Tips to Safeguard Your Funds on Cryptocurrency Sports Betting Platforms

Cryptocurrencies have become some of the best online payment methods in recent years. To fuel this movement, many industries have started accepting crypto as payments. Interestingly, the online gambling industry is one of them. 

Image by Jievani Weerasinghe

With great innovation often comes great risks. To manage the risks with crypto betting, we’ve invited Jimmy Daytona here at Online Threat Alerts. He’s going to share the leading cryptocurrency sports betting sites with you and tips on how to protect yourself. 

Jimmy Daytona’s First Tip: Start by Choosing a Reliable Betting Site

Cryptocurrencies are generally safer than fiat currency thanks to the cryptography component of the paradigm. That makes one variable the most dangerous aspect of crypto gambling—the gambling site itself. 

That is why Jimmy strongly believes your first step to safeguarding your funds on cryptocurrency platforms is choosing a reliable bookmaker. 

It’s often as simple as sticking to licensed betting sites recommended by reputable platforms like BetZillion. You should also read real user reviews in the past 6 months to see what the operator has been up to. The last thing you should check is the regulatory compliance in your area because you don’t want to get into legal trouble. 

Provide Plenty of Safety to Your Cryptocurrency Wallet

If you’ve used crypto before, you may know you can’t hold digital assets in regular wallets. It would help if you had specialized wallets, commonly known as crypto wallets. These wallets don’t use typical credentials like email addresses or mobile numbers to control logins. It’s simply because centralized organizations manage these channels. 

Crypto wallets use a unique address that is often a long string of characters. All transactions come in and go out based on this wallet address. Here are some tips from Jimmy to help you safeguard your crypto funds. 

• Create a separate wallet for your sports betting funds. There’s no limit to how many wallets you can use, as no KYC verification is involved. 
• If the wallet allows it, enable 2-factor authentication (2FA) for every login. If you’re unaware, you’ll need additional verification to enter the wallet other than your usual password. 
• Every non-custodial crypto wallet comes with a unique key, usually known as the key or seed phrase. You must protect this code at all times because it’s the master key to your wallet. If you lose it, your digital funds will not be yours anymore. 

Jimmy Daytona Responsible Gambling Advice

Responsible gambling refers to managing your funds in a smart and responsible way so that gambling habits don’t disrupt your regular life. Although this tip is not exclusive to cryptocurrency betting alone, it applies flawlessly in this context. Here are some aspects of responsible gambling Jimmy wants you to focus on. 

• Always have a set budget for gambling. Even if you have a lot of cryptocurrencies that you may have made from trading or investments, keeping a fixed budget for everything is always recommended. 
• Gambling is a game of chance. You’ll win on some days and lose on some days. Please don’t make the mistake of chasing losses on losing days, as it often leads to irrecoverable losses. Jimmy strictly wants you never to spend money on online gambling you can’t afford to lose.
• From time to time, take a break to maintain control of your impulses. In many cases, bettors develop gambling problems without even realizing it’s happening. 

Regularly Update and Secure Your Devices

Practicing regular safety updates on your devices goes a long way in protecting your funds. It’s true for both cryptocurrencies and fiat currencies equally. 

Keeping up is as simple as updating your computer and smartphone software regularly. The developers of this software set new security standards with every update, which better protects your device against more recent threats. 

In case you didn’t know, hackers and scammers always want to inject trojans or viruses into user systems. These are specially designed pieces of software that can detect and remove harmful elements in the system. Dedicated anti-virus and anti-malware software is recommended if you manage large funds through crypto wallets. 

Unless you can’t help it, avoid using public wifi networks. Public networks don’t have nearly as many security layers as private networks, making your cryptocurrency funds vulnerable to attacks. 

Be Aware of Phishing Scams

The bottom line of this section is that don’t click every link you see on the internet. Avoid accessing links via email or social media, especially if you receive links via email or on social media. Make sure the platform you’re on is trusted. 

Cryptocurrency wallet providers will never ask for your login details or email you. Most of these wallets run on decentralized ledgers that need no user interaction. If you notice any suspicious activity on your wallet, don’t be late to notify the provider. 

Use Secure and Trusted Online Payment Methods

Last, Jimmy Daytona wants the Online Threat Alerts readers to take off their crypto funds via safe mediums. To buy, sell, or trade digital funds, you need to use an exchange, centralized or decentralized. 

Whatever it is, you must always stick to reputable operators with a large user base. If an exchange has just started, wait a few months to see how it performs. Rug pull events are some of the most fatal attacks on cryptocurrency portfolios. 

Also, when you purchase cryptocurrencies with fiat currency, be careful when entering credit card numbers or bank details. Check for SSL certification on the website URL before entering sensitive data. 

Conclusion

Safeguarding a cryptocurrency portfolio for online gambling may come with many steps, but it’s all for your safety. Only you can protect what you have. We can provide the guidance you need in the process. Follow the tips the betting expert Jimmy Daytona has shared on this post and enjoy hassle-free crypto sports betting.