Keeping customer funds safe at all times should be the top priority for all Bitcoin companies in existence. BetKing, one of the many cryptocurrency gambling platforms in the world, uses a hardware Bitcoin wallet to secure customer funds. Since these devices are – so far – hack-resistant, that seems to be the best option.
Most people are all too familiar with the BetKing name, as the casino has been around since April of 2013. Staying around for that long is not an easy feat for any cryptocurrency casino these days, as there is fierce competition. Throughout the years, the company has garnered plenty of experience when it comes to securing user funds, though.
One thing that haunts many Bitcoin platforms is the risk of getting hacked. More worrisome is the fact that a lot of companies store user funds in a way that can still be retrieved by hackers. Cold storage comes in many different forms, and most standard solutions are not sufficient.
This is where the hardware wallet solutions come into the picture. There are quite a few different tools out there, although BetKing is a clear fan of the TREZOR wallet solution. The company uses this small device to secure thousands of users’ Bitcoins. Since a hardware wallet cannot be hacked through traditional means, it is a safe solution.
That being said, there is still the matter of using a seed backup. TREZOR hardware wallets create a mnemonic seed that acts as a backup to restore a wallet after losing access or resetting the device. Storing this seed in a secure place is of the utmost importance, as the one who obtains this information can gain access to the wallet address.
BetKing uses multiple wallet addresses to secure 5,000 Bitcoin in total. One is the intermediary wallet, which acts as a “hot wallet” solution. The rest is all accessed through a spare computer running Linux from USB, which used to encrypt the Trezor seed. That seed is then split into multiple pieces using different tools. Security should not be taken lightly, and it is good to see Bitcoin casinos paying attention to this matter.
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