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Nickel Bitcoiner
Nickel Bitcoiner
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Joined: Fri Mar 08, 2019 4:23 pm
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How to secure your cryptocurrencies: Sending and Receiving crytpo (Part 5)

Sat May 11, 2019 8:28 am

Transactions on the blockchain are immutable. Once a transaction is processed, it cannot be changed.

After Binance was hacked, the idea of carrying out a “reorg” was floated but was deemed to be impossible. In laymen terms, a reorg involved the reversal of blockchain transactions.
Image Given the irreversibility of transactions, you need to be extremely careful when processing them. Here are some precautions to take note of when sending and receiving cryptocurrencies.

1. Be extremely careful.
Double and triple check the address you are sending to in its entirety.

2. Consider running your own node.
This allows you to verify transactions without having to rely on a third party.

3. Unconfirmed transactions are not secure.
If receiving funds, wait for at least a few confirmations.

Want to know more about protecting your crypto when sending and receiving funds? View the full article on [url]https://whotookmycrypto.com/safely-sending-receiving-cryptocurrencies/[/url]. It contains easy to follow steps on how to protect yourself when processing transactions. There we further explain each of the above points in greater detail. Additional tips can also be found on that page.

Have other security tips to suggest? Did we miss something? Leave them in the comments below and we will update the list.

See you next time when we discuss inheritance planning.

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Qyuhn
Nickel Bitcoiner
Nickel Bitcoiner
Posts: 100
Joined: Wed Jan 17, 2018 1:33 pm

Re: How to secure your cryptocurrencies: Sending and Receiving crytpo (Part 5)

Sat Nov 23, 2019 11:50 am

Thanks for the recommendation. I agree that it is when transferring money that you need to be extremely careful and choose only large and trusted exchangers.

OneChain
Silver Bitcoiner
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Re: How to secure your cryptocurrencies: Sending and Receiving crytpo (Part 5)

Sun Aug 23, 2020 10:54 am

So many hassles for normies to ever adopt :/
Whichever chain wins,the world wins Image

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