16 Apr 2022

How to Stay Safe When Betting with Bitcoin

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Lily Martin
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Player safety is critical regardless of the setting; nevertheless, it is put at greater risk whenever new technologies are introduced into the game and established standards of the past are reshaped as a direct result of these technological breakthroughs. 

Betting on casino games using Bitcoin and other cryptocurrencies on websites that accept such currencies is the best example of this. Even while blockchain-based payments guarantee both anonymity and security, there is always the possibility of errors in these transactions. 

Let’s look at various activities, techniques, and solutions that can improve the safety of Bitcoin gambling without decreasing the quality of the player experience. 

Make sure you understand the type of casino you’re playing at

One of the most significant takeaways from reading up on everything there is to know about Bitcoin gambling at AskGamblers has to be the fact that there are two basic sorts of crypto casinos out there, and the first step toward playing responsibly is knowing the difference between them. 

The first category includes casinos that only take Bitcoin as payment. These casinos not only accept cryptocurrency deposits, but they also provide games that can be purchased with cryptocurrency and paid out in cryptocurrency. In this scenario, Bitcoin is handled in an ordinary online casino in the same way that traditional monies are. 

A hybrid casino is the second type of online casino. These casinos accept Bitcoin deposits and withdrawals, but to play games on the site, you must first convert Bitcoin into conventional money. 

This is usually done as a preventative measure to protect casino operators from unpredictable cryptocurrency values. Furthermore, it allows older games to be maintained while newer games that support cryptocurrency are developed. 

Look for reputable and legitimate crypto casinos

The recent stratospheric growth in the popularity of cryptocurrencies has piqued the interest of con artists looking for easy prey. 

Because they know that mentioning Bitcoin, Ethereum, Dogecoin, and other popular cryptocurrencies will stimulate the curiosity of the people they are attempting to defraud, every type of coin already in circulation appears to do so. 

As a result, it is critical for anyone thinking about participating in Bitcoin gambling to ensure that the websites they use are not fraudulent in any way. 

Because there are now no laws in place for bitcoin gaming, this is significantly more complicated than it appears. As a result, your best chance is to look for websites that have been awarded operating licenses and are headquartered in countries where online gambling is legal and strictly regulated. 

A growing number of US states, including New Jersey, now allow residents and visitors to participate in online casino gaming

Because not all sites accept cryptocurrency deposits, you may have to manually convert your profits to regular cash to play on those that do. On the other hand, this is a safer option than gambling on a website with little traffic that isn’t regulated and may be attempting to defraud you. 

Even if you are confident that the Bitcoin online casino you choose is trustworthy and that it will do everything possible to safeguard your funds and keep your information confidential, a typical security problem is the login information that users provide for themselves. Even if you are sure of the legitimacy of the Bitcoin online casino you choose, this is true. 

The most important thing for you to do is create a secure, one-of-a-kind password that you do not use anywhere else and that is not linked to any of your other accounts. 

Web browsers such as Chrome and Firefox, both of which are relatively new examples, provide tools that automatically generate passwords and save login information for the user. This is a practical solution to the problem. 

Check to determine if any previous thefts or breaches resulted in your email address, personal information, or passwords being stolen or otherwise compromised. 

Even if it occurred on a different website, the documents could still be circulating on the dark web, making them more vulnerable to being exploited for illegal reasons. 

If you are unsure, it is preferable to create a completely new email account that is only used in conjunction with services that require security prioritization, such as Bitcoin gambling websites. 

Don’t provide anyone else with your personal information 

Several online casinos allow users to communicate socially with one another while playing. This delivers an experience similar to that of visiting a traditional casino. 

This is a terrific way to have fun and add to the mood, but it increases the likelihood of encountering dishonest people who are out to take advantage of gullible victims. 

You should never give out any personal information to other customers when gambling at crypto casinos, just as you would with any other internet site that allows users to have anonymous interactions. Even if you believe you have grown to know and trust your adversaries, engaging in this activity is simply not worth it. 

Con artists have developed surprisingly powerful social engineering techniques in recent years. As a result, you should be wary of anyone who requests details such as your login information or even personal information such as your age, location, date of birth, and so on. This puts people in danger of identity theft and other forms of exploitation. 

Make use of a secure connection

People who are concerned about their information security should avoid using public wireless hotspots at all costs, particularly while engaging in activities such as Bitcoin gambling or completing any type of business transaction that involves the sending and receiving of sensitive information. 

Because you never know who might be attempting to intercept and interfere with data when it is broadcast in any other context, it is best to establish a secure and private connection, ideally via wired rather than wireless. This is a smart move in terms of safety because you never know who would try to do so. 

Consider how you will store your cryptocurrency

To make Bitcoin deposits or withdrawals from a casino website that accepts the cryptocurrency, you will first need a cryptocurrency wallet to store your Bitcoin. 

Traditional hardware-based wallets have their merits, but most users today prefer to use digital wallets, which are either associated with specific apps or held on the servers of cryptocurrency exchanges such as Coinbase and Binance. 

Whatever path you choose, the safety of your cryptocurrency should always be your top priority whenever you work with it. You should also check to verify if the wallet you are using is compatible with the online gambling site you intend to use. 

Because we are still in the early stages of the crypto boom and things are becoming easier by the minute, don’t be concerned if it takes you a while to wrap your head around the concept of Bitcoin gambling.