Cryptocurrencies are more popular than ever. However, there is no point in owning cryptocurrency only to lose it, send it to the wrong person, or even forget how to access it. As silly as the last two examples may sound, they are the most common ways people lose their crypto assets. Nevertheless, cryptocurrencies are designed to be extremely secure, which is why they are used in different industries, especially in the entertainment and casino verticals. But only if you follow some of the cybersecurity best practices discussed in this article.

Here are some ways to keep your cryptocurrency safe in 2023.   

Spend on trusted websites

Crypto scams may masquerade as real websites. They come in many forms, from cryptocurrency exchanges and online crypto casinos to online gaming sites where you can purchase in-game items using digital currency. Their goal is to steal your crypto account information. Don’t be fooled.

Instead, you should confirm that the website you are linking your crypto account to is a trustworthy one. For example, if you want to enjoy online gambling at some of the best Bitcoin casinos, read the expert reviews here to find out which sites you can trust before placing your bets.

Keep your own private keys

Private keys are the password to your cryptocurrency. They are long alphanumeric codes generated by your crypto wallet and are used to generate your public keys. Cryptography requires you to provide these keys to prove your ownership of your crypto assets and authorize transactions.

Therefore, self-custody means that you must be able to protect the private keys of your wallet without trusting a third party such as an exchange or online wallet service.   

what does that mean:

Self-custody does not mean that your crypto assets are owned directly by you. Instead, it means that you take full responsibility for ensuring that the self-custody wallet provider owns your cryptocurrency. Common self-custody wallet providers include MetaMask and Binance Chain Wallet. In contrast, custodial wallets control your private keys on your behalf. Examples of such wallets include regular Binance accounts, Binance Custody, Blockchain.com, and others.   

In the context of online gambling, players keep custody of their own private keys, ensuring that only they have access and control over their funds. This reduces the risk of risk or unauthorized use, which is important in gambling transactions when risk mitigation is a key issue.

Double-check thoroughly before sending cryptocurrencies

Blockchain records are irreversible, meaning that transactions made to the wrong address cannot be reversed.

Therefore, to ensure that your tokens are protected from such losses, you must double check before authorizing any transfer. Additionally, it is recommended to copy and paste the destination address to minimize the possibility of errors. You should also check the spaces before and after the address while pasting.   

After successfully pasting the address, manually check and confirm that you copied the correct address. This check will help you protect your funds from scammers replacing copied addresses with emerging cryptojacker malware.

You can't be too careful.

Store your cryptocurrencies on cold wallets

Cold wallets are physical hardware wallet devices that store your private keys offline, without the need to be connected to the internet.   

With hardware wallets, you need to physically plug them into an interface or computer to make transactions. This feature helps you access your cryptocurrency without exposing your private keys to the internet.   

Storing your cryptocurrency on a cold wallet is arguably the safest and best way to protect your crypto assets. It protects you from numerous security threats such as centralization, computer viruses/malware, computer hackers, etc.

Hardware wallets protect your private keys and therefore your cryptocurrency from almost all online security threats. But this also means that if it falls into the wrong hands, they will have access to all the cryptocurrency you hold. Therefore, it is highly recommended to always keep your cold wallets secure. If you decide to keep most of your crypto assets in a hardware wallet, consider keeping it in a vault.   

Only download cryptocurrency apps from official websites

Don't search for encryption apps directly in the app store.   

The reason for this warning is that many scammers go to great lengths to develop and upload exact copies of your favorite crypto apps on app stores. They’ll even fill them with reviews and comments to make sure you’re unsuspecting. If you transferred your funds to these apps, be sure to say goodbye.

Instead, search for the encrypted app on the official website of the platform. This way you can be sure that you are downloading the original one, as you will get a download link on the website or a link that will redirect you to the genuine app for the platform in the app store.

Use security measures like 2FA, firewalls, and VPNs.

Enabling two-factor authentication on your encrypted devices adds an extra layer of security to prevent your username and password from falling into the wrong hands. 2FA ensures your device authorizes the action before accessing your encrypted accounts.

Other security measures include using a VPN and a firewall when accessing public Wi-Fi or general websites. Both can protect your device from being hacked by scammers because when a hacker accesses your device, the chances of accessing your encrypted accounts and other valuable information are very high.   

A firewall specifically blocks all unsolicited traffic from the internet to your computer. Using a VPN makes you anonymous and allows you to access the internet privately, ensuring that spies cannot steal your cryptocurrency and other valuable information.

in conclusion

Securing your cryptocurrency in 2023 starts with you.   

Therefore, you must take responsibility for checking the authenticity of the websites you visit, keeping your own private keys, performing thorough double checks, and using advanced security measures where applicable.

Don’t be caught off guard!

Finally, thank you for watching. Thank you for your free attention. Let’s discuss the spot value coins that we can hoard!