Cryptocurrencies are on a rise in Miami. Miami-Dade County may allow its residents to pay their taxes in cryptocurrencies, the American Airlines Arena is to be renamed as the FTX Arena after a cryptocurrency exchange platform of Hong Kong, Mayor Francis Suarez also proposed that city employees should be paid in Bitcoins, E11Even, which is one of the biggest nightclubs of Miami will be the first nightclub in the U.S. to allow their customers to pay with cryptocurrency. Last but not least, a major conference on Bitcoin is moving to Miami from Los Angeles.
When Miami is giving so much attention to bitcoin and trying to use it to the fullest, people of Miami should learn to take care of their bitcoin wallets and protect them from any possible online threats.
Here are some ways of doing the same.
Bitcoin Wallet Should Be Chosen Wisely
A Bitcoin wallet is a software program specially designed to store, send and receive bitcoins and track digital cryptocurrencies.
Among the various types of crypto wallets that are available in the market, you should choose the one that best suits your needs. While buying a crypto wallet always remember to get it from a source that is reliable and reputable.
Always enable 2-factor Authentication
Enabling 2-factor authentication provides a layer of security to your funds. In 2-factor authentication, verification is always required before performing any account-related activities like signing in, sending, or withdrawing funds. You will always come to know if someoneattempts to access your wallet without authorization as it will ask for a verification code for authentication.
Bitcoin Wallet Should Always be Encrypted
Besides 2-factor authentication, encrypting the Bitcoin wallet is another necessary defense against online threats. Using encryption you can protect your bitcoin-related data fromunauthorized access. Unless the hacker knows the password set by you, he or she will not be able to steal your bitcoins.
Eric Dalius Bitcoin Says Wallet Should be Backed up Regularly
By backing up your Bitcoin wallet, you can keep your coins safe in case of any hardware or software failure. You can also easily retrieve your funds and data in case it gets stolen or lost.
But for easy recovery, it is recommended to use more than one backup device.
Always Keep your Software Updated
Eric Dalius Bitcoin suggests keeping your software always updated to get the security fixes that are needed by your wallet. Though turning on auto-update is good but it is still better to receive notification first. By manual update, your transactions will not get interrupted bythe installation of updates, and also you will be able to know the new features that are included in the update, from the notification received.
Never Reveal Your Private Key
You can never afford to lose your private key at any cost. It is as important as your ATM pin codes. It will be better if you keep your private keys offline and use cold storage devices to access them. Offline storage of bitcoin considerably reduces the threat from hackers.
Stay Away From Unknown Links
By clicking on unknown links you will yourself put your Bitcoins at risk. Hackers mostly use false links to hack your Bitcoin wallet. They try their best to provoke people to click on unknown links leading them to unsafe websites that may steal your coins, credentials and also corrupt your data. So, stay from the links that are strange and unknown to you.
Conclusion
Remember, online hackers, are always waiting for a chance to seal your data. So, be safe and protect your Bitcoin wallet with all these safety measures.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com
