Friday, May 24, 2024

Which Crypto Wallet Is Best for Betting Online?

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

As you are probably aware, you cannot play at leading Bitcoin casino betting sites like without first having cryptocurrency at your disposal. You will also likely know that you are going to need a wallet to store that cryptocurrency in. There are several types of crypto wallets out there for you to choose from, though. Which is the most ideal if the primary reason you use Bitcoins and cryptocurrencies is to gamble online? Fortunately, we are here to talk you through your options.

Online Cryptocurrency Wallets

Online wallets, also known as web wallets, are ideal for those who are new to cryptocurrencies. This is the most convenient way to store cryptocurrency. Because it is connected to the cloud, you are not likely to lose your wallet by doing something stupid like erasing a drive. The downside to this crypto storage method is that because it is “online”, it is not impossible for hackers to break in. Online wallets are, therefore, ideal for players with small sums of cryptocurrency.

Local Wallets

Also known as desktop wallets or cold wallets, these are essentially software that you can install on your computer. These are very handy for cryptocurrency gamblers, as you can use them offline. They are also safe from most malware and viruses. The trick here is that you need to remember your keys because, unlike online wallets, you will have no way to retrieve them if you lose them. Moreover, if your drive fails or you reboot your computer, you also stand a great chance of losing your stash.

Mobile Wallets

Also known as hot wallets, these work in much the same way as traditional phone apps do. They also come with the added security of QR codes. However, there is always the risk that you may lose your phone. Moreover, when you upgrade your phone, you will need to be sure to transfer over your wallet. As with any inter-connected device, they can be subject to malware.

USB Drives and Dedicated Hardware

The final option out there is another type of cold wallet. Some manufacturers produce devices (like USB sticks) that are perfectly designed to store Bitcoins and other cryptocurrencies. Options such as Ledger Nano are also called hardware wallets. They are convenient in that you can always carry them with you, and the fact that they are offline ensures that you are safe from malware and viruses. However, there are two drawbacks. Firstly, if you misplace your hardware or the access keys, you are stuffed. Secondly, these are not always cheap. The only wallet that costs money, these can range in price from $10 right up to several hundred dollars.

As you can see, each cryptocurrency wallet has its own perks and pitfalls. However, for online gambling purposes, we would suggest using online cryptocurrency wallets, as we are often talking about small sums here. If you are something of a high roller, we will advocate gambling using cold wallets, specifically dedicated hardware.

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