How To Protect Your Crypto Funds While Playing on Online Casinos
Crypto casinos have been a revelation for millions of players around the world who have restricted access to mainstream online casinos. As well as global access, online casinos that accept crypto deposits offer benefits like lower transaction fees, faster withdrawals, and higher betting limits. On the flip side, however, the explosion in the value of coins like Bitcoin and Ethereum has made them a popular target for online scammers. As a result, security should be a priority when playing on crypto casinos.
This article will help you keep your crypto safe – not just when gambling online but when handling crypto in general. Also, this article does not qualify as financial advice – just friendly suggestions for how to safeguard your cryptocurrency.
Buy Crypto from Safe Places
The first step in playing on a crypto casino is purchasing some cryptocurrency. Though there’s lots of choice, Bitcoin and Ethereum are best because they’re accepted by all crypto casinos
The safest places to buy crypto are from an exchange, such as Coinbase, Binance, and Bitfinex or a broker like Robinhood or eToro. The main difference between them is that brokers tend to be easier to trade with but exchanges offer better rates.
Play on Crypto Casinos with Great Reputations
Only playing on reputable casinos is another simple way to ensure you hang onto your crypto. The main reason for this is that not all crypto casinos are created equally. While most are just eager to provide a safe, reliable experience for players from all over the world, others are just looking to scam players. But, alas, it’s the same in every industry.
Fortunately, you can identify reputable crypto casinos with a little research. Pay particular attention to reviews on forums, social media mentions, etc. Better still, this guide to the best crypto casinos on Crypto Casino Master features a list of the top online casinos that accept crypto deposits. They’ve done the leg work like reading online reviews and checking the casino’s license – so you don’t have to; you can simply pick the one you most fancy the look of.
Devise A Good System for Storing Your Crypto
Once you’ve purchased some crypto, it’s critical to create a strong system for keeping it secure. At the centre of your system is your crypto wallet.
Your crypto wallet is a program that stores your cryptocurrency and allows you to send and receive funds. A great way to get your head around wallets is to think of them as doing the same for crypto that an email client does for emails.
Broadly speaking, there are two types of crypto wallets: software and hardware wallets. Software wallets come in the form of mobile and web apps, browser extensions and desktop programs. Hardware wallets, meanwhile, are usually small hard drive-like devices that users attach to their keys. Additionally, software wallets are typically “hot”, meaning they’re connected to the internet. In contrast, cold wallets are usually offline, so they’re referred to as cold.
A good strategy for securing your crypto over the long haul is to keep any crypto you’re not using, or investing, in a hardware wallet. Then, when you need to use it, such as when you transfer a little to your casino account, send it to your software wallet.
Conceal Your Keys
No advice related to crypto wallets would be complete mentioning wallet keys. To send and receive crypto, you’ll need a pair of keys: a public and private key. If you’re keen on your crypto remaining yours, be extra careful with these keys.
First and foremost, never share your private key with anyone. It’s not required to send you funds, just your public key, so anyone asking for it is looking to rob you. With that advice in mind, keep your keys in a password-locked document. It’s also wise to write them down somewhere safe.
Level up Your Password Game
This sounds like a no brainer but come up with a strong, unique password for your casino account. Choose a word or phrase that includes upper- and lower-case letters, numbers, and other characters. You could, for example, use a meaningful word and replace some letters with numbers and special characters. Additionally, if you open accounts with multiple crypto casinos, create a distinct password for each.
For a handy shortcut for this tactic, get yourself a password manager app, like LastPass or 1Password. These apps can generate and store random passwords, so you don’t have to conjour up ones yourself. up for.
Protect Yourself from Price Fluctuations with Stablecoins
This is a bit of an advanced technique, but you can protect yourself from the price fluctuations of cryptocurrency with stablecoins. In simple terms, a stablecoin is a special type of crypto that is set to the price of a fiat currency. The best example of stablecoins is Tether and USD Coin, which are “pegged” to the US dollar – so they always stay at $1.
Stablecoins are especially useful because you can convert your Bitcoin, Ethereum, etc. into them to maintain the value of your crypto funds. So, let’s say after a hot streak on your favourite casino games, you decide to take a break for a while. Instead of hanging onto your crypto and risking it falling in value, you could purchase Tether with it, for example. Then, as advised above, you can keep it in your hardware wallet until you’re ready to hop back in.
This is an excellent compromise for players that love playing on crypto casinos but are concerned about the crypto’s price volatility.
Playing on a crypto casino is an exciting new option for new players, who didn’t have access to trustworthy casino sites, and existing players, attracted by the superior bonuses and betting limits. That being said, nothing spoils your fun faster than being robbed by an online scammer – so follow the advice shared in this article and stay safe!