I have another question about buying crypto. How do I safely fund my exchange account to buy the crypto? My friend has crypto and told me I need to be security conscious. So I thought of opening a bank account and only using that for buying crypto and funding it with another bank account and using Brave browser (she recommended it) just for crypto and the crypto bank account.
I normally use Firefox for everything.
I haven't opened an exchange account yet or downloaded the Brave browser.
That's what I'm trying to do.
i would probably not advise opening a new account with a new bank just for crypto, this may raise flags.
the part you need to be careful of , is that you are buying from somewhere reputable , and that your crypto is secure , not so much the account that is funding it.
obviously dont just go giving out your banking password to a unsecured merchant, but thats not different with buying crypto or anything else.
Thanks :-)
To be honest, you shouldn't care much about the flags, you're a legitimate investor after all and not a money smuggler/crook. Right?
I think it's actually a great idea to have a dedicated Bank Account, Email, Browser just for crypto. You might want to use a VPN and Strong Password Manager as well. Then rely on 2FA and only on reputable crypto-exchanges. Be ready as it is very volatile, set up some alerts, bots, or something as well.
Don't keep much money in your new Crypto-Bank Account or for very long, just use that to move money from your regular Bank to the Exchange, and back again. Dedicated Hardware Wallets are a good option when you are HODL/long-term investor, and/or, you are using large sums. Crypto does drop in value very fast which is a good opportunity to quickly buy some coins when you're out… or it might be warning signs before the bubble popping (see 2013, 2017, 2021) which might be a good point to exit when you're in.
I think there are useful threads on Whirlpool. These measures are overkill, but no-news is good news. There's been so many hacks/fraud/identity theft around crypto its scary, and no not the Blockchain technology that has not been compromised, but there are other weak links that the scammers have been targeting as they're getting more sophisticated. With a security mindset and more research I think you can eventually look into AltCoins that are slowly catching up to the performance ageing Bitcoin.
Username checks out….
I use Independent Reserve. Australian based, nothing dodgey. Use whatever browser you like, from whatever Australian bank you like. 2FA security.
your friend is wise.. but you need to be security conscious about your crypto as its a bearer instrument… there is no tech support. if you are scammed or you make a mistake its on you.
Regarding bank its mostly push action so unless you plan to withdraw your AUD, you may not need to give your banking details. when you withdraw AUD you give your BSB and account no.. so not much can be done with that info anyways.
just use some common sense and it should be fine. use a reputed exchange and nobody can double your money or make profits for you so stay away from those scams..
Thanks :-)
lol this is like the 10th post on crypto on ozb in about a week.
This sounds similar to sole advice I heard about Bitcoin and grandmas.
So many gamblers who don’t value their money it seems.
Just because you don't understand tech doesn't make crypto investors gamblers..
Warren Buffet invested into Apple in 2016 after living in denial for over a decade on tech…
Oh i understand it , I very much understand it… and anyone who understands it would not be so foolish.
But i suppose the saying is a fool and his money are easily parted.
This page steps it out for beginners: Bitcoin Basics
While upping your privacy and security is a good idea, it's hard to avoid handing over your personal details to an exchange if you want to buy BTC or other crypto.
As others have said: focus your efforts on protecting the crypto that you buy. It's a bearer asset like cash, so if you lose it, or its stolen, you have little recourse.
If you go with a reputable exchange (e.g. Ind Reserve for an Aussie example) you don't have too much to worry about, they are well regulated and likely to be 'safe'. For larger amounts, consider a hardware wallet to hold your crypto offline.
As a general rule it's also good to test things out with small amounts first before making a big purchase. E.g. with an exchange, transfer a small amount of AUD, buy a small amount of crypto, and reverse the process to check that you can sell crypto and withdraw your funds. You'll lose fees in this process, so test a small amount. It will give you peace of mind.
Thanks very much. That's good advice, especially with being able to withdraw it as well :-)
It's no different to buying anything online. I think you need to do a whole lot more research before you jump in.