«Bitcoins at Online Casinos
Bitcoins have recently become one of supported payment methods in many online casino, that’s why any gambler should get as much information as possible about this unusual type of currency. Any gambler, who plays at online casinos, should know, how to use and protect bitcoins. Almost everyone knows that bitcoins have recently become popular among ordinary gamblers and among hackers as well. Now we’ll try to enlarge your knowledge about bitcoins, but we’d better start with the basics.
What is Bitcoin?
Either you know what Bitcoin is, or you don’t, let’s refresh this information. Bitcoin is a special currency, which you won’t find in physical paper or coins, you won’t hold it in your hands. This currency is digital, so it’s called cryptocurrency. It consists of several digital transactions, and they are kept in a blockchain, that is a special public ledger. Bitcoins are applied for making payments, but every transaction, made via bitcoins, needs a private key. It’s a kind of password, which confirms the ownership of the cryptocurrency, participating in this transaction.
How To Protect Bitcoins
This private key is the goal of the hackers, who want to take your bitcoins. When they get access to it, they can steal your investments. In fact, this key is some kind of wallet. And any wallet is vulnerable. The wallet is digital, like bitcoins. But still it plays a great role in protecting your own bitcoins from cruel and greedy hackers. You can choose only one type of the private key, because on the whole there are numerous types of them, and safety of your bitcoins will surely depend upon your choice of this or that digital wallet. Hackers may get access to your wallet easily, if you have chosen the wrong one.
On the whole, there are 3 main types of digital wallets, used to keep and protect bitcoins. The first one is an online variant. And that’s its main vulnerability – it’s online. When you use it, the website can get access to your private information and to your private key as well. And what can happen? Your online wallet may suddenly shut down.
Another type of bitcoins wallets is offline. They are safer, but you must check that all the information about your BTC can be restored, when your mobile device is stolen or lost.
The third type is mobile apps or desktop programs. When you have decided to pick this variant, always check, that you are one and only person alive, who can ever get access to your private key. If your computer or any mobile device is shared among several people (your friends or family), it’s necessary to make sure that only you are a happy owner of your own BTC wallet.
Sometimes BTC wallet owners are not satisfied with their private key, so they want to make the security system stronger. A passphrase can help here. It’s a special encoded type of your private key. But experts say that the smartest way of protecting your bitcoins is storing them in your own mobile device and keeping your private keys or passphrases somewhere offline.