Storing Bitcoin Safely
How to Store Bitcoin Safely? - Bitcoin Security Guide
Before using Bitcoin to play casino games and bet on sports, you should know how to store and use it safely. Bitcoin and other crypto assets are ideal for online payments, including deposits and withdrawals at Stake. However, you should take precautions to protect your coins and keep them secure.
History of Bitcoin & Basics of BTC?
What is Bitcoin?
Bitcoin (BTC) is a digital asset known as a cryptocurrency. You can find out more details on what it is and how it works in our complete guide to Bitcoin. In simple terms, it’s a decentralised currency without a central bank or administrator. Instead, the network operates through peer-to-peer connections using a technology known as blockchain.
Users can store their Bitcoin in a wallet and send it anywhere in the world to other wallet addresses. It can be used as a form of online payment, but it’s also seen as a speculative investment.
Bitcoin Timeline
31st of October 2008 – A whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published by the pseudonym Satoshi Nakamoto.
3rd of January 2009 – The Bitcoin network was launched with the genesis block mined by Satoshi Nakamoto.
22nd of May 2010 – The first commercial transaction using Bitcoin was made as a Bitcoin Talk forum user paid another user 10,000 BTC in exchange for two large Papa John's pizzas.
September 2012 – The Bitcoin Foundation is created to help promote Bitcoin and restore its reputation after its links to scams, fraud and criminal activity.
March 2013 – The first regulations relating to Bitcoin use are established as the US FinCEN classifies Bitcoin miners as money services businesses.
August 2017 – The SegWit software upgrade is applied to the Bitcoin network, designed to support scalability and faster transactions.
November 2020 – The world’s most popular eWallet service, PayPal, enables users in the US to buy and sell BTC.
September 2021 – El Salvador is the first country in the world to accept Bitcoin as a legal tender.
January 2024 – The first Bitcoin ETFs (Exchange-Traded Funds) are launched, allowing Bitcoin to be bought and sold on the stock market.
How to Store Bitcoin Securely on Stake?
Gambling with crypto is safe as long as you join a trusted and licensed online casino such as Stake and take the right precautions. Using crypto is generally safer than traditional payment methods as you don’t need to enter your payment details to make a deposit or request a withdrawal. However, you should ensure your coins are stored properly.
The Stake vault lets you safely store your Bitcoin, giving you peace of mind when you sign up to play. The vault is an additional layer of security that is available to all users. It ensures that only you will have access to your funds. To use it, simply log in, open your account and choose the vault. You can set up security features such as two-factor authentication and deposit funds into your vault from here.
The vault can be used to store any digital currencies accepted at Stake, and it’s also where you’ll receive prizes and giveaways. If you want to bet with your coins in the vault or cash them out, you won’t have to wait for additional delays or pay any transaction fees.
What is Cryptography?
Cryptography is the process of securing communication to ensure it can only be understood by the person it’s intended for. When you sign up to Stake or make deposits and withdrawals, your personal and payment details are encrypted using cryptographic algorithms. This makes the information illegible to anyone who doesn’t have the cipher key, ensuring your details are kept out of the wrong hands.
What are Online Wallets?
Online wallets are interfaces that allow users to interact with the blockchain. You can use a digital wallet to store your Bitcoin and send it between exchanges, your gambling wallet and other users. Hot wallets allow you to access and transfer your coins easily, while cold wallets are better suited to secure, long-term storage.
There are many different free online wallets available that are suitable for Bitcoin, giving you access to your coins and ensuring you can use them. These include mobile wallets and desktop wallets.
It’s also possible to use offline wallets, including physical wallets such as hardware wallets, paper wallets and cold storage wallets, for extra security. No matter what kind of wallet you use, you’ll need to save your seed phrase and store your private keys safely.
Securing Private Keys
Your private keys are how you unlock your wallet, essentially giving you full access to any coins you’ve stored. These are for your eyes only, as they’re used to access your wallet. If you store your coins in an online wallet, you need to keep your private keys secure.
Losing access to your private keys will also mean you lose access to your Bitcoin, so it’s important to save them on top of securing them. The best way to do this is to create an encrypted file on your computer. Ensure the password is secure but memorable, and back it up using a portable memory device such as a USB drive or by writing it down on a piece of paper.
Tips on Storing Bitcoin Safely
Once you’ve purchased coins at a crypto exchange, it’s recommended to store them safely in custodial wallets. When it comes to securing your coins, you want to keep them safe while also ensuring you have good access to move and spend them when you want to.
Here are some security measures you should follow to store your Bitcoin safely:
Always use strong passwords – Weak passwords can be cracked by software, so use a password manager to generate strong passwords that are difficult to crack.
Enable two-factor authentication (2FA) – 2FA is an extra level of security that ensures even if someone gains access to your password, they still won’t be able to access your coins. Use an app for 2FA rather than your phone number.
Keep software up to date – Always update your software wallet regularly, especially if your wallet is stored on an online device. This will help patch any potential vulnerabilities and reduce the risk of cyber-attacks.
Create backups – When securing your private keys, it’s a good idea to have backups in case you lose the original. Ensure these backups are kept in separate locations and locked away.
Be cautious of phishing scams – The most common way people lose their coins is through scams and phishing attacks. Only ever send us official and trusted exchanges and crypto wallets.
More Crypto Resources on Stake.com
When you’re ready to play and bet with Bitcoin, you can use fast, easy and reliable platforms to deposit your bitcoin such as Mesh or use Moonpay and Swapped.com to buy your chosen crypto.
Stake offers live support to players via our customer support staff for help with issues like depositing and withdrawing units and more.
If you’re looking for more information on digital assets, how they work and how to use them for gambling, we have lots of resources available. Find out full guides to crypto and gambling with crypto, and learn more about how to choose and buy cryptocurrency. Aside from Bitcoin, we accept many different cryptocurrencies for deposits and withdrawals, including Ethereum, Dogecoin, Litecoin, EOS, Tron, Solana and Tether.
