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When you use Bitcoin, or BTC, to make transactions, you are taking part in one of the most secure ways to send money and to receive money. Even if BTC was a a stable coin, one that’s pegged to the U.S. dollar, utilizing Bitcoin for financial transactions would still be the safest way to go.
The reason is because each BTC transaction creates a specific block on the Bitcoin blockchain. This uniqueness of protocols like Bitcoin is the reason crypto transactions are close to impossible to steal while a block is being created.
But although it’s impossible to steal a block, it’s not impossible to steal Bitcoin. The digital code that makes up each block must sit somewhere.
Savvy crypto thieves have discovered how to get some crypto owners to give access to their accounts. Others have found ways to hijack personal computers holding digital BTC code.
But thieves aren’t the only issue. Many BTC, ETH, and other crypto millionaires have lost entire fortunes because while blockchain itself is advanced, the way to secure digital wallets isn’t close to being as advanced as it should.
The story of the poor man who lost $220 million because he forgot his wallet passwords
You’ve probably heard of Stefan Thomas, the poor man who lost $220 million in Bitcoin because he couldn’t remember the password to a thumb drive?
Stefan isn’t the only one. Almost all digital wallets use the passwords model to secure your cryptocurrency. Once you download MetaMask, as an example, their system spits out 12 to 13 words that you must write down.
If something happens, you lose your phone, you forget your password to get into your account, etc. you must write the words in the correct order to access your account. If you don’t, everything could be lost.
Keep that in mind as you read the next section.
Unless crypto is “your thing”, your NitroBetting account is as safe of a BTC account as you’re going to find
You may have noticed that to get into your gmail account, or many other accounts, you must use what’s called 2FA or two-factor authorization.
Two-factor authorization is a fancy way to say you must prove who you are twice, once with a password, and then with a 6-digit passcode, to access an account.
You can set up your NitroBetting account for two-factor authorization. But that’s not the only way we make sure your NitroBetting account is safe.
Your account sits on our system. We run NitroBetting with our BTC, which means we’ve created the most secure sportsbook in the industry.
Because we’re Bitcoin only, and BTC transactions are peer-to-peer, you won’t ever have to worry about a third-party hijacking your transactions. There is no third-party credit card company involved.
Not only that, but you wager in mBTC, which means you’re wagering account can also double as a place for you to keep your Bitcoin. Then, instead of a wallet, when you wish to withdraw, you can withdraw to your Coinbase or Cash App account.
The best way for you to secure your NitroBetting account is to use 2FA. If you bet on sports, casino, or in the racebook, the best way to secure your home crypto account is to keep most of your BTC as mBTC in your NitroBetting account.
- B. Delmer, Gambling911.com
