Why Shouldn’t You Share Your Bitcoin Password With Anybody?

Sharing passwords of any kind is unacceptable because that is entirely personal to you. You call it a password because it is confidential and you will have all your details stored on a particular account.  

Whether it is a simple email or a social media profile, your password should never be shared with any of your friends or relatives because they can easily access all your details and can even share it with someone else and that can become quite risky.

Bitcoin trading or blockchain technology is one of the newest trading sectors that has emerged out in the recent past. The physical currency that you have will be converted into digital currency in this form of trading, and your account details are going to hold all the information related to the selling that you do use the Bitcoins or the cryptocurrency. 

You will register yourself on one of the blockchain ledgers, and they would issue a couple of keys to you to maintain your account with them. One of them would be a private key, and the other one is going to be the Public Key. 

Private Key is given to you to handle all the personal details that are part of your Bitcoin accounts like your contact details, name and the transactions that you have done using the Bitcoins or the accumulation of the Bitcoin happened in your account.

The public Key is a standard key which would be issued to all the users that are part of the peer to peer Bitcoin technology on the blockchain ledger like BTC software. Using the Public Key, a trader gets to see the overall accumulation of Bitcoins of all the users globally that are registered on a particular blockchain ledger.

The public Key will be issued in general and it beautiful to share, however, the private Key is your account key and sharing that is going to cause a lot of problems which has been explained in this article thoroughly.

  • It is not ethical to share a password.

There is a purpose as to why an organisation or a trading company gives you a password. If you end up sharing your password details with someone else, they will undoubtedly start accessing all the money related transactions on your trading account. You will never be able to complain to anyone even if you lose the Bitcoins from your account because it is your mistake of sharing the password with someone else which is supposed to be kept confidentially.  

  • People reveal their identities.

When you share your Bitcoin trading account password to someone else, it becomes easy for them to access all your details and they can start trading your personal information with someone else for money. Along with this, they would also have complete access to your Bitcoin trading account, and they can invest and start trading in your name without your knowledge, and this is highly risky. 

  • Bullying

When people have access to your password, it becomes easy for them to bully you and start making money from you. They would begin to harassing, and you would end up becoming a victim because of your own mistake of sharing your Bitcoin private Key with someone else whom you are not supposed to be sharing.

  • You will never be able to make profits.

If you end up sharing your Bitcoin account password with someone else, they would be trading on your behalf, and they would not even know the basics of the blockchain technology. If they start mining at times when you are not supposed to, then there are a lot of chances of you losing on the profit. 

  • You lack maturity

Even though you do not have time to invest in trading, you must never share your private Key or password details of the Bitcoin trading even with your closest friends and relatives assuming that they will start trading on your behalf and help you to make money.  

Even if they have complete knowledge and Bitcoin trading it is good to keep your password details to yourself because it is your money and if you end u[ sharing your password you are breaching the integrity, and this also shows that you lack maturity 

These are some of the most important reasons as to why you should never share your Bitcoin password with anybody.

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Ajay Deep

Ajay Deep is a young enthusiast who Loves Chandigarh and is always eager to make this beautiful city even more beautiful. A Mechanical Engineer By Chance and Working in an IT MNC by Choice. A Writer, Photographer and a Budding Entrepreneur. A Designer, Developer and Digital Marketing Expert. In brief : A Jack of All Trades and Master of Few :) You may reach Ajay Deep at ajay@chandigarhmetro.com