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Should I use a VPN when trading Bitcoin?
Last updated on 28/06/2019 by Melvyn and co.
In simple terms... yes!
The ‘hype’ of Bitcoin (BTC) and other cryptocurrencies we’ve seen in recent times peaked towards the end of 2018 but unfortunately came crashing back down to earth losing almost 80% of its value from its highest levels in a matter of days. Many ordinary people lost significant amounts of money after seeing early adopters’ cash out for millions in the hope that they too were on to one of the easiest money makers in recent history. Sadly, as is often the case, nothing goes up in a straight line forever!
However, recently we have seen somewhat of a recovery in Bitcoin as investment and excitement has returned to the space. From its lows in January 2019, Bitcoin has surged from around the $3,000 mark to in excess of $12,500 in recent days, and is currently unsure on where it wants to be positioned (at the time of writing).
We of course offer no opinion or recommendation regarding investing in such a volatile space, however, if you are thinking of potentially purchasing cryptocurrencies such as Bitcoin, the daily and sometimes drastic fluctuations are not the only ways in which you can lose money…
In theory, trading Bitcoin and other cryptocurrencies via blockchain technology should be both secure and anonymous, but in recent times hackers have targeted both exchanges and individual users proving both are still extremely vulnerable. Once any transaction has been complete, it is completely irreversible and totally untraceable.
Often individuals can accidentally compromise their own bitcoin addresses to hackers or help link it to their real identity and location thanks to their IP address. Common practice are phishing attacks where hackers will attempt to acquire your account details by attaching malware to your computer, for example, for example, a Trojan known as ‘Pony Loader 2.0’.
Ultimately, a highly secure VPN is the only way to truly encrypt and safely conceal your IP address meaning your actual physical address can’t be linked to your bitcoin address (not a good idea if you’ve made tons of money!).
It’s important to note that when choosing a VPN for trading bitcoin and other cryptocurrency, we strongly recommend selecting a highly privacy focussed product that doesn’t store any logs or expose your IP address. Be very cautious when using a free VPN for this purpose too as many aren’t as secure as they may lead you to believe, and in the worst cases, sell on your user data to third parties. Even better… don’t use a free service when money is involved and go total market-leading security!