Cryptocurrencies, unlike conventional currencies, do not have a regulating authority. This presents a wide array of issues ranging from privacy concerns, interference, or loss of Bitcoins. For instance, exchange bank Mt.Gox lost cryptocurrency worth a whopping 450 million in 2014, and even more recently, in May 2019, Binance, another crypto exchange platform lost $42.
As we speak, not many internet-based businesses have adopted the use of Bitcoin as a form of payment. Fortunately for people who like betting, the online gambling sector was one of the first industries to adopt cryptocurrency as a form of payment, thanks to the rising need for privacy when gambling. And by the way, if gambling online is your cup of tea, then you should take a look at Bitcoincasinosonly.com for top Bitcoin casinos.
So, if you are considering using cryptocurrency in the best BTC gambling site, or carry out any Bitcoin transaction online for that matter, there are a few vital things you should know. Here is a wrap up of how you can protect your privacy.
How Your Privacy Can Be Compromised When Using Bitcoin Platforms
First, even before we show you how to protect your Bitcoin transaction privacy better, it’s crucial to examine how breaches in Bitcoin arise even from a non-gambling perspective.
The first apparent breach is through the hacking of the casino’s e-wallet. Given the lingering of blockchain, access to your cryptocurrency can quickly reveal your personal information. Therefore, there exists a nexus between the privacy and safety of your coins. As such, the connection translates to measures of securing your wallet being applicable to privacy concerns. Though most casinos invest in the security of client information and finances (this is a rare occurrence), hackers still by-pass security checks to access your Bitcoins. Subsequently, coins are transferred to their accounts or purchases made.
Alternatively, if you use a virus-compromised PC when gambling, your Bitcoins may be easily be stolen. There exists Bitcoin–taking viruses that cybercriminals use or individuals who have obtained them from the dark web.
Unfortunately, the human error also accounts for the loss of Bitcoins via transactions to wrong recipients. The irreversibility of these transactions is a setback considering they were designed to protect sellers and service providers than buyers. Additionally, experts also contend that failure to backup hardware wallets compromises your Bitcoins, but this is something that’s yet to be taken as gospel.
With all that in mind, here’s a look at how you can boost your privacy if you’d like to carry out transactions via Bitcoin:
1. Two Factor Authentication Systems
Perhaps you have come across this in social media platforms whereby an additional verification code is needed to log in. The same applies to BTC gambling that use it to shield your wallet from hackers or confidants who may be familiar with your login credentials. Think of it as an additional layer to already existing protection.
Top Bitcoin casinos employ this two-factor authentication system to protect their client’s information from an organizational perspective. However, the client also has to make an effort to protect their privacy, especially their e-wallet.
All you need is to activate it, and a 4 to 6-character additional password will be your extra layer of protection. The two-factor authentication system utilizes the time-sensitive password changes every 30 seconds. Therefore, before you engage in gambling using crypto-currency, ensure there is extra security to your e-wallet.
The downside of two-authentication systems, especially those who utilize SMS systems, is the likelihood of being traced and used by hackers. However, to reduce the chance of something like that happening, here’s a highlight of what you can do:
- Go to either Authy app or Google authenticator or other market two-factor authentication systems;
- Log in and then go to security settings;
- Carry out a QR scan;
- Link it up with your account.
2. Get Rid of Remote Access Software
As the name suggests, these types of software allow remote device accessibility by third parties. Deleting them from your computer network ensures no third party in a distant location can access your wallet. In addition to this, remote access software has inherent ability to overwrite other security features like two-factor authentication. Uninstalling or deleting such software is essential in safeguarding your coins and privacy.
3. Avoid the Free Lunch
This law of power also applies to privacy. Public WIFI is always tempting to any internet user. This generosity may also come at a price. Incidents of users of public Wi-Fi getting their browsers redirected to phishing scams are rife. Cybersecurity experts counsel the use of VPN when transacting in cryptocurrencies. Not only does it protect your details, but it will also safeguard your digital coin. Other electronic devices can use applications that guard against third party access to your device as well.
4. Ads Maybe your Privacy Adversary
We all are familiar with the tempting ads that pop up our windows when browsing. While not all ads are harmful, some come at a hefty price. An innocent click allows hackers to install phishing malware in your electronic device. These phishing ads access not only your wallet but also private data. Even worse, it’s getting intensely more complicated to distinguish between genuine and infected ads.
Security experts advise investing in ad blockers to reduce the likelihood of being hacked. Thankfully, there are several legit ad-blocking apps available for your device, e.g. block origin, AdBlock et al. For gamblers, counterchecking by visiting official sites or regulatory authority listing casinos that accept cryptocurrencies is essential. Your privacy breach is most likely to occur through clicking on Bitcoin casino ads that aren’t authentic.
5. Use Extensions
Hackers rely heavily on phishing to covertly access your credentials and private information. Investing in browser extensions comes in handy in securing your details. Whether you are accessing casinos through Firefox, Chrome, Safari, Edge, or Opera, several extensions in the market can ensure your browsing privacy.
Alternatively, you can use cookie delete function. Considering most of your browsing history and information is stored using cookies, hackers gravitate to these crucial leads to accomplish their mission. Other types of extensions give the additional benefit of notifying you of the risk of entering a given site. These may be essential warning signals to protect you from compromised websites. Suspicious sites are automatically blocked, especially if there are existing complaints about them.
6. Use VPN
Virtual Private Networks secure your browsing owing to their difficulty to be traced. However, changing of VPN has its downside of slowing your web activity. Yet, it’s a small premium to pay in exchange for the privacy and security of your funds. They work by encrypting your data and channelling your traffic through multiple computers, making it hard for hackers to access your information.
There is a caveat on free VPNs that have been previously accused of selling user data to third parties. However, market-leading VPNs do not keep any logs, therefore, safeguarding your privacy.
Rounding It Up
These are surefire measures a gambler can employ to safeguard their privacy and funds. Start applying these measures as long as you are using Bitcoin even when you aren’t betting online, and the chances are that you’ll hardly ever be a victim of digital currency fraud.