Ways to Secure Your Crypto Assets as a Bettor
Betting has not only been growing in scope, it has also been growing in importance. This is easily understood when you consider that the gambling industry is a huge billion-dollar industry. And there has been a massive growth of the industry since it opened doors for cryptocurrencies to come in.
Today, millions of people around the world not only gamble with cryptocurrencies, but have also started exploring another usage of the digital coin. With respect to gambling, many hybrid and crypto-only betting sites have made the crypto experience seamlessly convenient for players. But many bettors on crypto betting sites are still searching for ways to secure their crypto assets from any harm.
Considering how this has become important, we attempt to help you with the needed information below.
Why Secure Your Crypto Assets?
Cryptocurrencies are digital assets that you cannot physically see, touch, or hold because they are denominated in digital codes and numbers. This makes it susceptible to scams and all sorts of digital malware on the web. Malware actors don’t hesitate to update their systems with the most sophisticated technologies for hacking into crypto accounts.
Thankfully, most of the top crypto-accepting sportsbooks spend a huge chunk of money beefing up security on their systems. But without you, their security would be breached. That’s why you need to beef up your own security too so that hackers and malware developers don’t get hold of it.
Another reason for this is because of the volatility in the crypto world. Considering that the crypto world is digital, with more personal control than government control, there’s bound to be free rise and fall. This is usually on account of many market forces affecting the demand and supply of cryptos.
When the volatility is on the positive, many bettors can have their winnings tripled in some sportsbooks. But you still need to secure it from negative volatility. More so, you need to secure your assets to increase your chances of using your assets for something else. As a bettor, you could decide to branch into pure trading of cryptocurrencies; you would need to protect your assets to make that switch.
How do you Secure your Crypto Assets in Betting?
Let’s now discuss the various methods you should adopt to make your crypto assets secure.
Transferring Balance to your Crypto Wallets
You’ll agree that you don’t always use all the coins that you deposited for betting all at once. Most times many bettors even have more reserve money in their betting balance than what they actually bet. If you are betting with crypto, your balance deserves some more layer of protection to retain its value, at least.
The reason for this is that crypto wallets have software that you use to keep your account entirely exclusive. Depending on the type of wallets you use, using a combination of wallets offers an additional form of protection to your cryptocurrencies. The greatest benefit is that volatility trends are efficiently avoided with the use of wallets.
So, until you want to use your asset for betting, whatever dips or rise that happens, is not likely to have a direct impact on such asset. It is for this reason that you have to ensure you always move your balance to your wallet, pending when you want to bet.
Keep your Private Keys Safe Always!
Private keys are a combined set of numbers, symbols, and alphabets randomly and securely generated for every crypto user. Also a form of password, private keys are the most important login details a crypto bettor can have. They are created by the exchange or platform you patronize and strictly meant to protect your account at all times.
To make deposits from your crypto wallets to the sportsbooks, and subsequent withdrawal from your wallet, you need to provide your private keys. Without your private keys, such deposit and withdrawal will not happen. This is to ensure that you are the one carrying out every transaction on your account.
It’s advised that you choose different ways to protect your private keys from harm. This is because you may recover your password, but you can never recover your private keys, at least for now. So you need to adopt both online, offline/paper, mobile, and hardware means of securing these keys.
As much as you’d like to protect your asset/wallet from unauthorized use, you also need to be careful so you don’t misplace these keys.
Bet with Stable Coins
Stable coins are cryptocurrencies which have their values pegged to an external asset such as fiat currencies or stocks. They are essentially designed to offer you an additional layer of security in a market that’s slippery. With stable coins, bettors could rest assured that their money’s worth is retained even amid tumults.
Now, sportsbooks have started to provide stable coins as part of their offerings to bettors to stabilize their deposits and expected wins. What this means is simple: volatility will no longer affect your crypto asset. Of course, this is for bettors who wish to be concerned about the unpredictability of betting only; not that of cryptos. So, bet at sportsbooks that offer stable coins.
As you might guess, smart contract helps perform contracts between two or more parties using digital codes. The agreement is spelt out in codes that are made to auto-perform itself when the terms are either executed or breached by any party. So the essence of third parties like lawyers for enforcement is reduced.
Smart contracts are now a modest way of securing crypto assets in real-time, especially in betting. The sportsbook will typically include in its terms that a player’s assets will not be affected by volatility. As such, the asset is secured with its value remaining the same. You may look out for sportsbooks that offer smart contract options.
Wherever you bet, you need to adopt practical measures that will help you safeguard your crypto assets. This cannot be overemphasized as it keeps you in charge of your money, for use anytime.
You should also patronize sportsbooks that are consciously helping you protect your assets with proactive tips and actions. With these, you’d be better off betting with crypto.