What happens if a crypto wallet doesn’t accept my cryptocurrency but still clears?
To resolve the issue, wait for your crypto wallet to come back online, open the messaging system, and ask for help. (i.e. “Is my wallet available?”) The help-desk person at the wallet’s headquarters should be able to give you the answer. If the wallet is not responding to you, try contacting the wallet’s help desk.
What if I see a suspicious activity in my account?
Stop accepting payments, just like your bank would. Contact your bank’s fraud department to investigate the suspicious activity, but also consider taking some precautions. Try limiting the amount of time that you remain online while your account is being hacked and you might also consider having an independent third party perform some of your online financial activity while your online bank account is vulnerable.
Can I use my cryptocurrency to buy illegal goods?
No. However, exchanging cryptocurrencies like bitcoin to the more mainstream form of currency is a completely legitimate and transparent process. Once a currency has been verified by a bank, it is truly verifiable.
Can my cryptocurrency be bought from an untrustworthy source?
Unfortunately, cryptocurrencies are considered by many to be one of the safest ways to exchange value. But a handful of unscrupulous cryptocurrency dealers remain on the dark web, where some are known to charge commission rates as high as 20% for bitcoin and many others are believed to sell counterfeit crypto currency.
Concerned about cryptocurrency? Consider investing in the U.S. dollar. Cryptocurrency can also be used for international transactions.
How can I be sure my cryptocurrency is safe?
Any cryptocurrency has the risk of being stolen by hackers.
For that reason, many cryptocurrency exchanges are in different countries, which keeps hackers out.
But, if you decide to use an online cryptocurrency exchange, there are a few things to consider.
- Do your research. Learn as much as you can about the exchanges that you are using and avoid transferring large sums of cryptocurrency to an exchange that you do not trust.
- Don’t spend cryptocurrency on any exchange that is not physically located in your country. International exchanges are highly regulated and may be subject to third-party involvement in your transactions.
- Make sure your crypto wallet software is kept up to date. Certain software may have security holes that are being exploited by hackers.
How do I make sure my cryptocurrency is not being used for money laundering?
Take advantage of anti-money laundering (AML) programs that have been developed by countries such as Switzerland to identify suspicious transactions and report them.
Most of these programs track the movement of funds as they leave an account and the subsequent movement of those funds into an account of a commercial bank to determine whether any money laundering or terrorist financing activity has occurred.