If you are looking to buy Bitcoin for gambling you will immediately run into the question of where to keep them. This article details the most common Bitcoin wallets and storage methods for gambling. The first thing to understand is that every wallet has its own individual key, which is how the coins are accessed. When it comes to security, the main concern is keeping these keys safe, which means that your funds will be safe too. There is a wide variety of options to suit all needs and security requirements. This guide will show you exactly how to keep your precious Bitcoins as safe as possible while still making them easy to use.
Cloud Storage Wallets
This is one of the most convenient style of Bitcoin wallet as they are super accessible and easy to use. These wallets reside in the cloud and can be accessed via websites or apps on your phone. Many crypto exchanges use them to store your coins for you. Users do not have complete control over their private keys though which may or may not suit as there are more secure wallets available. Reputable exchanges are trusted however and make trading, selling, and gambling a breeze as transactions can be made in an instant via mobile phone or laptop.
Mobile App Wallets
As the name suggests these are wallets that are available for download from the Android and iOS app stores. They are easy to operate, and you can be up and running in no time. Your private keys are stored right on your device, and you can open the app up at any time to check your balance and make transactions. They are considered safer than Cloud storage wallets though they are not quite as secure as desktop or physical wallets. There are many storage apps available now, so make sure to go with a reputable provider such as Coinbase.
If security is a top concern then it doesn’t get much safer than a physical storage device. These hardware wallets are custom-built devices that plug into a laptop or desktop, so keys/coins can be transferred onto them. Once the transfer has been completed, Bitcoins are completely cut off from the internet, so cannot be hacked. Of course, the device can be stolen like any other physical wallet, so care still needs to be taken. To that end, they often come with pin numbers, so only you have access to the wallet’s contents. In addition, it is also possible to have back up measures in place that let you restore the wallet’s contents to another device. When it comes to safety, physical wallets are hard to beat.
So which method is best for bitcoin gambling? It really depends on how much emphasis you place on convenience over safety and vice versa. Then again, why not have the best of both worlds by considering a mixture of the two? Many players keep the bulk of their Bitcoins stored offline on a physical wallet, while keeping a portion in the Cloud or a mobile wallet. This means the vast store of your investment is safe offline while retaining access to a handy day to day amount for gambling.