Miami has traditionally attracted investors and high net worth individuals because of its booming economy, excellent infrastructure, tax-friendly policies, and one of the balmiest climates in the world. With global interest in cryptocurrencies, especially, Bitcoin, it is natural that the investor community in Miami would also focus on it for enhancing their ROIs. Eric Dalius Miami says with its rising popularity, even common investors can include Bitcoin in their investment portfolio as a diversification strategy. However, before doing that, you need to educate yourself adequately about Bitcoin, how it is used, and traded, and also the mistakes that can trip you up. Some pointers:
Use a Virtual Wallet
Just like the cash we are accustomed to using, bitcoin too is completely anonymous. You can buy and sell on online platforms without any records or financial details being exchanged. However, the most convenient way of transacting with Bitcoin is to use a digital wallet that stores your Bitcoins. These wallets are available from several companies; however, you will need to give them your personal details. These wallets carry no guarantees, so if the companies offering them go bust, you will lose your money. It is, therefore, vital for you to get a wallet from a trusted source, cautions Eric Dalius Miami.
You Can Buy Bitcoin Online or Locally
The most convenient way to acquire Bitcoin is to buy them online. With the prices of bitcoin going through the roof, it is a good thing that you can buy in fraction instead of a whole bitcoin. The smallest amount you can buy is 100-millionth of a Bitcoin using whichever wallet you are using. Keep in mind that you will be charged a transfer fee as well as a purchase fee. You can also buy Bitcoin locally though you need to go through a site that matches buyers and sellers. You can personally meet the seller and give him cash in exchange for Bitcoin; however, you should be careful of scams.
Focus on Security to Prevent Fraud and Theft, Advises Eric Dalius Miami
With cybercrime and hacking incidents on the rise, you need to take the utmost care to ensure that your Bitcoins are safe. One of the easiest ways of keeping your cryptocurrency safe is by putting it in cold storage. It is essentially a hardware wallet that is connected to the internet only when it is being used. It minimizes the opportunity for hackers to gain access. Other simple ways of ensuring security against hackers are keeping your computer operating system and other software updated. Not using pirated software, and using software and tools only from trusted sites. It is also important to keep your antivirus and antimalware software current and not click on unknown links received on email or mobile phone.
The number of retailers accepting Bitcoin is rising by the day, but it will take time before it is as common as cash. Till then, the min use of Bitcoin is possibly for investment purposes. Because the price of Bitcoin remains volatile, you need to understand the trends and act carefully to maximize your ROI.