January 2, 2023 World
One of the most major innovations to have occurred in the online casino world in recent years is the rise of cryptocurrency casinos.
Cryptocurrencies have a number of advantages over traditional payment methods, including not only greater anonymity for any payments, but also the capability to process payments almost instantaneously. Because cryptocurrencies like Bitcoin have proven to be so popular among online casino players, there has been a growth in crypto casinos in the past few years.
However, for many online casino fans, signing up for a crypto casino for the first time can be a little intimidating, particularly when compared to standard payment methods!
This is especially true when trying to withdraw your payouts from a crypto casino.
This article will share with you some tips to help you keep your Bitcoin payouts secured when playing at a crypto casino with Bitcoin or any other digital currency.
Hot and Cold Cryptocurrency Storage Differences
Undoubtedly one of the most crucial things you can do to preserve your Bitcoin payouts secured is to understand the distinctions between ‘hot’ and ‘cold’ cryptocurrency storage.
‘Hot’ storage is when you keep your cryptocurrency in an online digital wallet, whereas ‘cold’ storage is when you keep it offline, usually on a separate device. Hot storage is preferable for ease of access as you can connect your funds fairly easily, while cold storage requires a lot of security steps before you can access it.
Taking your digital assets—in this case, your Bitcoin casino winnings—offline can help to lower the risks associated with storing them online.
If you want the best of both worlds, keep a portion of your cryptocurrency in hot storage so that you can easily access it to play at Bitcoin casinos, while keeping the majority of it in cold storage this reduces the chances of an unauthorized third party obtaining your cryptocurrency!
Check the casino license
When trying out a new online casino, the first thing you should do is make sure they are fully licensed.
A licensed casino will implement a variety of security precautions to keep clients secure and to preserve any monies they have on the platform. SSL encryption and safe payment systems are part of the requirements.
Given the recent increase in the number of crypto casinos, it is particularly crucial to verify that they have a legal license. Bitcoin casinos will normally offer you a direct link to check the validity of their license.
Read the terms and conditions and check
When signing up for an account, it is common for players to simply skip the ‘terms and conditions’ section and directly go to the ‘agree’ box. It is also extremely common to start ignoring the fine print when you see a playing bonus or promotion by a casino.
However, if you fail to review the fine print, you risk having a problem getting your payouts when the time arrives to withdraw them.
Always read up on the payment terms, paying special attention to any agreements that might restrict how conveniently you can obtain your funds.
Keep good digital safety habits
Despite the fact that a large percentage of popular online crypto casinos use and keep the highest levels of player protection and FinTech, you should never take this for granted.
keep your device fully updated and, if possible, have anti-virus and spyware protection installed.