Localethereum: How to prevent losing your crypto

For virtual currency holders, the most frightening thing is the loss of virtual currency, which is more frightening than the drop in the price of virtual currency. There are many reasons for the loss of virtual currency. The editor will analyze several major reasons and provide corresponding prevention plans.

1. Loss of private key

The private key is the only password that allows you to sell or transfer virtual currency. Once lost, the virtual currency that originally belonged to you has nothing to do with you. This mainly happens when the old hard drive that stores virtual currency is lost. Forgetting to back up when changing computers is one of the main reasons. So, how to prevent this problem from happening? This requires the holder to properly back up the wallet and ensure that it works. Then, write the private key on paper or other physical media and keep it in a safe place.

2. Sending virtual currency to the wrong address during transaction

This is a question that every exchange will repeatedly emphasize. Make sure that your virtual currency is sent to the correct address, because this transaction is irreversible. Unless the owner of this address actively transfers it back, you cannot recover your losses. To prevent this problem, you need to check again and again whether the address you want to send matches the address pasted in your wallet before sending. Some malware will paste a hacker's address into your address bar. In addition, it is also important to choose a good trading platform. Localethereum has such a security mechanism, which can use icons to show whether the address you copied is correct, which can help careless traders avoid unnecessary losses.

3. Is the exchange safe?

Whether an exchange is safe or not is reflected in whether the exchange itself is safe and secure. Every year, hackers intrude on exchanges to steal cryptocurrencies. If an exchange has a bad reputation, it is risky. Therefore, it is important to choose an exchange with a good reputation and high security. In addition, you can also choose an over-the-counter trading platform like localethereum, so that you only obtain buying and selling information on the platform, rather than storing virtual currency in the exchange for a long time, which can also reduce a lot of risks.

4. Virtual currency storage issues

We do not recommend storing all virtual coins in the exchange, as once the exchange is hacked, your virtual coins may also be stolen. Generally speaking, we recommend that you store your virtual coins in your own private wallet and import them into the exchange wallet when you need to trade.

5. Cybersecurity

Make sure you don't click on unknown links at random, double-check the domains you visit, and don't visit your favorite exchanges by clicking on random links online to avoid being phished. Don't send cryptocurrency information or private key information on public WiFi networks at will.

6. Be cautious in trading

Make sure that the funds in your account have arrived before sending your virtual currency to the other party. Do not blindly trust the other party after chatting with them for a few days, or be deceived by Photoshopped pictures and release virtual currency to the other party in advance.

Localethereum is a private P2P platform where you can find people interested in trading Ether and trade in your local currency through third-party smart contracts.

For more information, please join our official QQ group: 783740442 for communication.

This article is for commercial promotion only and does not represent the position of Wabi.com. Cryptocurrency is a high-risk industry. Please invest with caution. We are not responsible for any losses!