Cryptocurrency is becoming more and more widespread across Australia, with more people than ever seeing its potential benefits and choosing to invest. A recent survey showed that up to 5% of the Australian population, or over 1 million people, own some kind of digital currency. Many cryptocurrency owners, however, are not well versed when it comes to security measures and necessary steps to take in order to ensure your Bitcoin is protected.
There are countless uses for Bitcoin in Australia; some of the most popular include for online gaming, trading and mining, and staking. It’s important that safety measures are introduced in each of these cases. For example, the best crypto casinos in Australia will prioritise the security of their customers. They will clearly display that they comply with counter-terrorism financing (CTF) and anti-money laundering (AML) measures, as well as other regulatory bodies and frameworks. A sure-fire way to tell if a crypto gaming company is regulated and safe to use is to look for an SSL (Secure Sockets Layer) certificate somewhere on the website. This proves the identity of the site, and confirms that an encrypted connection has been established. Encryption is paramount for many crypto users and companies alike because it reassures customers that sensitive information, such as bank card details or personal addresses, are not being shared with any third parties.
Aussie Bitcoin users should also look out for cryptocurrency exchanges that make use of Know Your Customer (KYC) regulations, which ensure that anybody wanting to use a crypto site or app undergoes a strict identification process. Typically, this will involve face verification and identity checks through ID cards, utility bills, and proof of address. If you’re asking yourself what the importance of this is, it goes to show that the cryptocurrency company values security and online safety. It stops any suspicious activity taking place between users, and dramatically diminishes the chance of fraud, financial or otherwise. Crypto exchanges that use KYC processes will be able to immediately spot any activity that looks out of place, as they will be extremely familiar with the common practices of their customers.
If you’re looking to secure your Bitcoin wallet, the number one piece of advice is to make sure you choose a secure platform from which to trade or exchange. Some indicators that a platform is regulated, licensed, and safe to use include two-step authentication, data encryption technology, security audits, and more. Each of these factors add an additional layer of privacy and protection for you and your assets. Deception and fraud are rife in the cryptocurrency community, and guaranteeing security for your wallet and platforms is crucial! A top tip for those who are unsure if the crypto exchange they are using is secure or not is to check if it has been registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This is a legal requirement for any exchanges in order to operate, as it serves to verify users, keep records of any and all activity, and enforce compliance with the government.
