Generally you can keep your crypto safe by keeping your wits about you and not falling for something that seems too good to be true, the same as with government currency. Cryptography and multisignature architecture will provide end to end trustless gambling solutions but we are not there yet.
In some ways betting with crypto sites is safer than government currency sites because you do not have to provide your personal information and credit card details which could be stolen, sold or misused.
Choose sites carefully
Sites could simply disappear with your crypto, as has happened with multiple crypto dice investment scams. However a government currency site could do the same thing.
The biggest and best online gambling sites have spent years building their reputation and make piles of money on their trustworthy names. This means simply stealing 100 m฿ from your account, that you would probably bet with them anyway, makes no sense. They can make more money operating normally and gaining a good reputation.
Only bet with the biggest and best crypto operators who are all highly ranked here on BitEdge, they are safe and trustworthy operators with a long track record of security and integrity.
Use sites that do not require your personal information like your name and address. The less information they require the better for your security because any information you give could be misused by the site or get into the hands of hackers or governments. That means using end-to-end crypto sites, not government currency sites that accept crypto.
Follow these pointers from our guide to bitcoin anonymity:
- Use a VPN.
- Use a wallet on your own computer, rather than a web wallet.
- Use a new address for every transaction.
- Set strong security and privacy settings on your device and apps.
- Use an operating system with good privacy, like Linux.
- Avoid spyware by keeping your antivirus up to date, not clicking suspicious links and not visiting sketchy websites.
- If you are serious, look into mixers and privacy coins.
General internet security
Even if you are with a trustworthy gambling site you could still be the victim of crypto theft if your computer and internet connection are not secure. However this is also true for your personal crypto wallet, you credit card and your internet banking so this is not a particular risk for crypto betting. To mitigate this risk
- Do not click on unknown links in emails or suspicious websites.
- Use a password manager for strong unique passwords.
- Use 2 factor authentication.
- Keep your computer’s antivirus and firewall up to date.
For even better security, particularly over wifi, see our list of the best crypto accepting VPNs.
Telemarketing and email scams
Be especially skeptical of any cold calls or emails you get about betting syndicates or trading software that promise guaranteed profits betting online, these are usually scams. You can read about some typical telemarketing betting scams at the Australian government’s Scamwatch sports investment scams page.