How to store your Bitcoins safely? – Bitcoin Security Guide
Before you use Bitcoin to bet on casino games or sports events , you must understand how to store and use Bitcoin safely. Bitcoin (BTC) and other cryptocurrencies are perfect for online payments, including deposits and withdrawals on Stake.com . However, to be safe, you need to take precautions to protect your funds.
Bitcoin History and Basics
What is Bitcoin?
Bitcoin (BTC) is a digital asset, also known as cryptocurrency. In simple terms, it is a decentralized digital currency that is not managed by a bank, government or institution. All transactions are conducted through blockchain technology, with peer-to-peer transfers, openness, transparency and immutability. You can learn more about Bitcoin and how to use it in our complete guide to Bitcoin .
Users can store bitcoins in digital wallets and send them to any wallet address in the world at any time. In addition to online payments, bitcoins are also seen as a speculative investment.
Bitcoin timeline
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October 31, 2008: An author using the pseudonym “Satoshi Nakamoto” publishes a white paper titled “Bitcoin: A Peer-to-Peer Electronic Currency System.”
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January 3, 2009: The Bitcoin network was officially launched, and Satoshi Nakamoto personally mined the first genesis block.
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May 22, 2010: A user on the Bitcoin Talk forum pays another user 10,000 BTC in exchange for two large Papa John’s pizzas, completing the first commercial transaction using Bitcoin.
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September 2012: The Bitcoin Foundation is formed to help promote Bitcoin and improve its reputation (previously Bitcoin transactions were closely associated with scams, fraud, and criminal activity).
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March 2013: The US Financial Crimes Enforcement Agency (FinCEN) is established as the first regulatory agency related to the use of Bitcoin, and the agency explicitly classifies Bitcoin miners as money service providers.
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August 2017: The Bitcoin network upgraded its SegWit software, greatly improving transaction speed and scalability.
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November 2020: PayPal, the world’s most popular e-wallet, allows users in the United States to buy and sell BTC.
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September 2021: El Salvador becomes the first country in the world to recognize Bitcoin as legal tender.
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January 2024: The first Bitcoin ETF (Exchange Traded Fund) is officially launched, allowing Bitcoin to be bought and sold on the stock market.
How to safely store Bitcoin on Stake?
As long as you choose a formal and licensed platform like Stake and take safety measures, betting with digital currency is actually safer than traditional methods . When using Bitcoin to deposit and withdraw cash, you do not need to enter sensitive information such as bank account number, but you still need to ensure that your coins are stored safely.
The Stake Vault feature allows you to safely store your Bitcoin, adding an extra layer of security to your funds. Our Vault feature is available to all users, ensuring that only you can access the money inside. Simply log in to your account, turn on the Vault feature, set up 2FA, and deposit your funds.
The vault supports all digital currencies accepted by the Stake platform, and you can also use it to receive rewards and gifts . When you want to bet or withdraw cash, there is no need to wait or pay a fee, which is convenient and easy.
What is Cryptography?
Cryptography is a technology that protects the security of communications, ensuring that information is only seen by designated people. When you register or deposit or withdraw money at Stake.com, all your personal and payment information will be encrypted through cryptography algorithms. People without the key will be completely unable to read it, ensuring that your information is absolutely safe.
What is an online wallet?
Online wallets are tools for interacting with blockchain. You can use digital wallets to store your Bitcoins and transfer them freely between exchanges, gambling platforms, and users. Generally speaking, “hot wallets” are suitable for frequent transfers and daily use, which are convenient and fast; “cold wallets” are more suitable for long-term and secure storage.
There are many types of online wallets suitable for Bitcoin, such as mobile wallets, computer wallets, etc. If you are looking for a higher level of security, you can also use offline wallets, including physical wallets such as hardware wallets, paper wallets, and cold storage wallets. No matter which wallet you use, remember to properly save the wallet’s “mnemonic” and “private key”, these two things are very important!
How to store private keys securely?
The private key is equivalent to the key to open the wallet. Once you have the private key, it is equivalent to controlling all your bitcoins. The private key is absolutely private and cannot be leaked. If you use an online wallet to store coins, be sure to keep the private key properly. Once the private key is lost, you will permanently lose access to the wallet, so be sure to make a backup. The safest way is to encrypt the private key and save it on your computer and protect it with a strong password. At the same time, make an additional backup on a USB flash drive, mobile hard drive or paper backup, just in case. Tips for safe storage of Bitcoin After purchasing coins on a cryptocurrency exchange , we recommend that you store them safely on your wallet. When storing coins, you must ensure that they are safe and convenient for you to transfer and use at any time.
To store your Bitcoins safely, here are some security measures for your reference:
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Use strong passwords: Weak passwords can be cracked by software. Use a password manager to generate strong passwords that are difficult to crack.
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Enable two-factor authentication (2FA): 2FA is an extra layer of security that ensures that even if someone gets your password, they still can’t access your tokens. It is recommended to use a dedicated authentication app (such as Google Authenticator), which is more secure than SMS.
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Keep your wallet software updated: Regularly patch your online wallet software. This will help fix any potential vulnerabilities and reduce the risk of cyber attacks.
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Create backups: When protecting your private keys, it is always a good idea to make backups in case you lose the original keys. Make sure these backups are stored in different secure locations and are encrypted.
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Beware of phishing scams: Scams and phishing attacks are the most common traps in the cryptocurrency world. Please only send funds to us through official, reliable exchanges and wallets, and do not click on unfamiliar links.
More Cryptocurrency Resources on Stake.com
When you are ready to play games or bet with Bitcoin, you can buy your favorite cryptocurrency through Moonpay and Swapped.com . Stake customer service is online 24 hours a day to help you solve various problems such as deposits and withdrawals . If you want to learn more about digital currency, how to use it, and gambling tips, we provide more resources for your reference, including:
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A Complete Guide to Cryptocurrency and Gambling
In addition to Bitcoin, the Stake platform also accepts different types of cryptocurrencies for deposits and withdrawals , such as Ethereum , Dogecoin , Litecoin , EOS , Tron , Solana , and Tether .