Crypto Wallets
Crypto Wallets
If you want to manage your cryptocurrencies or start betting on crypto betting sites, you will need to open up a crypto wallet - which will allow you to store, send, and receive assets.
Luckily, there are many options to choose from; however, it is important to understand crypto wallets, how they work, and which type is best for you.
What Are Crypto Wallets
A cryptocurrency wallet is a device or application you download on your phone or computer that functions as a wallet for your digital assets. While it is not your typical wallet, which holds physical items, a crypto wallet stores passkeys you use to sign in for all crypto transactions and offers ways to manage your assets.
With crypto wallets, the blockchain becomes accessible to everyone. It speeds up all crypto transactions – unlike when cryptocurrency was first introduced when those who wanted to execute a transaction had to type all keys manually.
A crypto wallet is a program or device which holds your cryptocurrency keys and allows you to send, receive, and manage your assets.
Crypto wallets come in different types, offering different features and security levels.
Types of Wallets
All crypto wallets serve the same purpose – to offer users a place to store and manage their cryptocurrency and execute transactions quickly and efficiently. Yet there are different types of wallets, each with pros and cons.
The main two types of wallets are custodial and non-custodial.
- Custodial wallets (or online wallets) are owned and hosted by third parties that store keys for you. The most common example is crypto exchanges, which offer custodial wallets for their customers.
- A non-custodial wallet is one in which the responsibility of keeping your keys falls on you. However, unlike custodial wallets, those with non-custodial wallets are the sole owners of the assets they hold.
The types of wallets are further divided into hot and cold wallets.
A hot wallet is a crypto wallet which requires a connection to the internet or to a device which has a connection to the internet. A cold wallet has no connection to the internet.
Wallets are further divided into software and hardware wallets, which can fall into any of the above-mentioned categories e.g. a non-custodial cold hardware wallet such as Ledger or a non-custodial hot wallet such as Coinbase Wallet.
Hardware Wallets
Hardware wallets are very popular among crypto enthusiasts as they are the safest option. They allow you to store your private keys on a physical device, such as a simple USB drive.
These devices can come in many shapes and sizes, yet all modern hardware wallets include many other features.
To use a hardware wallet to make transactions, you will need to connect it to your computer and undergo security checks, which ensure your keys are as safe as you make them. Since the security falls on you and you alone, hardware wallets are widely considered to be the safest option, although they come with some drawbacks.
Most modern and reliable hardware wallets, such as Trezor and Ledger, can cost €100 and above. Yet paying more for extra security can hardly be viewed as a big con.
Pros:
- Very secure
- Handling of multiple accounts and chains
- More control over your assets
Cons:
- You need to buy a device
- Setup experience is longer
- Not as accessible as software wallets
Software Wallets
Software crypto wallets are applications which you can download for your phone or desktop through which you can access and manage your cryptocurrencies. Often the go-to choice for beginners who want to avoid the upfront cost and tedious process of setting up a hardware wallet, software wallets are very accessible.
Software crypto wallets also include other features such as exchange integration – mainly if you use a wallet made by a crypto exchange such as Kraken Wallet, Coinbase Wallet, or Guarda Wallet.
Pros:
- Quick setup
- Additional functionalities
- Multi-currency support
Cons:
- Less secure than hardware crypto wallets
- Limited control (restrictions on daily transactions)
- Not great for holding large amounts of cryptocurrencies
While hardware and software crypto wallets are the main two types people choose between, there is a third, more niche option - a paper wallet.
Not as popular in modern times, crypto holders used paper wallets in the earlier days, and they work exactly how it sounds. With a paper wallet, you are required to write down your keys on a piece of paper
While there is nothing wrong with using paper crypto wallets, they are far less convenient also because paper can easily be damaged or lost.
Best Crypto Wallets for Betting
In the sea of available cryptocurrency wallets, it is often hard to pick the one for you. And since there are so many options, you will come across just as many great crypto wallets as bad ones – the trick is to know how to recognise which are a good option.
The best approach to picking a crypto wallet is to read reliable reviews and ensure it offers the features you need. More importantly, it is critical to use only trusted and secure cryptocurrency wallets.
Of all the available crypto wallets, here are some of the top options for those who want to store and manage their crypto and those who want to start their cryptocurrency betting endeavour.
Hardware Wallets
Software Wallets
Crypto Wallet Promo Codes
Most companies will accept promotional codes that benefit users by providing discounts and other deals.
While some have promo codes available all the time, others offer limited-time codes, such as during major holidays, when the company accomplishes a specific milestone, or during any other significant event.
FAQ
Do I need a crypto wallet for betting?
If you want to bet with crypto, you will need a crypto wallet to store and manage your cryptocurrencies. Fortunately, a crypto wallet is easy to set up and are even available as a software wallets on crypto exchanges.
Which is the best crypto wallet for betting?
While there are many cryptocurrency wallets of many types, there is no one clear best wallet for online crypto betting. Instead, it is wise to check online reviews and pick a wallet that is secure and has all the features you need.
Which are crypto wallet types?
Cryptocurrency wallets come in many types, including custodial and non-custodial, hot and cold, software wallets, hardware wallets, and, nowadays, less popular, paper wallets.
