How to protect your cryptocurrency while gambling online
We’re going to tell you how to protect your cryptocurrency. So you’ve read all about the advantages of using cryptocurrency as your online gambling banking method of choice. You know that making deposits and withdrawals via crypto options like Bitcoin, Ethereum, and Litecoin ensures transactions that are fast, cost-effective and anonymous. And you know how to purchase crypto and bank with it at your online casino. What’s next?
Well, once you know what’s involved with using crypto to gamble online, the next step is learning how to keep your digital assets safe. How to protect your cryptocurrency is crucial. Just as with any banking method, you’ll need to ensure that you keep your funds protected from hacks, scams, and other potential security breaches. But how? That’s what we’ll look at here. How to safeguard your cryptocurrency assets when gambling online. And which strategies to use to ensure your funds remain safely where you leave them at all times. Let’s go!
How to protect your cryptocurrency in online gambling
We’ve mentioned it before and you may have come across it in your own reading and research. By far one of the biggest advantages to using cryptocurrency is its decentralized nature. Meaning that no single entity or individual controls the network. While this gives you more autonomy over your transactions and allows for increased transparency and trust. Crypto’s lack of regulation and irreversible transactions can make you a prime target for hackers and scammers. This is why you need to know how to protect your cryptocurrency.
If you happen to be a victim of fraudulent transactions at a traditional financial institution such as a bank, you usually have legal recourse and can most often recover your funds. However when dealing with cryptocurrency, all transactions are final and irreversible. Even fraudulent ones. So it’s vital that you learn how to protect your assets so you can manage your finances responsibly and get as much value as possible from your online casino experience. Because nothing kills a gambling vibe like not having any funds to play with.
How to protect your cryptocurrency? Use reputable and licensed online casinos
Before you even make a deposit or a withdrawal with your chosen cryptocurrency, your most important first step is finding a trustworthy and licensed casino to play with. This is how to protect your cryptocurrency. Get this right and most of your concerns will be taken care of automatically. Don’t be misled by flashing lights and promises of massive jackpots. Not all online casinos are as reputable as they appear to be. Rather spend a little extra care and attention in finding the right casino first – then go crazy with their bonus offers afterwards.
How to protect your cryptocurrency – Here’s what you should be looking out for:
Licenses and certifications: Check the casino’s home page, because this is usually where this information is kept. If your online casino is licensed by a reputable authority like the Malta Gaming Authority, the UK Gambling Commission, or Curaçao eGaming, it’ll have these details displayed prominently. These regulatory bodies ensure that strict security protocols and fair play standards are in place and adhered to, meaning more peace of mind for you. This is how you protect your cryptocurrency.
Reputation: It’s all about feedback – and not from the casinos themselves, but from their players. So before you click any buttons and register any accounts, see what the players themselves are saying. Browse online reviews, read through forums, and check rating websites for feedback from other players. If the casino info you’re getting is positive, it’s most likely a safe bet.
Secure SSL encryption: All reputable online casinos have certain security protocols in place, and one of these is SSL encryption – technology designed to protect your personal and financial data. With SSL encryption, you’ll be able to make safe, secure transactions and bank with the reassurance that all your information is securely transmitted at all times.
Top tip: If you can’t find any information on a casino’s licensing, play it safe by finding another casino instead. While they could be legitimate, it’s not worth taking a chance. Don’t get swept up in the excitement of enticing bonuses – keep your wits about you, find a casino that’s legal and licensed, and get your game on!
How to protect your cryptocurrency – Secure your cryptocurrency with cold wallets
Keeping your cryptocurrency safe means storing it safely. One of the most important aspects of secure crypto gambling transactions. Our top tip? Don’t leave the security of your digital assets up to your online casino. Take control of your finances yourself. Rather than storing large amounts of crypto in your online casino account. Opt for more secure long-term storage instead, like a cold wallet. If the term’s new to you, don’t worry. A cold wallet is simply a hardware device that does not connect to the internet, meaning that it’s safe from hacking and the threat of fraudulent activity. This is how to protect your cryptocurrency.
In fact, once you start using crypto for your online gambling transactions, there are two types of wallets that you should become familiar with:
Hot wallets: These are online wallets connected to the internet, making them more convenient, although more vulnerable to cyber-attacks too.
Cold wallets: These are disconnected from the internet so they’re completely offline, and offer an enhanced level of security.
When should you use cold wallets? Most of the time, actually. If you’re planning an online gambling session, keep your crypto safe by only depositing the amount you’re going to be playing with (this is great for responsible financial management too). The rest of your crypto you can keep safely stored in a cold wallet, like Ledger or Trezor, ensuring total security at all times.
Use two-factor authentication (2FA)
You should already be using this for all your banking and social media apps anyway. So it should be second nature to be using it for your cryptocurrency as well. (And if you’re not using it for any of your apps yet, hurry and set it up – we’ll wait). Stick with us for more tips on how to protect your cryptocurrency.
What’s the big deal about two-factor authentication (2FA)? The fact that it adds an extra layer of security to your accounts, requiring a second verification step on top of your password. Most reputable online casinos and cryptocurrency exchanges offer the option of 2FA to secure your account, and we highly recommend that you enable it as soon as possible.
The most common forms of 2FA include:
App-based 2FA: Heard of Google Authenticator or Authy? These 2FA apps will generate a unique code for you to use every time you log in. Making it more difficult for fraudsters to access your account.
SMS-based 2FA: If you’d prefer not to use an app, you can go the SMS route instead, where you’ll receive a verification code via text message (although bear in mind that app-based methods are usually more secure).
Once you enable 2FA, you’ll have the peace of mind of knowing that there’s a second level of authentication securing your account. So even if someone gains access to your password somehow, they still won’t be able to access your account. And this, is how to protect your cryptocurrency. Two-factor authentication, one robust security solution.
Choose secure cryptocurrency exchanges
Of course in order to start funding your online casino account, you’ll need to transfer cryptocurrency from your wallet to the casino. And in order to make sure this process runs as smoothly and safely as possible, you’ll need to entrust your crypto to a secure, reputable exchange.
How do you make sure your chosen crypto exchange is legitimate? By keeping these key factors in mind:
Reputation: It’s always best to go with a well-known, established exchange, as they have years of experience in the business. Popular exchanges like Coinbase, Binance, or Kraken will be able to offer the premium levels of security and customer support that you need.
Security measures: All the security protocols we’ve touched on so far? Look for these in the exchange you use. If you can find one that offers 2FA, secure SSL encryption, and cold storage for your funds, and conducts regular security audits too, you’ll know it’s one you can trust.
Insurance: You have it for your real-life property and possessions, and you can have it for you crypto too. If insurance is important to you, look for this option when choosing an exchange. Some will offer insurance on deposits, giving you additional protection in the event of a security breach.
Finally, remember that in order to make sure your crypto is as safe as possible, only ever keep the amount you want to transfer on the exchange. Transfer the rest to your personal wallet as soon as you can, and keep the bulk of your crypto in cold storage for optimal security.
Watch out for phishing scams
Yes, phishing scams are just as much a thing in cryptocurrency as they are with regular fiat currency. So you’ll need to be just as alert when it comes to safeguarding your crypto from online con artists. Keep an eye out for fake websites, emails or texts that look legitimate, and try to lure you into revealing your login credentials or private keys.
With that in mind, what should you be looking out for?
The website URL: Always make sure that a website’s URL is legitimate before clicking on anything. Scammers will very often use a URL that looks similar to the correct one, but not identical, so keep an eye out for any URL variations that don’t look quite right. And if you’re ever in any doubt, keep your login information to yourself and contact the relevant support team instead.
Unsolicited links: It’s highly unlikely that your online casino or crypto exchange would just randomly send you a suspicious-looking link to click on, so look out for any emails or messages that seem untrustworthy. Rather navigate to the website directly yourself, or contact support for help.
The email address: Just got an email that seems too good to be true? Or perhaps one that’s asking you to spend a small amount in order to get a lot back? Both of these are huge red flags that need to be avoided. While the company or casino they’re coming from might look legit, check the actual email itself to see where it originated from – a gmail address being sent from a ‘casino’ is a dead giveaway. And remember, if you didn’t physically enter a competition yourself, you can’t have won anything as a result.
The https: While it might look like an incomprehensible selection of letters, the https (Hypertext Transfer Protocol Secure) in the URL is your guarantee that a site uses secure encryption, and that it’s one you can trust. This is how to protect your cryptocurrency.
Are you savvy enough to spot a scam?
You may think you’re savvy enough to spot fraudsters before they can trick you. But the sad truth is that scams are becoming more sophisticated and more realistic-looking by the day, and you’ll need to have all your wits about you to spot them in time. In order to give yourself an extra level of protection, you may want to think about using a browser extension like Metamask or Bitdefender.
Keep your software and devices updated
Want to do your part to keep your crypto safe from hackers? Making sure your software and devices are up to date is a great way to take control of your finances. Simple, yet effective. One way fraudsters try to gain access to your funds is by exploiting vulnerabilities in outdated software. Keeping your operating system, wallet software and antivirus programs updated is the best way to help prevent this.
Here’s how to ensure your systems are secure:
Stay on top of updates: Your devices and software should be updated regularly to keep them as safe as possible. To make sure this happens, just enable automatic updates and you’ll be protected against security threats without having to lift a finger.
Use antivirus and anti-malware software: You should have this already. But if you don’t, the best time to get it is right now. Purchase the latest version of a reputable antivirus software program. Install it on your devices (all of them).
Secure your home network: Remember that you’re not just vulnerable when you’re out and about on a public network. You can attract a hacker at home too. In order to minimize this risk, make sure you use a strong password for your home Wi-Fi network. And consider using a Virtual Private Network (VPN) for an additional layer of privacy.
Make the safety of your cryptocurrency a priority
While it’s true that using crypto for your online gambling transactions is fast and cost-effective. Don’t leave its security up to chance. Just as you’d secure your regular bank accounts and make sure your money is safe. Apply the same sound thinking to your crypto too, and safeguard it from potential vulnerabilities and attacks. You’ll be able to manage your finances more effectively, and you’ll enjoy invaluable peace of mind at the same time.