If you want to gamble online using the digital currency, you don’t need to have $60,000 in your account. You can purchase fractions of a BTC called Satoshi coins. The name Satoshi pays homage to Bitcoin’s pseudo anonymous creator—Satoshi Nakamoto.
Back to gambling with Bitcoin, this is how to do it safely.
Choose a Trustworthy Website
You’ve probably heard stories of people who lost all their Bitcoins. Some of them lost their funds by transacting with untrustworthy companies. For example, they might have stored their BTC at a crypto trading website that closed down with their money.
In the gambling scene, not every Bitcoin casino is trustworthy, that’s why the top ones are ranked with the best bitcoin casino algorithm . A fraudulent business could confiscate your funds for no reason. To stay safe, choose renowned websites. Pick licensed companies—they follow strict security rules.
Licensed operators also keep their cryptocurrencies safely. In fact, they don’t store crypto on their websites. They send them to cold wallets. In turn, you gamble using a sort of token that represents your coins’ true value. The benefit is that no one hack can the casino and steal your funds.
Beware of Bitcoin Scams
Because Bitcoin is worth a lot of money, it attracts scammers left, right and center. The most common crypto fraud involves pyramid schemes. You can be lured to a program promising money if you recommend it to your friends.
Or you can come across bogus website with BTC casino bonuses. It’s only after you share vital information—say BTC addresses—that you discover your crypto is gone. Owing to that backdrop, you need to exercise caution when using your investment.
Conduct research to find a legitimate Bitcoin casino. If you’re new to crypto, learn how to buy and store coins safely. That way, you can avoid falling for Bitcoin scams. And you can also enjoy gambling with your funds safely.
Install a Secure Wallet
Being a virtual product, you can’t store Bitcoin in a physical place. Instead, you can store the keys needed to authorize a Bitcoin transaction. Every time you purchase crypto, you receive two addresses.
There’s a public address, one you can share with friends and companies that want to send your crypto. Then there’s a private address. It authorizes withdrawals. If you reveal it to anyone, you risk losing your funds.
A bitcoin address can help you keep these addresses safely. What’s more, it ensures you truly own your cryptocurrencies. You see, anyone with access to your private keys can sell or transfer your Bitcoin without your authorization.
That’s why it’s not advisable to store crypto at exchanges. When you own a wallet, however, only you have access to your keys. That being said, there are multiple Bitcoin wallets out there. Cold wallets provide the ultimate protection for crypto.
Read more: Open Banking for Gambling
Use Strong, Unique Passwords
When it comes to securing money, you should use unique accounts and passwords wherever possible. Start by securing your chosen best Bitcoin casino and betting website. Set a strong password and use two-factor authentication if available.
Next, add an anti-phishing code to help you identify genuine emails from your betting site. That done, secure your bitcoin wallet, your email account and any other account hackers can leverage to discover your passwords.
If you tend to use one password for different accounts, consider using a random password generator. These apps can also keep your passwords safe and help you remember them when you need to login.
Set a Gambling Budget
Your Bitcoin isn’t safe if you gamble irresponsibly. There’s always the risk of gambling it all. Of course, that’s not the goal. Create a budget for playing online slots and poker. Importantly, draft a staking plan.
Let’s say you choose to gamble $200 worth of Bitcoin per month. You’re available to play once per week, or four times a month. Your staking plan could involve spending $50 on the day you play. And to be specific, you can divide the money into two–$25 on slots and $25 on roulette, blackjack and poker.
The main advantage of creating a budget is to be accountable. It’s essential to be financially responsible. Additionally, it helps you follow a strategy and create achievable goals.
Play Fair Games
A budget, unique passwords and a Bitcoin wallet can take you only too far in the gambling space. They might keep your funds safes from hackers. But they can’t protect you from slots and roulette games designed to make you lose money constantly.
Fortunately, there’s a way to protect yourself from unfair games—play games that use Random Number Generator (RNG) software. And ensure the games come from respected software developers:
- NetEnt
- Microgaming
- Play’n GO,
- Betsoft
- BTG
- Playtech
- IGT
The companies listed above have reputations for creating high-quality, fair games. However, there’s a trend for casinos to offer games created through blockchains like Ethereum and Cardano. These games come from not yet famous developers.
But you can trust these games for one reason: Games based on the blockchain use a provably fair system and recently are ranked among the best bitcoin casino games you play online. You can check the RNG software and how you won or lost in a game.
Cashout your Profits
When you store crypto at a gambling site, you must beware of two risks: You can get tempted to spend it. Or you can lose it if anything happens to your account. In many cases, the first risk is the greater risk.
After you win money gambling, it’s easy to feel confident about winning again. But in the process, you can lose it all. Against that backdrop, cashout your profits every time you hit the withdrawal limit.
Summary
Protection bitcoin is easier said than done. It’s even more complicated when your goal is to gamble the funds. Not only do you need to protect your crypto from scammers, but you also need to spend them responsibly. Use the tips shared above to better spend and protect your coins.
Read more: Best Gambling Payment Providers
