How to Set Up a Digital Crypto Wallet?

Cryptocurrency online casinos are the best option if you want to play your favourite games while having full anonymity and security. However, to do so, you need to have a well-set-up digital crypto wallet.

In this guide, we’ll walk you through the easy steps of setting up your virtual wallet. We will cover different types of wallets and how to optimise and use them safely at any crypto casino site you choose.

Step 1: Choose Your Type of Wallet

Although the concept is the same, and their purpose is to keep your crypto money safe and secure, there are two main groups of crypto wallets available nowadays. The options and specifics about each of them are as follows:

Hot Wallets

Also known as a software wallet, a hot wallet is a crypto wallet that is connected to the internet. It is installed like any other software on your laptop or mobile device. When you own crypto, you get private keys to access it.

You can use the hot wallet as an interface to access and store crypto keys. Hot wallets are easy to use and more convenient for casino players as they can store more funds and quickly link them to online casino cashiers. However, since they are always connected to the internet, hot wallets are more vulnerable. Being connected to the internet makes them more prone to hacks and theft compared to their cold wallet counterpart.

Popular hot wallets include Metamask, Trust Wallet, Exodus, and Coinbase Wallet.

Hot wallets have two subgroups: Mobile Wallets, which are apps you install on your phone, and Desktop Wallets, which you install on your computer.

Cold Wallets

Unlike hot wallets, digital cold wallets are not software but a physical device – like a thumb drive that stores your private keys offline. To access your cryptocurrencies and use them, you need to connect the wallet to an online device, transfer the amount to a hot wallet and then make the transaction, making them a bit more inconvenient. Popular cold wallets include Ledger and Trezor.

Useful Tips: It is important to keep your cold wallet well hidden. Having a small home safe would do the trick.

Step 2: If You’ve Chosen a Hot Crypto Wallet – Download and Install It

Once you’ve chosen the wallet, you will need to download and install it. For the majority of the apps, the process is very straightforward. You will need to:

• Find the software. Open the app store for mobile wallets or the provider’s website for desktop wallets.
• Click Install/Download. This shouldn’t take more than a few seconds to download as long as you have enough storage space.
• Follow the installation steps. If you use a desktop you’ll need to choose the location of storage on your disk and make sure you have enough free space.
• Agree with the Terms and Conditions. Before you do so, make sure to read the T&Cs carefully, especially the clauses for redemption and closure of accounts.
• Provide your personal data. Since this is your first wallet, you won’t be able to log in to the app without having credentials.
• Set up your password. Make sure to use a strong password that only you know.
• Set up a recovery phrase. Some wallets will have this feature. Make sure to add a phrase or string of words only you know.

Useful tips: Unless you have a photographic memory, make sure to have your password and recovery phrase saved securely (like a home safe or someplace only you know, preferably offline). In the event of losing or forgetting them, you will be able to redeem your account easily.

Step 3: If You’ve Chosen a Cold Crypto Wallet – Install and Set it Up

After researching your preferred model, purchase the device and unpack it. The next steps are as follows:

• Connect the software. If you use wallets like Trezor or Ledger, you will need to connect it to your computer or a mobile device.
• Download the necessary software. Make sure to access the original manufacturer’s website and not a phishing site and download the software from there.
• Create your wallet. You will get a generated key that is privately stored on the hardware device itself.
• Set up your PIN. Make sure to use a unique PIN you don’t use anywhere else.
• Set up recovery phrase. Follow the same steps as with a hot wallet. Make sure to store it offline to be able to recover your funds in case you lose the hardware device.
• Securely store the hardware wallet. Make sure to store your PIN info, recovery phrase, and the device somewhere safe, like a safety deposit box.

Useful Tips: Never share your private key or recovery phrase with anyone. If someone else gets access to these, they can steal your funds.

Step 4: Maintain and Secure Your Crypto Wallet

Now that your crypto wallet is set up and installed, it is of utmost importance to learn how to use and maintain it safely. Here are the steps you must take:

• Regularly update the app version. Similar to all other software, digital crypto wallets have software updates. Make sure to always update them to the latest versions to be protected against newer forms of security threats.
• Enable two-factor authentication. 2FA is widely available in many crypto wallets, and if your chosen option has it, make sure you’ve enabled it. This way, you will confirm any login attempts on mobile and e-mail, minimising the chances of malicious attempts.
• Set up notifications. Make sure to allow notifications for any transactions and activity in and out of your wallet. This will help you catch unauthorised activity.

Benefits of Using Digital Crypto Wallets at Online Casinos

As a casino player, you will find that anonymity and security are of the utmost importance. Luckily, these are the two main benefits that crypto wallets offer. When using cryptos at online casinos, you don’t share any sensitive bank details with the casino. Also, the majority of digital crypto wallets allow you to deposit and withdraw with cryptos completely anonymously.

Besides this, we find that the biggest benefit of using crypto wallets is the speed of online casino banking. Compared to traditional banking methods like credit/debit cards or eWallets, crypto banking at online casino sites is considerably more time efficient – offering withdrawals within hours instead of days you’ll usually wait to receive the funds using traditional counterparts.