What Are Crypto Wallets: How to Choose Them and How to Use Them?
Crypto can be complicated and uninviting to those who aren't tech-savvy. Between the jargon and the financial responsibilities that come with it, people can often feel overwhelmed and just stray away from it. However, crypto also seems to be the future, especially for online casino gambling, as it brings greater security and anonymity.
So, if you want to learn how to use crypto for anything, including gambling, we are here to support you. In this guide, we'll cover the most essential tool for every crypto user – the crypto wallet. We are going over the types, how to choose them and how to use them responsibly and safely.
What is a Crypto Wallet
Crypto wallets are tools that you use to store, manage and transfer the crypto you own. It has the same purpose as a normal wallet you keep in your pocket, with the difference being that you don't hold coins. Instead, crypto wallets keep your private and public keys, which are unique crypto codes that give you access to digital assets.
You use your public key similarly to how you'd use an account number – you share it with others so they can send you money. The private keys are only yours to use, and they grant you control over your cryptocurrencies.
Types of Wallets
Crypto wallets are divided into two main groups:
- Hot Wallets – Also called software wallets. You need to install them to your device (whether a computer or a mobile device), and they are connected to the internet.
- Cold Wallets – Similar to a thumb drive. They are offline, physical devices that store your private keys. When you want to use your crypto to issue a transfer, you still need to connect them to a device and the internet.
How to Choose a Crypto Wallet
After understanding the types of the wallets, there are several other things you can do to choose your crypto wallet:
Purpose of Using
Depending on what you wish to do with crypto, there are better and worse options. For example, if you are a casual casino player who makes small deposits regularly, you will probably be better off with a hot wallet.
However, if you tend to make bi-weekly or monthly deposits at a casino, you should go for crypto cold wallets, as they provide extra security. So, the main dilemma is related to how often you want to use the wallet. If you use it frequently, your better option is a hot wallet, and if you use it rarely, then a cold wallet will serve you well.
Security Features
Regardless of which type of hot wallet you choose, security should always be the number 1 priority. When you select your crypt wallet, make sure that it has two-factor authentication, encryption and PIN protection.
User Friendliness
If you are a novice, make sure you use a wallet that has an intuitive setup and interface. Installation is mostly very straightforward, but you still need to set it up. Mobile wallets are somewhat easier for newer users, whereas hardware wallets are a bit more technical.
Consider the Crypto
Not all wallets are built for specific coins, but some are. Make sure to be informed about which crypto coins you will use and make sure your wallet is compatible with those to save yourself from a needless future expense.
Backup & Recovery
You have to be ready for the worst – losing your wallet. When you choose it, ensure there are enough recovery options – for example, seed phrases, which are basically recovery phrases, are essential.
Customer Support
Just like with any product or service, you can be faced with a specific issue that nobody on the internet has ever come across. You'd want to have an active and reliable support service and positive community feedback on popular forums.
How to Use a Crypto Wallet
To use your wallet, follow our list of steps to take below:
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Set up Your Wallet
Download or purchase it and set it up.
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Receive Crypto
Copy your public address and share it with the sender. You can find your public address in the “Receive” or “Deposit” section of the wallet. Alternatively:
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Buy Crypto
Some wallets will allow you to buy crypto with fiat currencies. If you have chosen one that offers this, you just need to follow the prompts.
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Send Crypto
When you need to send money, paste the public address that's been shared with you and click “send.”
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Check your Balance
Keep an eye out for all recent transactions and track outgoing transfers on the interface.
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Manage Security
Make sure to activate 2FA and PIN codes.
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Update Your Software
Just like all technology, hacking also advances with time. Make sure to always have the software updated to the latest version to avoid being targeted by newer forms of hacking.
Tips & Tricks for Optimal Use of Your Wallet
To sum it up, we offer some tips and tricks to ensure you have an easy and smooth experience using a crypto wallet.
- Double-check wallet addresses whenever you make a payment
- Always use strong passwords
- Make sure to separate wallets for different purposes
- Keep a secure backup of your recovery phrases offline
- Use low fees for non-urgent transactions
- Check for updated software weekly
- Watch out for dusting attacks and never interact with an unexpected, small amount being added to your wallet
Bonnie Gjurovska
Crypto Expert
Bonnie Gjurovska has been a gambling enthusiast since 2017. Her crypto journey began in 2019 when she first read a Twitter post. She then purchased Verge and Bitcoin as her first cryptos and developed a deep interest in blockchain, DeFi, NFTs, altcoins and protocols, scouring forums and communities for sharing knowledge. She is a strong believer in decentralization and digital economy, which stems naturally from her legal educational background.
