Security checklist for using cryptocurrency in online casino transactions

March 17, 2021  |  Julia Beyers

This blog was written by an independent guest blogger.

Cryptocurrency (crypto) transactions are solely reliant on the online space. Billions of people have access to online platforms. The autonomy provided by cryptosystems exposes users to more danger as there are no centralized authorities. Thus, expert fraudsters such as hackers may be able to access your transactions via their computer.

Therefore, you must care about security when making crypto transactions. It is not just a matter of checking your crypto gambling guide and jumping in to play. Despite the dangers, there are certain ways to ensure safety. It would be best if you had a security checklist to ensure your transactions' privacy and correctness. Let’s take a look at some primary points you should consider to stay safe.

Use a secure internet connection and VPN

Before you make any crypto transaction, ensure your internet is stable and secure. Avoid public Wi-Fi. It potentially exposes you to hackers with malicious intent. Through vulnerabilities in the software, a middleman can get in between the connection of the public network and your device. This grants them access to your private information. They may also slip you malware. These are just some of the numerous dangers possessed by public wi-fi.

To stay safe, ensure you use a VPN whenever you go online. VPN service alters your location and IP address. This helps you remain invisible to malicious people, and your browsing activity remains confidential.

Set strong passwords

This is no secret that most people use easy-to-guess passwords like their dates of birth. This puts them at risk of hacking as anyone can figure out such passwords and easily access their devices. Thus, create strong passwords using a mix of symbols, small and capital letters, punctuation marks, and digits. Ensure you use lengthy passwords as it reduces predictability. It would be best if you also use different passwords for different devices. Also, change your passwords regularly.

Use 2-step verification

Through this system, you add another layer of protection to your crypto accounts. Most crypto-friendly platforms support this type of authentication. To log in, you receive a code through your mobile phone or your e-mail address and enter it into the relevant field. As a strategy of preventing hackers from guessing your password, the code changes every thirty seconds. Thus, they may come up with your password successfully, but they cannot access your account if they do not have access to your phone or e-mail. In case you are a crypto gambler, set this feature up for both your e-wallet and account.

Pick safe online casinos only

The demand for crypto services is considerably high. Thus, to feed this market, numerous companies offer crypto gambling services. Before choosing a company, carry out a proper background check. Analyze whether the site runs through a reputable company, which has exemplary records and is financially stable. Ensure their customer service is excellent and support for customers is continuously available. Also, check their systems to ensure they are fair, which gives you an equal chance of winning. To gather credible information, make use of crypto gambling review sites.

Sign up for genuine bitcoin services

With bitcoin being arguably the most popular cryptocurrency, we’ll focus on it from here on out. There are complementary bitcoin services that you need to sign up and start gambling online. To access such services, you have to use other sites. Thus, apart from scrutinizing the gambling site, analyze your service providers. Check if they are credible and stable companies run them. Make sure your crypto storage accounts are secure, and the sites employ strong security measures.

Do not repeat a bitcoin address

To complete a bitcoin transfer, you need to have a bitcoin address. The sole purpose of the address is to ensure anonymity. However, when you use the same code over and over again, someone can quickly identify you. For example, in the case of crypto gambling, if you make a win, the casino will require you to make a bitcoin address to receive payment. If you have several wins in a week and use the same address for payment, you may lose your security. Anyone with access to the transaction data, like the casino, can track the amount of money you have received. Such mistakes can make you a target for hackers if you are transacting massive amounts. Additionally, you compromise the security of anyone who has transactions with you, as a third-party can identify the funds you sent or received from them.

Secure your e-wallet

E-wallets allow you to store your virtual money, which makes them a top priority for hackers. To ensure your money stays safe, use a cold wallet. This is a wallet that does not connect to the internet. Any information that is not available online is safer from hackers. Most cold wallets are also encrypted, which provides even more security. Alternatively, you could create multiple accounts and separate the daily transactions from the rest.

On the other hand, remember that holding your cryptocurrency for very long periods is risky too. The value of bitcoin or any other cryptocurrency may fluctuate over time. A winning you made some months ago can be slashed into half tomorrow. Develop a schedule to ensure your withdrawals are timely and necessary.

Cryptocurrency is still a relatively new and developing technology. Most sites that accept this currency have taken necessary security measures. Thus, they are mostly safe, and massive losses are rare. However, with the growth of crypto, new challenges are developing. Hackers are very creative and actively devise new ways of accessing accounts. The best recommendation is to keep pace with the trends, safety protocols, and suggestions from internet safety professionals. In this case, you need to be up to date with developments in crypto and internet use, as insecurity in one compromises the other.

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