Ways to Protect Your Coins when Gaming on the Blockchain

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If you have been using online casinos for a while, then you know about cryptocurrency gambling. For a new player, crypto gaming refers to the use of digital coins at gambling websites. However, if you are on this article, it’s because you are already curious about a few things regarding blockchain wagering. Security is a critical aspect to keep in mind when gambling online. Most gamblers worry about the casino’s safety measures and forget they have roles to play as well. Using virtual currencies has unique implications many gamblers might not be used to.

Gambling with cryptocurrency means you have to handle coins regularly, exposing you to various cyber threats. As blockchain payments grow at a dizzying pace, so are cyberattacks. Criminals are finding better methods to exploit vulnerabilities and steal coins. Crypto exchanges lose billions in data breaches. With digital asset theft becoming common by the day, currency holders must institute better safeguards to protect funds. Thus, before gambling at a crypto casino, make sure you know how to keep Bitcoin or altcoins safe. The tips on this guide can help you reduce various risks.

Choose an Online Wallet Carefully

A lot of players prefer online wallets because they are easy to access. The storage alternatives are available on coin exchanges. So, after buying coins, you keep them on the same platform. You don’t have to worry about learning any technical elements to use a web-based wallet, which is ideal for beginners. However, the convenience of online wallets comes at a cost. Attacks on crypto exchanges have increased exponentially. Currency holders take a huge risk when they entrust funds to these services. Therefore, if you intend to use an online wallet, be extremely cautious about the company you pick.

Coin exchanges implement various safety protocols to protect customer information and monies. Hence, look at the safety features a certain service offers. Are they robust enough? SSL/TLS encryption, multifactor authentication and firewalls are some of the security practices crypto exchanges use. Check out the history of a coin exchange service. Has it had data breaches before? If yes, how did it deal with it? Read reviews to see what other users think of the services. The same way you require Litecoin Casinos reviewed and rated before using them, apply the same due diligence to coin exchanges. It helps you sidestep avoidable risk during transactions.

Don’t Store Large Amounts on Online Wallets

Even if you think you found the perfect online coin wallet for your gambling needs, avoid storing a lot of funds in it. The accessibility of web wallets requires you to surrender control to the coin exchange. Hence, there’s little you can do about securing your funds. Given how prevalent cyberattacks on crypto exchanges have become, customers can’t only rely on service providers to protect funds. If an exchange was hacked, then you would lose all your money. Another challenge is that if the service provider went out of business, then your funds would go with it. One way to minimise risk is keeping a limited amount on an online wallet. So, if you plan to spend a significant amount on crypto gambling, store a small portion of it online. Ideally, only the coins you will be using in the next few days. Also, consider keeping coins on two or more exchanges to spread your risk.

Strong Passwords are Crucial

One way to safeguard your gambling funds is to use unhackable passwords on your wallet. The most popular way for hackers to steal cryptocurrencies is by exploiting weak passwords. Thus, when encrypting your wallet, always assume it is hackable, then do everything to protect it. Never make the mistake of reusing passwords, regardless of how strong they are. If possible, have rotating passwords. Use password managers to store your keys securely, especially if you own several wallets. A manager also helps you generate unique passwords whenever you need them.

Consider Cold Storage

The best alternative to a web wallet is hardware or cold storage. This storage option is physical, allowing you to keep your coins on a device like a USB. Each device contains a private key to authorise payments as a public one to receive funds. With cold storage, the currency holder controls security. Therefore, you can protect the device according to your requirements. Another advantage is that the storage is not linked to the internet. So, you won’t have to deal with the constant threats that online wallets face. It’s the best way to store a large number of coins. For players with big gambling budgets, cold storage is perfect. The downside is that it’s not very convenient when playing on gaming websites. You can solve this challenge by using both web and hardware wallets.

Get Additional Wallet Encryption

Currency holders can include extra encryption on wallets for layered security. Two-factor authentication, for instance, requires you to use the key and password to authorise transactions. The process might also necessitate the use of another device for permissions. Another alternative is multi-signature protection, where a group of users has to approve payments.

Have Regular Backups

When using a desktop or mobile wallet, device damage is another problem to plan for. Your PC, laptop, tablet or smartphone could crash, get lost or stolen, taking your coins with it if you don’t have recovery protocols in place. Routine backups can help you avoid such an eventuality. If your device failed for some reason, then you can easily get your money back. Remember to encrypt backups too.

The way digital currencies are gaining prominence, it’s clear crypto gambling is not going anywhere. So, it makes sense that a growing number of gamblers are using virtual coins for casinos gaming. Nonetheless, crypto use remains new to many people, so it helps to learn fundamentals like coin security before spending money. Selecting safe wallets, creating strong passwords, using two-step verification, are some of the safety measures players can implement to protect their gambling funds.

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