Choosing A Bitcoin Wallet For Casino Play
While many online casino gamblers and others know that using Bitcoin is a private, safe way to make transactions on the internet, a number of people simply aren't sure how to go about doing so. If you're wondering how to choose a Bitcoin wallet so you can start cashing in on the high level of privacy associated with gaming in this fashion, read on.
Ease of Use and Security
Although Bitcoin transactions themselves are generally more secure than those using conventional payment methods, not all Bitcoin wallets offer users the same degree of privacy. Typically, the more technical the wallet, the higher level of security it offers; this means that gamblers with a little bit more technical know how can choose Bitcoin wallets with a smaller likelihood of an unauthorized user gaining access to their currency.
Hot, Cold and Hardware Wallet Platforms
Bitcoin wallets are available for Android, iOS and Windows, making it possible to access them on smartphones, tablets and laptop or desktop computers. Once users have a Bitcoin wallet on one or more platforms, they can be classified as hot, cold or hardware.
- Hot Bitcoin wallets are generally those that are kept on a mobile device, making it possible to use them quickly, easily and regularly. In fact, many people think of their hot Bitcoin wallet as similar to their debit card; it's something that they can pull out and use whenever they wish to spend BTC. Choosing an easier-to-use, potentially less secure wallet is often advisable in this situation; because users are frequently in and out of hot wallets, they can take advantage of their ease of use because any unauthorized use will be quickly noticed.
- Cold Bitcoin wallets are those that are generally kept on computers in a user's home; often thought of as a safe or an untouchable bank account, cold Bitcoin wallets are a place to store BTC that owners have no intention of spending immediately. As the opposite of a hot wallet, cold wallets should be those options that feature more complexity and a higher degree of security, as theft may not be immediately noticed. Additionally, hot wallet users should know that their funds will pass through the virtually hands of a third party, which may impact their decision on how to proceed.
- Hardware wallets are the most secure option for storing Bitcoin, and these are great for those who do not intend to use their Bitcoin for a very long time; for instance, hardware Bitcoin wallets may be appropriate to store BTC to be later be used to pay for a major expense, like a down payment on a house or a child's college education. Stored offline, unauthorized access to hardware wallets is nearly impossible. Hardware wallets are also considered cold.
The Choice Between Hot and Cold
Now that you know the main differences between hot and cold wallets, it's time to look at other features of each, which may make it easier for you to determine which option is the best for you. Many users choose hot wallets when storing small amounts of Bitcoin, aren't worried about privacy or can only afford a free wallet. Hot wallets are also the best choice for those who are looking for a quick, easy experience, want to access their funds on their phones or need to share the wallet with another person. Those choosing cold wallets generally have rigid security needs, require little access to the funds and prefer to create their own privacy. Cold wallets are also a better idea when users are storing large amounts of Bitcoin and they are prepared to purchase the wallet themselves; prices rarely exceed $200.
Putting Your Bitcoin Wallet to Work for You
Whether you're considering Bitcoin use for the first time or you're just brushing up on your knowledge of wallets, it is possible to find both hot and cold wallets that are secure and useful. It is also important to remember that both types of wallets may be used if Bitcoin owners have multiple Bitcoin storage needs. As is the case with any financial transaction or decision, due diligence is necessary to ensure the safety of your funds.