Keeping Your Digital Assets Secure While Playing At Bitcoin Casinos

Introduction

Cryptocurrency has differences, resulting in a surge of new users flocking to digital assets over the last decade. However, there are mutual factors when it comes to playing casino games. All cryptocurrency casinos opt to provide a convenient and secure way to deposit and withdraw Bitcoin.

Regardless of the type of game you sit down to play, you want to ensure that your funds remain safe and do not fall into the hands of shady characters online. Today, we will glide through some of the main things you can do to keep your digital assets secure while playing casino games online.

Why Is Bitcoin A Payment Method On The Rise?

You only need to explore some of the latest cryptocurrency news to see how blockchain and Bitcoin are rising. Digital assets have been putting a strong case across since the early 2010s, mainly because of the ingenuity of the blockchain, which ensures all transactions are verified and publicly available but unamendable.

Cryptocurrency has created a more transparent, more convenient, and equally secure system than traditional banking payment systems—some of which have been operating without competition for over a century.

Fintech companies are constantly looking for ways for people to connect their investments in Bitcoin to tangible, real-world products and services. For nearly a decade now, this middle ground and commonality has been found in online gambling. Bitcoin gambling doesn’t just channel into the streamlined ease and convenience of the blockchain.

Still, by utilizing the blockchain, Bitcoin gambling companies can transcend some of the traditional stumbling blocks that have plagued conventional casinos, including cross-border payment fees, KYC, and banks blocking transactions. Casinos have innovated from all angles, including variations of classic live table games, innovative, creative slot gaming ideas, and prioritizing mobile gaming development.

The idea that they wouldn’t explore every potential area of Bitcoin gambling is naive. While some have greater success at this than others, it is no doubt beginning to gain much traction within the casino gaming community.

Bitcoin is a multi-trillion dollar asset class; this doesn’t happen by accident and certainly doesn’t happen to an asset class if it clearly doesn’t display the potential to reshape industries. Once you combine these factors, it becomes easy to see why it’s a payment method on the rise.

Keeping Your Bitcoin Safe & Secure

While the rise of crypto has been attributed to enhancements in security and convenience, that doesn’t mean you should let your guard down. Unfortunately, people will be looking to take advantage of this when there is money and a thriving subdivision within a booming industry, such as cryptocurrency casinos.

The best way to keep your funds safe is to ensure that the site you are using is legit. The fabrics and dynamics of cryptocurrency casinos mean that you have to connect your wallet to the site, and by granting this permission, you can deposit and withdraw your Bitcoin as and when you need to. The cryptocurrency is kept in a separate wallet, and if a hacker attempts to gain access to the site, they will try to drain the casino’s wallet.

While this doesn’t seem like an ideal scenario if you use the site, very rarely will people targeting these brands go after the server, as they do at conventional casinos where mountains of personal and financial data are stored.

With crypto casinos, the only thing that can identify you is your crypto wallet address and your transactions, which are publicly viewable anyway. That said, do not connect your wallet to a suspicious site, as this is where wallet-draining fraud occurs.

Quickfire Ways To Keep Your Crypto Secure

There are steps you can take that provide an extra layer of security – here are some of our top picks:

• Explore cold wallet storage – if you do not play at a Bitcoin casino often, choose a cold wallet or offline storage so nobody can target your wallet.
• 2FA – setting up a 2FA (Two Factor Authentication) system whereby transactions from your wallet trigger a verification code to a trusted e-mail, phone number, or authenticator app. Ideally, all three will be the best way to keep your cryptocurrency secure.
• Do not store your seed phrase or wallet password on your laptop or PC. You wouldn’t do this with your online banking password – so writing it down as a code or remembering it in your head is often the best course of action.

Conclusion

Many of the steps you can take to keep your cryptocurrency secure are interchangeable with the steps you can take to keep your bank account information secure; 2FA, offline storage, and not writing down passwords will provide an extra bit of space between you and the shady operators out there.

While Bitcoin casinos are still finding their feet in the market, they rank the importance of security just as highly as traditional casinos. Any gambling platform that cannot keep its or its customers’ money secure will not be in the industry for very long. Educate yourself on crypto, potential security issues, and how to set up 2FA, password keys, authentication apps, and other tools to keep your funds as safe as possible.