Decentralised transactions, enhanced privacy, and botherless transfers have made cryptocurrencies the preferred method for online gambling today. These same features have, however, made the industry an appealing target for cybercriminals. When going into crypto casino games, it is important to protect digital assets by securing a crypto wallet. This article will provide a detailed guide on the best practices for protecting a crypto wallet.
Understanding the Importance of Crypto Wallet Security
A crypto wallet is just like a bank account that stores FIAT currency, but in this case, it stores cryptocurrencies. Crypto wallets have private keys, which are required to access crypto stored in the wallet. The cryptocurrencies stored in the wallets could be stolen without any chance of justice because of the decentralised nature of cryptocurrencies.
Playing crypto casino games is convenient, but it opens players to the risk of theft because of the requirement to connect their crypto wallets to the platforms. This raises the need for robust security measures to protect against attacks.
Selecting a Secure Crypto Wallet
The first secure step players must take when going into crypto casinos is to choose a reliable wallet, one with a good enough reputation. There are so many different types of wallets to choose from, and selections can be made based on security requirements:
● Hardware Wallets: One of the best ways to escape online hacking attempts is to temporarily leave the virtual online space and store crypto assets in physical devices. These devices store their private keys offline and are great for storing large amounts of crypto assets. Reliable examples are Trezor and Ledger.
● Software Wallets: These wallets are programs or applications which are installed on PCs or mobile devices. They are easier to use than hardware wallets and are more mobile, but the downside is that they are more susceptible to attacks by hackers. But some reliable examples are Trust Wallet, Exodus, and MetaMask.
● Web Wallets: Web wallets are even more convenient than software wallets, but that comes with being even more susceptible to attacks. These wallets are browser-based and are usually provided by cryptocurrency exchanges or casinos. They rely on third party servers, making them a lot easier to attack.
The best advice is to use a wallet that you trust, but for crypto casino gaming, it is good to use a combination of a reliable software wallet storing a fraction of crypto funds and a hardware wallet which will store the bulk of the crypto assets.
Safety Measures To Protect A Crypto Wallet
While there is no absolute way to protect a crypto wallet from theft, there are many steps or actions that, if taken, will greatly increase the safety of crypto assets and ensure a better casino gaming experience.
Enabling Two-Factor Authentication (2FA)
One of the best ways to add security to a crypto wallet is setting up two-factor authentication. This online security advancement technology has taken safety to a higher level by requiring multiple verifications.
In the instance where a hacker gets access to the password of a wallet, they would be required to enter a secure form of verification, which is usually a code sent to a phone number or an app on the owner’s mobile phone. The best and most reputable wallet providers all have two-factor authentication as an option on their platforms and would encourage users to enable them.
Creating Strong Passwords and Unique Usernames
Using a strong password is an old but trusty way to protect a crypto wallet. These days, browsers even suggest strong passwords when setting up a wallet. This way, a password is much harder to break. It is advised to not use easy-to-guess personal information like names or birthdays. Also, do not use a username that is tied to personal information.
Safeguarding Private Keys
The most critical part of a crypto wallet is the Private Keys, and the best practice is never to store the keys digitally or share them with anyone, because it increases the risk of a break in. Instead of saving the keys online, the keys should be saved offline, preferably in a notepad and stored securely. If private keys must be stored online, they should be saved in an online notepad that can be locked.
Avoiding Phishing Scams
Hackers employ phishing scams to steal cryptocurrency from unknowing owners. These hackers use fake emails, messages or websites that are brilliantly designed to trick wallet owners into revealing their wallets’ credentials or even their private keys. To be safe, always verify the authenticity of any links and any emails received. To avoid these attacks, check the URLs for HTTPS. If the URL only has HTTP, it is not secure and might not be the official website and is most likely fraudulent.
Using a Virtual Private Network (VPN)
A helpful way to protect a crypto wallet while playing online casino games is to use VPNs. A Virtual Private Network (VPN) is a service that masks a user’s IP address and provides encryption. This is important when using public wifi to access platforms as these wifis could be insecure and used to penetrate unknowing players.
Choosing Reputable Online Gambling Platforms
Choosing a reliable crypto casino platform is one of the best ways to protect against theft. Some platforms are better than others, and choosing one where security is taken very seriously is invaluable.
Reliable platforms are licenced and regulated and usually have a good track record of secure service. Look out for casinos that have SSL encryption. Doing a background check on casinos before going into them is essential to the safety of crypto assets. A good example of a licensed and reliable platform is VBETFTN.
Limiting Funds in the Gambling Wallet
Sometimes, even after all efforts to secure a wallet, it can still get hacked due to ever changing fraud tactics. A good way to minimize possible losses is to keep only crypto funds needed for playing in the software wallet. The bulk of crypto assets should be kept somewhere safer, preferably in a hardware wallet, which is significantly harder for intruders to get to.
Keeping Wallet Software Updated
Software wallets get updated frequently to protect against potential attacks and new attacking schemes by fraudulent actors. Ensuring that a crypto wallet is updated frequently is key to maintaining up-to-date security. Automatic updates should be turned on if possible.
Monitoring Transactions Regularly
Crypto wallets and transactions are an intentional endeavour. Checking on transactions regularly can help spot or detect unauthorised activity. If suspicious activity is noticed, funds should be immediately transferred to a new wallet, and the wallet provider should be contacted for assistance.
Avoiding Public Wi-Fi Networks
It is better to strictly avoid public Wi-Fi. They are usually insecure and are an avenue for attacks. If they must be used, a VPN is a necessary to protect against potential theft.
Educating Yourself on Crypto Security
The cryptocurrency world is ever-growing and constantly evolving. Bad actors are always looking for new ways to attack and players have to be aware of the security measures they must take to protect themselves.
Conclusion
Crypto casino games are fun and exciting, but the threats and risk of theft mean that players have to be extra careful and be very security-conscious. By choosing a reliable wallet, enabling two-factor authentication, only using strong passwords without links to personal information, and storing crypto assets in hardware wallets, players can ensure a safer gambling experience.
