Bitcoin: Tips To Handle A Digital Currency

By ridhigrg |Email | Mar 18, 2019 | 1158 Views

These days the way of doing business can easily be revolutionized through Bitcoin. In the case of making payments, you can easily do with the help of virtual currency anytime. There will no card processing which is involved and in this case, you will not have to pay anything to the intermediator. 

You have your Bitcoins in your own Bitcoin wallet, which will sort of your own bank. But there is a catch. If you lose your wallet key, you will no longer have access to your digital money. Also, if the key lands in wrong hands, your wallet will be empty in seconds. So, for your security, we suggest that you follow the following security tips:

Use a Reliable Exchange Service
Web wallets are risky as hackers use them to gain unauthorized access to peoples money. If you really have to use one, make sure you use a reliable exchange service. Once the exchange transaction happens, make sure you transfer the coins to your own wallet right away.

Do not allow open access to your Wallet
According to Joe Steward, you should not allow open access to your Bitcoin wallets. If an employee accesses your wallet and makes a transfer to a wallet they have access to, your money will be gone. To deal with this problem, you can use sub wallets.

Use Separate Wallets
Often, Bitcoin wallets that are connected to the web all the time are prone to network-oriented attacks. So, its a good idea to use offline wallets instead. Actually, what you need to do is keep your digital money in the offline wallets. As soon as you get a big amount of money in your online wallet, make sure you transfer it to your offline wallet as soon as possible.

Store Your Keys Offline
It is a good idea to store your private keys on an offline computer, which will help you keep hackers and malware at arm's length. After all, you want to keep the system as secure as possible.

Use a Dedicated Hardware
It is better if you use a dedicated USB key to transfer data between two computers. Again, it will protect your data from potential viruses and hackers.

Use Linux for added Security
If you are looking for the best way to move data between two computers, you may want to use a USB drive. For this purpose, the most secure system is Linux as it is very good at fighting USB-based threats.

Create Backups
You will lose your Bitcoin or wallet if you end up damaging your computer. So, it's a good idea to create a backup of your wallet someone else. Ideally, you may want to make several backups and store them in different locations.

Use a Powerful Hardware Wallet
A hardware wallet is a USB key that has an onboard computer that runs a special OS. The hardware keeps the private keys secure.

For handling the digital currency like Bitcoin very easily, follow these security tips.

Source: HOB