With the booming cryptocurrency industry and multiple casinos, it is now easier to bet and win in cryptocurrency. For online gamblers that wish to check the best online casinos that offer you cryptocurrency transactions, you can easily check this at CryptoBetting where you can get the best sports betting crypto sites.
However, while winning is one thing, safely securing your cryptocurrency winnings or assets is another. Hence, being a cryptocurrency holder, safety must always be your watchword. This is because there are fraudulent individuals out there trying to take advantage of any errors on your part or safety measures you do not comply with. Therefore, being careless with your cryptocurrency assets is something you must avoid. Imagine making good winnings after online betting, saving them in your wallet, and getting defrauded by a cybercriminal. You definitely do not want to undergo such an experience.
Hence, to ensure this never happens to you, we have come up with the most effective safety measures to help you safely transfer and store your cryptocurrency assets. They are divided into two parts.
Security steps to take with transferring cryptocurrency
When carrying out a transfer, whether to a person or another exchange, you should be very sure about the crypto addresses. There are both public and private addresses. This private one identifies your coin and should never be shared. Whereas, the relevant key in this article is your public key which is shared.
In a situation where you wish to use Bitcoin to purchase another crypto, the exchange is the one that is concerned with the addresses involved. However, where you’re transferring to one exchange from the other, then a public address is required.
TRANSFERRING TO AN EXCHANGE
- Carefully note the address
For instance, if you intend to withdraw BTC from Exchange A and send it to Exchange B. Exchange A will request the address of Exchange B. Hence, you must be certain about the address. When it’s a bitcoin address involved, the address could appear as “3FZbgi29cpjq2GjdwV8eyHuJJnkLtktZc5” with the words “bc” at the front on some occasions.
Hence, always safely copy the addresses when transferring, this is made easy for you since many exchanges provide a copy symbol to the right side of your address. You can then complete the transaction by pasting the address in the space for withdrawal. However, take note not to make use of the “ctrl-c/v” to copy and paste respectively, to avoid cyber attackers who may track keystrokes.
When you paste the address in the space of withdrawal exchange, ensure it is the same as the receiving one. A trick to doing this in no time is crosschecking the first numbers or letters, going over the initial five and the last couple of numbers or letters, and being sure they are the same.
- Carry out a test transfer before the main transfer
Then Carry out a test transfer by transferring a small amount to be sure you’ve got it all right. If you have, then transfer the rest.
TRANSFERRING TO A PERSON
When the transfer is to a person, it’s quite the same process. You withdraw from your exchange and need to transfer to the person’s public address. Though, where you two are using exchange apps on smartphones. You can easily transfer using the QR Code feature.
- Security steps to take with storing of crypto assets
As a Cryptocurrency holder and trader, since you are dealing in a digital currency that operates electronically, you should be aware that cryptos are quite susceptible to cyber threats. Therefore, you should follow these tips in storing your cryptocurrency.
- Use a trusted and reliable wallet
This operates just like your everyday wallet which you use to store your fiat currency, however, in this circumstance, we’re referring to a crypto wallet. A crypto wallet is a dedicated electronic system that stores, receives, and sends your cryptocurrency.
There are several crypto wallets you can easily access online, and it’s important to select the one which adequately suits your trade and storage requirements. One more important factor you should take into consideration is the provider of the wallet. Ensure you get one from a renowned provider. Paxful, Trust wallet are some of the trusted crypto exchanges that allow you to create a secure wallet.
- Your two-factor authentication should be enabled
It is necessary to get a cryptocurrency wallet with double-factor authentication. With this, actions on your account such as transferring funds or making withdrawals will need verification. This ensures your funds have an extra layer of security.
Hence, each time such action is made, you’ll immediately be notified and requested to fill in the code. This is really helpful especially when such action is not requested from your end.
- Make sure your crypto wallet is encrypted
This is also an important step. Rather than ending your security at the second authentication, another extra step you can take to avoid cyber-attacks is ensuring your wallet is encrypted. This permits you to create a passcode and secure your cryptocurrency from anyone attempting to access your account. With the encryption, your cryptocurrency is protected and such cyberattacks will not be successful as your passcode is unknown to the attacker.
- Frequently Backup your whole wallet
Some wallets allow you backup your data. When you do this, even when there’s a software error system failure, your data will still be accessible. If it also gets misplaced, backing up makes the retrieval process very easy. To make the recovery of your account easier, ensure you make use of several devices for backup. Devices you can use include CDs, flash drives, hard drives, or papers.
- Make use of multi signatures
This is needful in securing your funds when you’re storing them in huge amounts. However, not all wallets come with the feature, so you can specifically search for a wallet that offers multi signatures. With the feature, before gaining access to your wallet, the virtual signatures of the various users authorized to access the wallet will be needed. If their approval is not acquired, then attackers cannot gain entry into your wallet.
- Always update your software
Ensure you frequently update your software when a new update is rolled out. This is because these updates ensure you can get security improvements and new features. Though it may be advisable that you wait for some period prior to installation of the update to ensure there’s no bug in such update.
- Never use the same password for all your accounts
Using the same password could appear to save you stress when you have multiple accounts. However, does it really help long term? Where you make use of a single password with all your accounts, then when one account is breached, all are breached.
Therefore, ensure you use separate passwords for each of your accounts and ensure your password combinations are strong. Your passwords should include capital and small letters, as well as numbers and signs to ensure it is a strong password.
- Avoid clicking on links you’re not sure about
A popular way of launching cyberattacks is via suspicious links. Such links lead to dangerous and phishing websites that take your confidential information, and in some cases, could compromise your crypto wallet. Therefore, make sure you avoid clicking links you’re not certain about.
With the value of cryptocurrency being realized by more individuals, there is an increased possibility of crypto fraud being committed by unscrupulous persons. Therefore, it is very important to keep your crypto assets safe. With the methods explained above, you can rest assured your crypto assets are more secured. We also advise that you regularly check out more steps as scammers try to update their techniques also.