Crypto 101: How to keep your investment safe
Back then, people only knew about Bitcoin (BTC) because of its stunning value. With the growth of other cryptocurrencies like Ether (ETH) and Ripple (XRP), people became more open to the usability of crypto in general. Upon realizing its massive potential, more countries have become open to its use.
As the number of crypto investors increases, so does the number of people who grow badly interested in it. With that, people should be more careful about their digital assets. Here is a closer look at the usefulness of crypto and how it can be protected.
The many uses of crypto
Many industries have integrated the use of cryptocurrencies into their systems. Aside from being an investment, here are some of the most popular uses that investors can enjoy.
For online casinos
Bitcasino is one of the sites that have accepted the use of crypto as a payment method. Known as one of the first licensed crypto casinos in the iGaming industry, Bitcasino ensures that all its players will have the freedom to enjoy their favourite casino games with their digital assets. This allows them to deposit funds and withdraw winnings in crypto.
Among the cryptocurrencies that are accepted in Bitcasino are Bitcoin (BTC), Ether (ETH), Litecoin (LTC), TRON (TRX), Tether (USDT), and Cardano (ADA).
Countless businesses and establishments have also accepted crypto as a form of legal tender. This saves people from the hassle of having to bring cash all the time. With the wide acceptance of these assets in several countries, people can now enjoy simple grocery shopping or making luxury purchases with these. Some of the most expensive purchases made with crypto are supercars and luxurious mansions.
For low-cost money transfers
Crypto also allows its investors to transfer money across different parts of the world. Unlike fiat, transactions will no longer have to wait for days and weeks because crypto transactions can be completed in a few minutes or hours. Aside from being faster, they also come with low fees even if they are considered cross-border transactions.
As a decentralized digital asset, cryptocurrencies remove the use of third parties on every transaction made.
Ways to keep your crypto safe
With many possibilities that can be enjoyed with this asset, investors should be careful so that they won’t lose their investments. Here are some helpful tips that every crypto investor should know.
Use reputable crypto wallets
There are different types of crypto wallets investors can use and some of them are hot (software) and cold (hardware) wallets. Hot wallets are connected to the internet and they provide convenience, especially when making transactions. On the other hand, cold wallets are often referred to as ‘hardware wallets’. They are not connected to the internet whereas your private keys are stored in a hardware device such as flash drives.
Regardless of what investors may use, people must always consider the reputation of the wallets that they’ll use.
Create strong crypto wallet passwords
As digital assets, investors are required to secure their crypto assets by having passwords. As these are different from social media accounts, people are advised to use strong passwords to ensure the security of their assets. It is recommended to use a random combination of letters, numbers, and symbols.
It is also highly recommended that people change their passwords from time to time. This way, they can be safer.
Set up two-factor authentication
Having a strong password is not enough to keep crypto investments safe. To heighten security measures, investors are advised to set up two-factor authentication (2FA) or multi-factor authentication.
This allows investors to add more security steps before gaining access to their investments. Though it may be a little time consuming, this prevents hackers from accessing an investor’s assets. When using this, people will be required to input special codes that were sent to them after they have placed their passwords.
Never share your private keys
Regardless if it’s a family member or your closest friend, never ever give away the security keys to your crypto investments. Unlike passwords, private keys can never be changed. Giving other people an idea about the crypto keys is like giving them the chance to steal your assets.
Connect to a secure network
Investors should always ensure that they are connected to private and secure networks. When transacting with crypto, people are advised to stay away from publicly shared connections since it’s riskier.
People can also use a VPN for added security. The reason behind this is that VPNs are capable of changing a person’s IP address and location.
Avoid phishing scams
With many people investing in crypto, there are a lot of scams that pose a serious threat to investors. There are many sites on the internet that provide too good to be true offers. Some of them might even say that they can double a person’s crypto. There are also those that pretend to be reputable brands so that they can target many customers.
Upon clicking these scams, people are asked for their personal information that may provide access to their assets. With that, it is highly advisable that people should always be careful of the information they provide on the internet.
Be wary of your transactions
The speed and convenience of making transactions with crypto are some of the reasons why a lot of people are hooked on using it. With so many offers on the internet, people should do their best to only transact with legitimate sites so as not to fall for scams. It might be best if people can also check site reviews to learn about the site’s reputation.
These are just some simple ways how people can keep their investments safe. Here at Bitcasino, players are guaranteed to have a great time as they choose their favourite casino games while using their crypto assets. With a reputable reputation, players are guaranteed of a fun, safe, and secure playing experience every time they play.