details.
2. Get API key & password:
After successfully creating a wallet, you’ll need to have an API key and password in order to start accepting bitcoin payments on your site.
You’ll get the API key on the wallet page by clicking on the bitcoin wallet. You can consider the API Guide for a better idea.
3. Install a bitcoin payment gateway:
The last you have to do is install the coinremitter on your eCommerce platform.
You can integrate it according to your platform, as coinremitter supports well known open-source plugins, but you can still check before you take a step that your platform must be compatible with coinremitter.
Each platform has a different integration process that you can use to better understand the integration process.
So, you’ve got the idea of how HELPFUL it is to integrate a bitcoin payment gateway into an eCommerce store.
A nice piece of advice is that you can indicate to your customers that you accept Bitcoin payments.
Just put a button “Bitcoin Accepted Here” next to your PayPal, MasterCard, Visa which can get the attention of your customers.