Bookie Bitcoin Tips: How to Store Bitcoin Profits From Your Sportsbook
Making the switch to either Bitcoin or Ethereum is a no-brainer. Cryptocurrency is the wave of the future in sports betting.
This blog is all about what to do with your Bitcoin profits. Bitcoin isn’t like traditional forms of currency. Just to be clear – there is no Bitcoin bank.
Check out how to store Bitcoin profits.
Ways to Store Bitcoin Profits
Before reading further, it’s important to note that utilizing a service like Coinbase could really help when you wish to make transactions. Coinbase is one of the most secure Bitcoin transacting organizations out there.
They do charge a fee, though.
You can’t take all of your Bitcoins off-line and place them into cold storage. You must make sure that you have access to the Bitcoins you use for transactions.
The rest of the Bitcoins, the ones that you wish to keep long-term, can be placed into what’s called cold storage.
Cold storage means off-line. By taking your Bitcoins off-line it makes it impossible for hackers to steal your Bitcoins. You can do this because every Bitcoin, or even parts of a Bitcoin, has a private key.
Per head agents can take those private keys off-line by storing them in separate hard drives, thumb drives, and hardware wallets.
For extra security, you could put your hardware wallet, or cold storage hard drive, into a safe deposit box at your bank.
Backup Bitcoin Wallet
Always backup your Bitcoin wallet.
Backup all wallet.dat files. Then, store the backup files in a cold storage location. This ensures that if something happens to whatever online storage source your using, you’ll have access to your private keys.
How to Keep Bitcoin Profits Safe from Hackers
You’ve heard of hackers getting their hands on bitcoin. And, with cyber attacks only increasing and becoming more sophisticated, adding extra protection will go along way.
There are ways you can ensure your profit is safe from hackers.
Encrypt Bitcoin Wallet
It goes without saying that you should encrypt your digital currency wallet. Encryption means requiring a password to access. That’s all it means.
Make sure you’ve got a strong password associated with your Bitcoin wallet.
Add Multi-Signatures for Bitcoin Transactions
Here’s an interesting one that most online bookie agents should at least consider. Due to the threat of hackers stealing digital currencies, multi-signature processes have become popular.
Simply put, any digital currency transaction requires approval signatures from at least 3 parties. This ensures that the transactions are legitimate.
By following the above steps, agents can make using Bitcoin even safer than it already is.
Explore cryptocurrency and start using it today!