Safe ways to store cryptocurrency after winning
Introduction
After a large win from a crypto casino, it is important to transfer funds to a secure repository. Errors at this stage lead to loss of funds due to hacking, loss of keys or fraudulent schemes. Below are only proven methods, without unnecessary information.
1. Hardware wallets (cold storage)
1. Ledger / Trezor
Private keys are stored offline.
Sign transactions on the device, excluding Internet leakage.
2. Using multiple devices
Duplicate the seed phrase on two different devices (Ledger Nano S + Nano X).
Store them in different safe places (safe deposit box, safe at home).
3. Advantages and disadvantages
Maximum protection against online threats.
- Inconvenient for frequent minor operations.
2. Multi-sig
1. What is that
The wallet requires several signatures (2-of-3, 3-of-5) to withdraw funds.
2. Realization
Use Casa, Electrum (for BTC) or Gnosis Safe (for ethereum and tokens) services.
3. Pros and cons
Even if one key is hacked, the attacker will not be able to withdraw funds.
- It is more difficult to set up and confirm transactions longer.
3. Paper and steel wallets
1. Paper wallet
Generating offline on a computer without a network, printing a QR code of a private and public key.
Store in a waterproof envelope, do not upload to the Internet.
2. Steel wallet
Steel plates engraved with seed phrase (Cryptosteel, Billfodl).
Resistant to fire and water, do not deteriorate over time.
3. Risks
Loss or theft of physical media is the only attack vector.
No digital backups.
4. Separation of assets and addresses
1. Crushing
Divide a large sum into several wallets (cold and hot) of 10-20% each.
Prepare multiple HD addresses in your hardware wallet.
2. Hot wallet for spending
Keep on MetaMask or Trust Wallet no more than the amount for the next games or spending.
Keep the main bankroll in cold storage.
3. Balance sheet monitoring
Use Etherscan/BscScan/Blockchair to make sure your addresses are not zeroed out by third-party transactions.
5. Backup and Encryption
1. Seed-phrase
Write manually without copy and paste.
Do not store digitally.
2. Copy encryption
For digital backups, use strong password VeraCrypt containers.
Store on a separate USB drive that is not connected to the Internet.
3. Recovery check
Restore the wallet from the seed phrase on the test device every six months to make sure the recording is correct.
6. Decentralized strategies and staking
1. Stablecoins for stability
Convert some of the winnings to USDT/USDC to avoid volatility.
Store them in cold storage or on multi-signatures.
2. Staking and DeFi pools
If you plan to hold it for a long time: freezing ADA, DOT, ETH2. 0 through network nodes.
Low-risk LP pools (stablecoins ↔ ETH) for passive revenue, but pre-audit the smart contract.
3. Risks
Risk of vulnerabilities in smart contracts and loss of liquidity during sharp market fluctuations.
Conclusion
Secure storage of winnings from crypto casinos is based on a combination of cold storage (hardware and paper wallets), multi-signature, asset separation and reliable encrypted backup. Supplement the database with stablecoins or staking through proven DeFi protocols. Compliance with these practices will ensure the safety of your funds: quickly, anonymously and reliably.
After a large win from a crypto casino, it is important to transfer funds to a secure repository. Errors at this stage lead to loss of funds due to hacking, loss of keys or fraudulent schemes. Below are only proven methods, without unnecessary information.
1. Hardware wallets (cold storage)
1. Ledger / Trezor
Private keys are stored offline.
Sign transactions on the device, excluding Internet leakage.
2. Using multiple devices
Duplicate the seed phrase on two different devices (Ledger Nano S + Nano X).
Store them in different safe places (safe deposit box, safe at home).
3. Advantages and disadvantages
Maximum protection against online threats.
- Inconvenient for frequent minor operations.
2. Multi-sig
1. What is that
The wallet requires several signatures (2-of-3, 3-of-5) to withdraw funds.
2. Realization
Use Casa, Electrum (for BTC) or Gnosis Safe (for ethereum and tokens) services.
3. Pros and cons
Even if one key is hacked, the attacker will not be able to withdraw funds.
- It is more difficult to set up and confirm transactions longer.
3. Paper and steel wallets
1. Paper wallet
Generating offline on a computer without a network, printing a QR code of a private and public key.
Store in a waterproof envelope, do not upload to the Internet.
2. Steel wallet
Steel plates engraved with seed phrase (Cryptosteel, Billfodl).
Resistant to fire and water, do not deteriorate over time.
3. Risks
Loss or theft of physical media is the only attack vector.
No digital backups.
4. Separation of assets and addresses
1. Crushing
Divide a large sum into several wallets (cold and hot) of 10-20% each.
Prepare multiple HD addresses in your hardware wallet.
2. Hot wallet for spending
Keep on MetaMask or Trust Wallet no more than the amount for the next games or spending.
Keep the main bankroll in cold storage.
3. Balance sheet monitoring
Use Etherscan/BscScan/Blockchair to make sure your addresses are not zeroed out by third-party transactions.
5. Backup and Encryption
1. Seed-phrase
Write manually without copy and paste.
Do not store digitally.
2. Copy encryption
For digital backups, use strong password VeraCrypt containers.
Store on a separate USB drive that is not connected to the Internet.
3. Recovery check
Restore the wallet from the seed phrase on the test device every six months to make sure the recording is correct.
6. Decentralized strategies and staking
1. Stablecoins for stability
Convert some of the winnings to USDT/USDC to avoid volatility.
Store them in cold storage or on multi-signatures.
2. Staking and DeFi pools
If you plan to hold it for a long time: freezing ADA, DOT, ETH2. 0 through network nodes.
Low-risk LP pools (stablecoins ↔ ETH) for passive revenue, but pre-audit the smart contract.
3. Risks
Risk of vulnerabilities in smart contracts and loss of liquidity during sharp market fluctuations.
Conclusion
Secure storage of winnings from crypto casinos is based on a combination of cold storage (hardware and paper wallets), multi-signature, asset separation and reliable encrypted backup. Supplement the database with stablecoins or staking through proven DeFi protocols. Compliance with these practices will ensure the safety of your funds: quickly, anonymously and reliably.
