CryptoCurrency

Securing your Bitcoin Transactions with a VPN

Bitcoin and cryptocurrency is the newest innovative technology to date. The whole concept of utilizing blockchain technology to transport digital currency could be a revolutionary feat. One primary concern with Bitcoin is guaranteeing security around it as there is no receipt of the transaction once a transaction is placed. To better secure this new transaction, utilizing a VPN when paying, sending, or receiving bitcoin is your best option currently.

Since there is still much scrutiny around the use and acceptance of bitcoin around the world, you may run into legal issues in regards to sending or receiving bitcoin in select countries. By using a trusted VPN service, you would be able to control your sending and receiving location and even IP address if needed to ensure you are completing the transaction securely and legally. Since bitcoin is a decentralized currency (has no actual value backing like gold) if you do not utilize a VPN to secure your communication and a hacker intercepts the traffic and is able to reroute the transaction to a different bitcoin address, you lose entirely that currency and there is currently no way to track this down.

Another excellent example of how cryptocurrency is shaping the future is Facebook's recent news of its development in its cryptocurrency called Libra. As you may know, Facebook has a massive following with a significant focus on advertising. It will be essential that Facebook leads the charge on securing cryptocurrency transactions for Libra to take off. By utilizing a VPN to change your geo-location may be one way to secure your Bitcoin transaction today, but with Libra, it will be interesting to see how can utilize Facebook user profile information to eliminate "anonymous" transactions.

A best practice when dealing in bitcoin or any cryptocurrency is to only perform transactions with known parties or certified dealers. It is to easy for cybercriminals to spin up and spin down a bitcoin wallet in which a malicious actor could take your bitcoin and disappear. There is no law governing these transactions, so technically you would have no rights in these transactions.

As Bitcoin and Cryptocurrency become more prevalent and widely accepted, we will start to see a more significant push towards companies entertaining the payment of this currency to further increase efforts around securing the crypto transaction. One proactive step you can take in the meantime is acquiring a VPN solution to better protect the communication channel in which your bitcoin transactions are taking place. Reach out and inquire with RingVPN on how we can help you establish a secure VPN service today.