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Tips for Securing Your Bitcoin Casino Balance Post the Halving
By Shane Addinall May 01, 2024With the Bitcoin Halving, prices are expected to increase over the next twelve months. Learn how to choose the best Bitcoin casino and protect your cryptocurrency casino winnings.This month, nothing drew more mainstream and online gambling sector attention than Bitcoin's fourth Halving. What makes the event import to crypto casino players is the expectation that the token will begin its bull run in earnest, with characters like 'Rich Dad and Poor Dad' author Robert Kiyosaki predicting prices of up to $150,000 BTC.
This means that the assets you currently hold in your favourite crypto casino will increase in value, as will any major jackpots you win or casino bonuses you cash in.
Join us as we look at how you can keep your crypto balance as safe and secure as possible. We will delve into choosing the best bitcoin casinos and how to secure the tokens you own from prying eyes and sticky fingers.
Play with a Trusted Bitcoin Casino
The best, safer gambling plans always begin with knowing which Bitcoin casinos to join. The only way to start your crypto-gambling adventure is to sign up with a trusted brand with a track record of treating players fairly and honouring withdrawals.
Our team of crypto casino experts meticulously researches and reviews each of the online casinos we add to GamblersPick. Online gambling providers are invited to apply for the GamblersPick Select seal of approval.
Doing so sees them enter another even more stringent review process where we rate them on trustworthiness, safety, withdrawal processing, game selection and overall customer satisfaction.
The few approved brands are tagged with the badge, which lets you know that they are a trusted and highly motivated casino partner.
We also recommend only playing with crypto casinos that offer Provably Fair reporting. These reports allow you to track each spin or hand-played and confirm for yourself if the result written to the blockchain matches the result you saw in the casino software.
How to Fortify Your Crypto Wallet
With the best and most secure crypto casino as your playing ground, it is doubtful that any danger to your crypto wealth will come from where you are gambling. Reports from industry experts state that most Bitcoin losses are due to human failure. This is where not using a secure WIF connection or being tricked into handing out a password results in scammers draining user's bank balances.
Here are six simple ways to ensure your wealth is never jeopardised.
1. Choose a Secure Wallet:
As with anything in life, it probably is if it sounds too good to be true. This is also true of the myriad crypto wallets offering access to free transactions, entry into cryptocurrency drops, and other mind-blowing promotions.
When choosing the wallet you will use to buy, sell, trade, and hold your Bitcoin, we advise erring on the side of caution. Software wallet providers like Exodus are often highly recommended. If you prefer to keep your tokens off the chain in a hardware wallet, the top picks online always include Ledger Nano and Trezor.
2. Use a VPN to Access Your Account:
If you travel often or find yourself having to transact online via a public Wi-Fi connection, such as those found at the airport or in coffee shops, you need to invest in a Virtual Private Network (VPN). Because these networks are open to the public, scammers often use them to gain access to people's devices and then their financial accounts.
When you use a VPN, the application creates an anonymous and secure tunnel to the Internet, protecting your personal data from being viewed by third parties. While this does offer significantly enhanced security, we still advise using your home network to make deposits and only using VPNs to play.
3. Guard the Doors with Multi-Signature Wallets:
Multi-signature wallets require you to provide two or more private keys when authorising a transaction. While this may get annoying, securing such valuable assets is always worth the extra effort.
As the old saying goes, “Rather safe than sorry.” In cases where life-changing sums of money are at stake, you never want to be “sorry”.
4. Enable Two-Factor Authentication (2FA):
We often take for granted the important role of two-factor authentication (2FA) in keeping our information safe daily. Most wallet providers offer 2FA options like SMS codes, authenticator apps (e.g., Google Authenticator), or hardware tokens. Set up 2FA for every access point to your wallet for maximum security.
Adding this additional layer of confirmation to all your accounts, including casino accounts, crypto wallets, and even your emails, ensures you can go about your business securely, knowing you have a shield against online data thieves.
5. Keep Your Software and Devices Updated:
We know this is challenging, especially for mobile devices, but companies often fix security issues via updates, and securing your devices is a top priority. Software updates usually include essential security patches, bug fixes and even newly developed features that negate prior vulnerabilities.
Keep an eye out for updates from your wallet provider and install them as soon as you receive a prompt to do so to ensure your wallet remains secure against hackers.
6. Be Aware of Phishing and Scams:
Phishing scams are becoming more common in the crypto world. These scams involve bad actors tricking users into handing out their sensitive information. Be wary when you receive unsolicited emails, text messages, and other communications with shortened links or that ask for your private wallet credentials.
Verify the authenticity of sources before sharing any information and double-check URLs to avoid falling victim to phishing attempts. The best way to accomplish this safely is to contact the company directly to confirm if the message you received is legitimate.
Get Started with Bitcoin Casinos Today
Choosing the best site for your needs can be overwhelming if you are new to gambling online with Bitcoin, Ethereum or other cryptocurrencies.
To make the process as simple as possible, we have created a dedicated Bitcoin online casinos page. This will direct you to the best crypto-powered casinos and list the welcome bonuses on offer under the Top Bonuses section.
You might also have heard of Crash games, a unique casino category designed and developed for blockchain gambling enthusiasts. If you want to learn more about this fascinating casino trend, you might enjoy our interview with Crash developer Aviatrix or our insightful look into the evolution of Crash casino games over the past few years.
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