Security Tips

While technology makes using cryptocurrencies simple - there are still security concerns.

You need to be cautious when utilizing cryptocurrencies, wallets and exchanges. While necessary as a bookmaker, we want to share some security tips to ensure everything goes smoothly.


    1. Always Control Your Private Keys

There are plenty of software wallets where you can manage all of your cryptocurrencies in a single central wallet while maintaining control of the private keys for the wallet address.

*TIP* - If you don’t control the private keys to your wallet, you don’t control your cryptocurrencies.


    2. Copy/Paste Wallet Addresses

Wallet addresses are randomly generated and it’s easy to make a mistake typing it out. Always make sure you copy/paste a wallet address into the address field when sending cryptocurrencies.

If you accidentally send cryptocurrencies to the wrong address, there’s no recourse.


    3. Utilize Cold Storage (Hardware Wallets)

Let’s say you have $10,000 in cryptocurrencies. You don’t need to keep it all in a hot wallet.

Cold storage is more secure if you’re going to hold cryptocurrencies. Ledger Nano offers the best hardware wallets and this is the safest way to store your excess cryptocurrencies.

That brings us to our next cryptocurrency security tip.


    4. Avoid Storing Cryptocurrencies On Exchanges

You don’t control the private keys when you store your cryptocurrencies on exchanges.

Some of the biggest cryptocurrency exchanges have been compromised (hacked) or the owners have disappeared with the money. Your cryptocurrencies are never safe on exchanges.

Utilize a software wallet (desktop/mobile) where you control the private keys for added security.


    5. Secure Your Wallets / Exchange Accounts

Make sure you do your best to create secure wallets/accounts.

Create a strong password, utilize two-factor authentication (2FA), generate new addresses every time you complete a transaction and ensure any web services you use are secure (HTTPS/SSL).

It’s important to keep your devices (PC/smartphone) and email account secure as well.


    6. Watch Out for Volatility

If you’re new to cryptocurrencies, they’re extremely volatile. It isn’t uncommon for the market swing in either direction in big increments (10%+). You can lose a lot of value in some cases.

The best way to avoid volatility completely is to hold your cryptocurrency balance in a crypto that is backed by the US dollar. Tether is the most popular $USD backed cryptocurrency.

What this means is each Tether is worth $1, as it’s backed up by $1. The value doesn’t change.


    7. Avoid Auto-Updates (Wallets, Apps, etc.)

Most cryptocurrency wallets and apps will have a setting to auto-update.

It’s recommended to turn this setting off, as you don’t want to auto-update any apps. It’s always a better idea to wait until the community reports on any security flaws or bugs.

Many updates in the past have had bugs/flaws that put people’s cryptocurrencies at risk.


    8. Don’t Use Public Wi-Fi

Utilizing Wi-Fi to access anything crypto related is too risky due to the security flaws.

If you absolutely have to, make sure you’re using a virtual private network (VPN). Even if you’re using a secure connection, it’s never a bad idea to use a VPN to improve your security online.


    9. Cash Out Regularly

You can use cryptocurrency exchanges to cash out to fiat money any time you want.

It’s a quick, seamless process once your exchange account is approved. Make sure you’re aware of any tax obligations you may need to fulfill prior to withdrawing, though.


Conclusion

We’ve been using cryptocurrencies as bookies for several years now.

It can be intimidating when you initially start, but with our help, you’ll be fine. Just keep in mind that holding cryptocurrencies isn’t the same as holding money in the bank.

For one, your money isn’t insured. If something happens to your cryptocurrencies there’s nothing that you can do. That’s why you should only maintain a balance suitable for your needs.

Last modified: Friday, 24 July 2020, 8:25 PM