Cryptocurrency covers a lot of aspects of our lives now: gaming, payments, e-shops, investing, etc. That is why, many people, though having a lot of options, still can not choose the best crypto wallet to store the funds. This is crucial for casino players because deposits and withdrawals from a crypto casino can be made only to a crypto wallet or a crypto exchange, not to the bank account. Today we will help you to understand the crypto wallets better and make the right choice.
What Is a Crypto Wallet?
A cryptocurrency wallet is a digital wallet where private and public keys are used to send or receive crypto funds. A wallet can exist on a computer, mobile device, online, or offline. Most cryptocurrency wallets require not only a password but a seed phrase, that is given to each user during the setup process.
What Is a Seed Phrase?
A seed phrase is a set of 12 or 24 words that are used to generate a private key. A user needs to write down the phrase and store it in a safe place because it is the only way to recover the wallet if something happens to the device.
Custodial and Non-Custodial Cryptocurrency Wallets
There are two types of wallets in terms of security: custodial wallet and non-custodial wallet.
The custodial storages mean that a third party stores the user’s keys. The most popular custodial wallets are Coinbase Wallet, Exodus, and Trust Wallet.
The non-custodial software wallets give the user full control over their keys. The most popular non-custodial wallets are MetaMask, Armory, and Mycelium.
Which One Is Better?
The non-custodial wallets are considered to be more secure because the user has full control over their private keys. The custodial wallets are usually easier to use because they do not require any special knowledge or skills.
For example, Coinbase Wallet is a custodial wallet that is very easy to use. All you need to do is to connect it to your Coinbase account and start using it.
MetaMask, on the other hand, is a non-custodial wallet that requires a little bit more effort to set up. But, it is worth it because you will have full control over your keys.
Types of Crypto Wallets
There are four main types of cryptocurrency wallets in terms of their usage, and we will explain their meaning in detail now.
The first and the most popular type are hardware wallets. The second one is a software wallet that can be either a hot wallet or a cold wallet. The third wallet type is an online wallet. And last but not least wallets are paper wallets.
Now we will describe each type of wallet in detail so that you could make your own choice.
A hardware wallet is a device – offline storage, most often in the form of a USB, that stores crypto private keys and interacts with different blockchains. The most popular hardware wallets are Trezor and Ledger Nano S. They support such cryptocurrencies as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, etc. The main advantage of a hardware wallet is that it is not possible to hack it as the private keys are stored offline. The only way to get access to crypto funds is to have the physical device in your hands. However, the disadvantage of a hardware wallet is that you can lose it as any other physical object.
A software (or desktop) wallet can be either a hot wallet or a cold wallet. Hot wallets are connected to the Internet. The most popular hot storage wallets are Exodus, Jaxx, and Coinomi. They support various crypto assets and have an intuitive interface. The main advantage of a hot storage wallet is that it is free. The disadvantage is that they are less secure as they can be hacked.
Cold storage wallets are not connected to the Internet and therefore are considered to be more secure. The most popular cold storage wallets are Ledger Nano S and Trezor. They support different crypto coins and have an intuitive interface. The main advantage of cold storage options is that they are more secure than hot wallets. The disadvantage is that they are more expensive.
Online wallets are wallets that are stored on a server and, usually, have the lowest custom transaction fees. The most popular online wallets are Coinbase, Blockchain.com, and BitGo. MetaMask is the best mobile-only software wallet, according to crypto users’ reviews. They support many cryptocurrencies and have an intuitive interface. The main advantage of online wallets is that they are convenient to use. The disadvantage is that they are less secure as they can be hacked.
Paper wallets are wallets that are printed on paper. The most popular paper wallets are Bitcoin Paper Wallet and Litecoin Paper Wallet. They support Bitcoin and Litecoin. The main advantage of paper wallets is that they are very secure. The disadvantage is that you can lose them as any other physical object.
How to Choose a Crypto Wallet?
Now you know the main types of wallets and their advantages and disadvantages. So how to choose a wallet that would be right for you?
First of all, you need to decide what digital currency you want to store in your wallet. Not all web wallets support all crypto assets. For example, if you want to store Bitcoin, sell Bitcoin, or buy Bitcoin, you need to choose Bitcoin-only wallets.
Secondly, you need to decide how convenient and easy to use you want your best Bitcoin wallet to be. If you want to use your DeFi wallet (or decentralized finance wallet) only occasionally, you may want to choose a less convenient but more secure wallet.
And last but not least, you need to decide how much money you are going to store in your wallet. If you are going to store a large amount of money, you may want to choose a more secure wallet.
TOP 5 Crypto Wallets to Store Your Funds
Now that you know how to choose a crypto wallet, we will give you a list of the best crypto wallets.
Ledger Nano S is the most popular wallet and the safest crypto wallet. It supports over 25 crypto assets and has a built-in display. Ledger Nano S is considered to be one of the most secure wallets as it is not possible to hack it. Currently, you can purchase Ledger Nano S for $79. The biggest advantage of Ledger is, of course, its security. But, some holders find this cryptocurrency wallet a little bit pricy.
Trezor is the second most popular hardware wallet. It supports over 1000 crypto assets, including all ERC20 tokens. The first Trezor wallet was presented in 2014 and since then it has become one of the most popular crypto storages. Trezor wallets are considered to be as secure as Ledger wallets. If you are afraid the device may be too complex for you, relax. 24/7 customer support of Trezor wallet will help you with any issue you may have. The price of the Trezor wallet is $85.
Exodus wallet is a desktop wallet that supports over 100 crypto assets. Exodus wallet is considered to be one of the most user-friendly wallets as it has an intuitive design and an easy-to-use interface. Exodus wallet doesn’t have a built-in exchange but it allows you to trade digital currency directly in the wallet.
Coinbase wallet is an online wallet that supports Bitcoin, Ethereum, and Litecoin. Coinbase wallet is considered to be one of the most convenient crypto wallets as it is easy to use. Coinbase wallet is also one of the most popular wallets as it has been used by over 10 million people. Coinbase wallet has some interesting features, including wallets for Android and iOS users.
MetaMask wallet is an online wallet that supports Ethereum and ERC20 tokens and is very good for mobile and tablet devices. It was founded in 2016. Now, MetaMask is not only a usual wallet, because it allows its users to access decentralized applications (dApps) in the Ethereum network. MetaMask wallet has a built-in exchange that allows you to trade digital currency directly in the wallet.
These are the most popular digital wallets for crypto casinos players. You can choose any of them depending on your needs and preferences.
How to Protect Your Cryptocurrency Wallet from Hackers?
If you are going to store a large number of crypto assets in your wallet, you need to know how to protect it from hackers.
Here are some tips:
👍🏻 Use a strong password for your wallet. The stronger the password, the better.
👍🏻 Use two-factor authentication for your wallet.
👍🏻 Keep your wallet software up to date.
👍🏻 Be careful with phishing emails and websites.
👍🏻 Don’t store all your crypto assets in one wallet.
👍🏻 Use a hardware wallet if possible.
👍🏻 Use a wallet that supports multi-signature.
Follow these tips and you will be able to protect your wallet from hackers.
A crypto wallet is a necessary thing if you are going to use cryptocurrency. You need to choose a crypto wallet carefully as it will store your private keys. There are different types of crypto wallets, including mobile wallets, desktop wallets, mobile wallets, and hardware wallets. The most popular wallets are Ledger Nano S, Trezor, Exodus, Coinbase, and MetaMask.
When choosing a crypto wallet, you need to consider your needs and preferences. If you are going to store a large number of crypto assets, you need to choose a secure crypto wallet. If you need to use crypto assets frequently, you need to choose a convenient crypto wallet.
Crypto Wallets – FAQ
A crypto wallet is software that stores your private keys. This wallet supports different digital currencies and allows you to use cryptocurrency. There are different types of crypto wallets, so you need to spend some time searching for the best one for you among other wallets.
Most crypto casinos accept both deposits and withdrawals to wallets. However, you need to check this information before creating an account on a crypto casino website.
If you lost the password to access your crypto wallet, you can recover the access using a seed phrase. A seed phrase is a set of words that you need to write down when creating a wallet. With a seed phrase, you can easily and quickly recover access to your wallet if you forget the password.
The best crypto wallets to store digital assets are hardware wallets. They are the most secure wallets as they store your private keys offline. Some of the most popular hardware wallets are Ledger Nano S, Trezor, and KeepKey.