How to Use Cryptocurrency in an Online Casino Safely
If you want to have fun playing casino games from the comfort of your home, then playing online is the way to go. What’s more, playing away from others will keep you safe in case of a health crisis.
A modern way of transacting in casinos involves cryptocurrencies. Since it uses a decentralized system and billions of people have access to the virtual platform, there are some inherent security challenges involved in using crypto when gambling. Keep reading for tried-and-tested tips to keep your cryptocurrency safe when playing in online casinos.
1. Strong passwords
Yes, remembering a strong password can be a real pain. While it is tempting to use an easy-to-remember password such as your birthday, that makes your account vulnerable to hackers.
To improve your account security, use lengthy passwords featuring symbols, punctuation marks, and small and capital letters. Using different passwords for different devices wouldn’t hurt, as well as updating passwords regularly.
This might sound like a tall order, but there are plenty of password managers that can help you remember all those passwords.
2. Multi-factor authentication (MFA)
Closely related to the first point, this adds a layer of protection to supplement passwords. When you enable multi-factor authentication (MFA), the app will request further proof of identity after entering your password. That could take the form of a fingerprint scan or entering a code sent to a secure device.
Most cryptocurrency platforms have support for at least two-factor authentication (2FA), which sends a code to your phone or email. The code changes every 30 seconds to thwart any attempts at future use.
3. Choose a safe casino
One of the best ways to ensure the safety of your crypto is playing at a secure casino. Conduct a background checking by ensuring it has a valid operating license issued by a reputable organization such as the UK Gambling Commission or the Malt Gaming Authority.
You can also confirm the reputation of the casino by reading about its reviews from sites such as https://cryptocasinos.lol/.
Finally, ensure the casino has an SSL certificate. If it has an ‘https’ and a lock icon at the start of the address bar, that means your information will be encrypted and secured.
4. Use secure internet
You probably know by now that you should not use public Wi-Fi when handling sensitive information online. Use a secure and stable network if you want to safeguard your cryptocurrency.
Unsecure networks expose your crypto to hackers who may exploit vulnerabilities to steal it, and plant malware.
5. Don’t repeat a crypto address
After securing a win, you have to provide an address where they will finalize the crypto transfer. While the whole point of the address is to provide anonymity, when you offer the same code to the same casino, someone can use it to identify you.
Providing the same address makes it easy to track all your winnings and since trackers target high-net individuals, you become a target. Additionally, you place others at risk as the address creates a transactional path between the sending and receiving party.
6. Secure e-wallet
One of the most secure ways to store crypto is using an e-wallet, but not all e-wallets are created equal. While most e-wallets are online, that makes them susceptible to hackers. On the other hand, a cold wallet will not connect to the internet and uses encryption. Another trick is to create multiple accounts and only use a few for daily transactions.
After all is said and done, remember cryptocurrency is volatile. You may not lose it to cybercriminals, but fluctuations can take a huge chunk out of your crypto’s value. Schedule frequent withdrawals to avoid such scenarios.
While most crypto casinos provide robust security measures, hackers are getting sophisticated by the minute. To ensure crypto safety, practice safety measures such as getting a secure e-wallet, transacting in reputable casinos, creating strong passwords, and enabling multi-factor authentication.
