When buying online crypto, be wary of third-party resellers. It’s a common practice for gambling sites to lower their maximum betting limits because of financial regulations, but this is not the case with crypto casinos. Because there are no regulating bodies controlling the transactions, these casinos are free to set limits as they see fit. And many crypto casinos don’t have any limitations at all, either. Also, because cryptocurrency is more secure, online gambling sites are more willing to offer incentives for crypto depositors.
Store cryptocurrency in a hardware wallet
One of the best ways to keep your cryptocurrency safe is to store it in a hardware wallet. These devices are usually small devices that plug into your computer. They can store a variety of cryptos, including Bitcoin, ethereum, and litecoin, and some can even store up to 1,000 cryptos. These wallets also let you generate addresses for receiving and sending crypto. Many hardware wallets also allow you to store a recovery phrase, which enables you to retrieve your crypto in the case of a loss.
There are two types of hardware wallets: hot and cold. These have different security levels, so you need to choose one that meets your specific needs. Cold wallets are more secure, while hot wallets are less secure. For optimal security, you should record your recovery phrase (which is also known as your private key) and save it in a secure place. You should never share your private key with anyone.
Avoid storing cryptocurrency in an online wallet
It’s important to avoid storing cryptocurrency in an online wallet because these wallets are not insured. There are no FDIC or SIPC protections for these types of services. In addition, there are bad actors in the cryptocurrency space. For example, sim swapping scams are common. Hackers convince phone companies to transfer the phone number of a user to another user who then has access to the user’s account.
If you’d like to keep your crypto offline, you should use a hardware wallet. These devices are also known as “cold storage” because they store your private keys offline. They require a four to eight-digit PIN to access them, and they will automatically delete your crypto after a failed attempt to access it.
Avoid storing cryptocurrency in a mobile phone-based wallet
There are many benefits to using a mobile phone-based wallet for storing cryptocurrency, but there are also some risks to keep in mind. The biggest risk is that you may be vulnerable to hackers. Hackers usually take advantage of public Wi-Fi connections to compromise connected devices. That’s why you should turn off automatic updates and ensure that the app is always up to date. Moreover, if you’ve recently experienced a security breach, you should wait at least a few days before you update your mobile wallet application.