The Ronin Network blockchain attack is the latest in the series of successful crypto heists today. Does this mean the blockchain cannot deliver on its promises regarding security? What is the fate of newbies that are obtaining information about betting with crypto in CryptoBetting?
It would be best to understand that while the blockchain offers better security than regular sites, it’s not infallible. Most crypto heists result from hackers taking advantage of a few security holes.
As such, crypto asset owners must take extra steps to protect their funds better online. If you’re a Bitcoin bettor, we’ll provide some important tips on protecting your casino winnings.
5 Ways to Keep Your Bitcoin Betting Winnings Safe
Although a Bitcoin betting platform offers adequate security to keep your bet winnings safe, there’s nothing wrong with taking extra steps. Below are five methods that you can adopt to provide an extra layer of security for your crypto assets.
Invest in a Cold Storage Device
These days, many crypto exchanges provide a custodial wallet option for their customers. This means that people who purchase cryptocurrency from them can store it on the exchange for some time. This makes them super convenient for bettors who don’t want to get a wallet after purchasing digital coins.
Apart from Bitcoin exchanges, another convenient storage device is an online wallet. An online wallet is a platform or application for storing digital coins.
The online wallet and the Bitcoin exchange custodial wallet are called hot wallets since they reside on the web. This makes it convenient for people to access their funds from any device with an internet connection. However, this convenience poses a security risk, as an internet connection enables most hacks.
So, if you take away this internet connectivity, you’ll have a much safer wallet, and this is what defines cold wallets. With a cold storage device, it’ll be much more difficult for hackers to get to your Bitcoin betting winnings.
You’ll have to carry the cold storage device around if you want to use it. However, a slight inconvenience is well worth it to guarantee the protection of your digital cryptocurrency.
Enable Two-Factor Authentication
Two-factor authentication is an effective technique to increase security using a hot wallet. Users must confirm their identities in two different ways according to the security method known as two-factor authentication. This technology outperforms the widely used traditional one-factor authentication method.
A straightforward username and password combination protects the majority of cryptocurrency exchanges, wallets, and betting sites. The user’s crypto assets are gone if a hacker gets that information.
However, the website or wallet will still demand another form of identification if there’s two-factor authentication. This could be a facial scan, a thumbprint, reentering numbers sent to the user’s email or phone number, or more. So, all Bitcoin bettors should try enabling two-factor authentication on their casino accounts and wallets.
Don’t Save Your Private Keys Online
The private key and the public key are two keys that are present in every cryptocurrency wallet. A string of numbers and letters specific to each wallet serves as a representation of these keys.
As the name suggests, the public key funds your wallet and can be displayed. It can be shared with anyone who wishes to send funds to your wallet.
The private key grants a user access to their funds on a blockchain. So, you can take it as a pin, which you can use to access your account. A private key should be for the wallet owner’s eyes only.
Since it’s difficult to memorize a private key, most Bitcoin bettors make the mistake of storing it online or on their devices. While this is convenient, it isn’t safe, as hackers can find these keys once they gain access to that online account or device. With these keys in hand, all blockchain security measures will be ineffective.
As such, all cryptocurrency bettors should save their private keys offline in a location that isn’t connected to the internet. This could be in a cold wallet (a hardware wallet), a hidden notebook, or any other creative location.
Bet with a Secure Internet Connection
Platforms that store sensitive information always advise users to access their accounts from a private internet connection. This means public WiFi sources like the local fast food restaurant or the park are out.
These internet sources can be easily hacked, and when you connect to them, your information will be laid bare to hackers. When these hackers access your device, they can use keyloggers to get your passwords.
You can ensure a secure internet connection by ensuring your computer firewall is running. You can also disable network name broadcasting and enable network encryption.
If your anti-virus software or the operating system of your device is old, you should update it. This will enable your device to enjoy the added protection of security updates. These updates often come with patches for security holes on a device.
Backup Your Seed Phrase in Multiple Locations
Although you can try your best to keep your private key, there’s no certainty that you won’t lose it somehow. When this happens, you’ll lose access to all the crypto assets stored in your wallet.
To this effect, most wallets provide a second layer of account recovery called a seed phrase. The seed phrase is a phrase of unconnected words (usually 12 in number) that you can use to recover your account. As such, it’s just as important as a private key.
When bettors get a seed phrase, the easiest method of keeping it safe is to memorize it and keep it in their memories. While this offers airtight security, there’s a chance of forgetting the seed phrase or remembering it wrong.
So, the best option is to store the seed phrase in multiple locations (none online). This could be in a bank safety deposit box or a private diary that no one can access. You can also consider a titanium stamping kit that preserves the seed phrase.
Conclusion
Winning at a Bitcoin betting platform is one thing, but keeping those winnings safe is another. With the web’s insecurity, the best method of keeping your Bitcoin betting winnings safe is away from the internet. Nevertheless, the list above offers many effective methods that you can use to preserve your winnings online and offline.
