We put together a list about the most frequent mistakes wallet users can make by accident. We suggest you to keep these points in mind for the best and safest experience!
#1 Not saving backup file
Imagine that you can’t access your wallet because you lost your phone and you don’t remember the password you set. Without the backup document we can’t help you, since we also don’t have access to your wallet.
#2 Mixing up cryptocurrencies
The BTC.com wallet can hold Bitcoin and Bitcoin Cash funds. If you send Ethereum, Ripple or any other cryptocurrency to the wallet, you may end up permanently losing that money. Also, you must never send Bitcoin (BTC) to your Bitcoin Cash (BCH) wallet address and the other way around. They are not compatible and this procedure cannot be used to exchange one currency to the other.
So before you make a transaction or give your address to someone, be sure to check in which section of the BTC.com wallet you are. You can switch between currencies via the drop down selector in the Menu.
#3 Not using two-factor authentication
We highly suggest you to enable two-factor authentication (2FA) for your wallet account. You can find it under “Settings” in the Menu. 2FA gives an additional layer of security by asking you to enter a randomly changing number before you can access your wallet. Good 2FA apps are among others Authy and Google Authenticator.
#4 Paying too low transaction fees
It can be especially an issue with Bitcoin transactions. It’s okay to use low transaction fees if you are in no rush to send your coins but if you need a fast confirmation, please use the “Optimal fee” setting. It will calculate a fee that will allow your transaction to go through with priority.
#5 Forgetting password/ PIN
Please make sure that you use a password/PIN that you can remember but it’s very hard to guess. While you can still regain access to your wallet after forgetting your password/PIN, it can be a stressful experience.