Comparing Crypto Wallets for Online Betting and Gaming
Gambling online has a myriad of benefits. The most recent one is the ability to bet with cryptocurrency. Although in a few numbers, online casinos and bookmakers have been accepting digital currencies for transactions. Given the various benefits that gamblers get from crypto coins, it's not surprising that the demand for them keeps rising. Gambling with cryptocurrency is not complicated once you grasp how blockchain payments work. Whatever coin you choose for casino gaming or sports betting, one constant requirement is a wallet.
When you hear of a cryptocurrency wallet, you have an idea of what it is. The application is used to store digital coins. It contains the public and private keys that currency holders use for transactions. Therefore, you can't gamble without a wallet. Choosing a wallet is critical and knowing what to look for helps a great deal. This guide should help beginners in cryptocurrency find services that satisfy their gambling requirements.
Custodial vs Non-Custodial Wallets
Gamblers must learn the difference between various cryptocurrency wallets. One distinction to consider is who has custody of the funds. Whether a wallet is custodial or not depends on its regulation. Crypto exchanges based on the United States like Coinbase, and Circle are regulated since the country has strict laws governing digital currency. This type of service is custodial because it doesn't give customers wallet keys or seed. So, the third party has control. Due to regulation, these wallets don't allow gambling activities.
The other option is a non-custodial wallet, which is what works for online gaming and betting. With this type of wallet, the user gets full control of funds. Since you hold the key, you can send and receive coins at your convenience. Many countries are yet to define concise cryptocurrency laws. Cryptocurrency exchanges in such countries rarely have KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. These wallets are the best ones for gambling, especially if you are looking to boost anonymity. You don't have to worry about a third party looking into what you do with your money. Even when using an unregulated exchange, you can still ensure that you play at a trustworthy and licensed site like BitCasino, guaranteeing that your transactions are safe.
Mobile Wallets
Crypto exchanges have evolved to provide mobile solutions. Currency holders can have wallets on their smartphones, allowing them to send or receive digital coins from anywhere. You can get platforms for iOS, Android or both. A huge advantage of mobile wallets is their ease of use. Thanks to the camera feature on a smartphone, you can scan QR codes to deposit and withdraw funds rather than copy addresses manually. The biggest selling point of mobile wallets is that they provide improved security. Mobile devices are less prone to virus attacks than desktop computers. Additionally, users don't have to fret about threats like keyloggers. Smartphones come with in-built security measures like FaceID, fingerprint scanners and passcodes. Thus, users get to reinforce wallet safety however they see fit.
Desktop Wallets
These storage alternatives are highly popular because they allow currency holders to park large amounts. A desktop wallet is a software application that you have to download on your PC. You also get the keys on the same platform. Although desktop wallets can have useful features, they can be a tad impractical. If you use this wallet, access to funds would be restricted to a specific machine. So, if you stored coins on your home computer, then you wouldn't be able to play casino games during a work break. Another downside is the risks associated with any computer application. Having the wallet on a desktop is safer than keeping it on the web, but it can still be infected with malware or compromised in other ways.
Hardware Wallets
A hardware wallet, as you might have guessed, exists in a physical state. Storing your digital coins on a hardware wallet means that the private and public keys are on an electronic device. The wallets contain individual microcontrollers and come in all shapes and sizes. You have to connect the device online to transfer funds. Also called cold storage, the wallet is the most secure option for gamblers. Given the storage is offline, common cyber threats are not an issue. A physical device cannot be hacked or infected with malware. Of course, users still have to be cautious about other problems. A device can be stolen, especially when undesirable elements know what’s on it. Hardware wallets can have additional security measures like a PIN to restrict access. Cold storage is ideal if you have a large number of coins.
Features to Look for in a Crypto Wallet
After learning the different types of wallets you can pick from, you should know what makes one service better than the next. For one, a good wallet should be simple. The interface should be intuitive without too much going on. Novices must be able to transact at casinos and sportsbooks without a steep learning curve. You should be able to store different currencies on your chosen wallet. Bitcoin is the most used and highest valued cryptocurrency, so BTC exchanges are everywhere. However, gambling operators have started accepting various altcoins, such as Litecoin, Dogecoin and Ripple. A wallet should accommodate
multiple coins. Security is a fundamental feature in a crypto wallet. Check the safety measures included like two-factor authentication, IP blocking and recovery phrases.
Cryptocurrency gambling is growing at an impressive rate, what with digital currencies gaining popularity. The increasing demand means more wallet options for users. Gamblers can easily find storage solutions that match their payment needs.
***
DISCLAIMER
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.