One of the most exciting developments to have happened to the online casino world in recent years, is the rise of cryptocurrency casinos.
Cryptocurrencies offer a range of benefits over traditional payment methods, which includes not only greater privacy for any transactions you make, but also the ability to process payments pretty much instantly. Because cryptocurrencies such as Bitcoin have proved such a hit with online casinos fans, there has been an explosion of crypto casinos in recent years.
However, for many online casino fans signing up to a crypto casino for the first time, they can often seem a little intimidating when you are first getting started—particularly compared to more traditional payment methods!
This is particularly true when it comes to figuring out how to withdraw your winnings from a crypto casino, particularly given how complicated it can be to set up a digital wallet and to make payments to and from it!
With this in mind, in this short article we will give you some tips and tricks that will help you to keep your Bitcoin winnings safe when you are playing at a crypto casino with Bitcoin or any other digital currency. And best of all, regardless of whether you are playing your favourite Plinko casino game in Canada or a game of online poker, this advice applies equally well!
Hot vs cold cryptocurrency storage
Arguably one of the most important things you can do to keep your Bitcoin winnings safe, is to learn the difference between ‘hot’ and ‘cold’ cryptocurrency storage.
‘Hot’ storage is when you store your cryptocurrency on an online digital wallet, whilst ‘cold’ storage means taking them offline, typically on a dedicated device. Hot storage is better for accessibility as you can access your funds relatively easily, whilst cold storage usually has a lot more steps associated with it.
Taking your digital assets—in this case your Bitcoin casino winnings—offline can help to reduce the risks associated with storing them online.
If you want the best of both worlds, we recommend keeping a certain amount of your crypto in hot storage so that you can easily access it to play at Bitcoin casinos, whilst keeping the bulk of it in cold storage. This helps to mitigate the risks of an unauthorised third party accessing your crypto!
Check the casino licence
The first thing you should always do when trying out a new online casino, or returning to an old favourite, is to confirm they are properly licensed.
In order to provide gaming services to customers, online casinos will nearly always have to go through some form of licensing process. This involves a national gaming regulator issuing the casino platform with a license, provided they meet certain industry standards.
A licensed casino will employ a range of different safety measures to keep customers safe and to protect any funds they have on the platform. This includes things such as SSL encryption and secure payment processing.
Given the explosion in popularity of crypto casinos in the last couple of years, it is particularly important to check that they have a valid license. These would usually come from a gaming authority such as the Malta Gaming Authority, the UK Gambling Commission, or the Gibraltar Regulatory Authority. Bitcoin casinos will usually provide you with a direct link where you can check whether their license is valid or not.
Read the terms and conditions and check any wagering requirements
Another thing to keep in mind when it comes to withdrawing any winnings you make is to always read the fine print!
It is incredibly common for players to skip through the ‘terms and conditions’ straight to the ‘agree’ box when signing up for an account. It is also incredibly common to ignore the fine print when you see a playing bonus or promotion advertised by a casino.
However, by failing to pay attention to the fine print, you run the risk of running into difficulties accessing your winnings when the time comes to withdraw them.
Always read up on the payment policies, paying particular attention to any clauses that might limit how easily you can access your funds. We advise avoiding casinos that are overly restrictive or that put high wagering requirements in place.
Make a budget and know your limits
One of the most important things you can do to enhance your overall playing experience, is to make a budget and to stick to it! Creating a budget is a fundamental part of bankroll management. By getting a handle on your bankroll, you will avoid burning through your cash too quickly.
Although your budget will always be dictated by your individual circumstances and how much disposable income you have, many experienced players will avoid betting more than 1% of their monthly playing budget in any single gaming session.
By sticking to a budget, you will avoid depleting your disposable income at too fast a rate and will ensure that you can keep playing for the entire month!
Keep good digital safety habits
Another important aspect of keeping your Bitcoin winnings safe that should not be overlooked relates to keeping good general digital safety habits.
Although the vast majority of popular online crypto casinos employ and maintain the highest possible levels of player protection and FinTech, you should never take this for granted.
As a player, it is important that you continue to practise good digital safety habits. This could include making sure you have an adequately strong password, changing your password on a regular basis and enabling two-factor authentication where possible.
This also means making sure that whatever device you play on is kept fully updated and, if possible, having anti-virus and malware protection installed.
These kinds of digital safety habits are particularly important in the context of online casinos and iGaming platforms given that you are handing over sensitive personal financial information. Online fraud has significantly increased over the last year, so it’s important to ensure you are staying one step ahead of the fraudsters at all times!
Please play responsibly. For more information and advice visit https://www.begambleaware.org