When used correctly, Bitcoin is one of the safest and most secure ways to make deposits and withdrawals.
Just like any method of online payment, if not used responsibly there can be some risk. But, if you follow a few simple security guidelines, you’ll be able to use Bitcoin without any concerns.
- Transactions are recorded on the “blockchain” (a public, distributed ledger) which makes them more transparent and harder to tamper with.
- Bitcoin is backed up and encrypted on the blockchain to ensure the security of your money.
- Since personal information is left out of the transactions, users aren’t as exposed to threats such as identity theft.
- Always keep your passwords private and stored in a safe place.
- Always use two-factor authentication in addition to your password.
- Always copy-paste Bitcoin addresses - don’t type them by hand.
- Never send Bitcoin to the same Galaxy address more than once.
Be sure to double-check the address where you are sending or receiving your Bitcoin. If funds are sent to the wrong receiver, there’s usually no way to retrieve them unless the other party agrees to send them back.