Securing Your Assets in the Online Betting World
One of the most important questions that online gamblers have when they decide to move from their current sportsbook and casino to a crypto sportsbook and casino is what to do with their cryptocurrency assets. Securing crypto assets is the first key to success. By not securing our crypto assets, we stand to lose our bankrolls before we even start to make bets. Check out the top ways to secure your crypto assets.
The Basics of Securing Cryptocurrency
Purchase Cryptocurrency, Convert, Send and Receive Through a Reputable Third Party
Third party organizations like Coinbase and Cash App make it easy to transfer Bitcoin, Ethereum, Litecoin and other cryptocurrencies to our online crypto sportsbook accounts. All we must do is set up an account with the third party of our choice.
Always remember that although a third party facilitates the transactions from our crypto accounts to our gambling account, it doesn’t mean the third party knows what the transaction is for. All the third party understands is that it is helping transfer BTC, as an example, from account a) your crypto account, to account b) your gambling account.
The transaction is in digital code that’s placed on a blockchain. Everyone can see the transactions. But nobody except you knows that the transaction is for. We call the company that acts as the go between, Coinbase or Cash App or the other transaction facilitator, a custodian.
Cold Store Your Cryptocurrencies
Since cryptocurrency is designated by digital code, you can store your cryptocurrency on a basic hard drive. Early adopters of bitcoin kept their cryptocurrency on hard drives, called cold storage, and then transferred the crypto when required.
Although this is a safe process if you keep your hard drive safe, nobody can steal your crypto unless they steal your hard drive, there are drawbacks. The most obvious is that there is no custodian.
Without a custodian, protecting your crypto in cold storage is up to you. There are horror stories of individuals who somehow lose or destroy their hard drives by mistake, thereby wiping out their entire storage of cryptocurrency.
One individual failed to remember the password, the keys required to keep his crypto safe. He ended up losing over $100,000 worth of Ethereum. If you use cold storage, make sure that you are aware of all the pitfalls so you can prevent anything happening to your cryptocurrency.
Which is Best for You? Cold Storage or Using a Third Party?
If you are more of a sports bettor and casino gamer, and only wish to get into cryptocurrency for the gambling benefits, then using a custodian third party like Coinbase is your best bet. If you wish to dive into the world of cryptocurrency and are old school and like the idea of cold storage, then check it out. But be sure to get all the facts regarding cold storage before deciding that cold storage is the best way to secure your crypto.
Securing Crypto Assets in the Betting World
As far as keeping your crypto assets secure in the betting world, make sure you go with an organization that has legs, meaning there are many fly by night crypto sportsbooks that don’t have the history that companies like Nitrobetting.eu has.
Also, just because an online sportsbook accepts cryptocurrency, it doesn’t mean it is a crypto sportsbook. A true crypto sportsbook only asks for required information. Traditional online sportsbooks must ask for your address, phone number and other pertinent information that some, not all but some, then sell to tout services. Keep your crypto safe by keeping your personal information safe. The best way to do that is to open a betting account with a reputable online crypto only sportsbook and casino.
Where to Bet with Cryoto
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
READ MORE: A Guide into Nitrobetting Casino
