Staff Reporter
Now and then, an invention revolutionizes not only its field but all aspects of human life. Cryptocurrencies are one of those inventions, as they can touch everything from combatting inflation to online gaming and gambling.
If you are an online gambler living in the U.S., selecting the right crypto wallet can be just as vital as picking the right website or games. Multiple factors have to be considered when selecting the best crypto wallets for gambling, such as ease of use, security, and how easy it is to access. Let’s look at online gambling in the U.S. and how cryptocurrencies can be a game changer.
What’s a crypto wallet, and what does it do?
Before we talk about other features of secure crypto wallets for gambling, it is best to first define them. In this case, the name is suggestive.
Like a real-life wallet that lets you store your cash, a crypto wallet allows the user to store virtual coins such as Dogecoin, Bitcoin, and Litecoin. Of course, it is possible to bypass the wallet and use these currencies directly, but having the transactions centralized and easy to access is vastly superior.
Overall, when a U.S. online user chooses crypto wallets, they will be able to easily secure the privacy of their transactions, withdraw what they already earned, and deposit as much money as they wish.
Let’s break down some of the advantages that wallets bring to crypto gambling in America:
1. User-friendliness
Not everybody is tech-savvy or has an inclination towards technology, and that’s ok. Usually, the burden falls upon the software or technology maker to make it easier to use; otherwise, it is simply a bad product that lacks user-friendliness.
Most crypto wallets have a very intuitive design, which is a welcomed addition. Blockchain technology is hard enough to understand for “normies” without struggling with the added problem of a counter-intuitive wallet.
2. Speed
Those who win may want to get their hands on their winnings fast. For that purpose, crypto wallets can make transactions easier to process.
Sending and receiving money has never been easier or quicker.
3. Usability
This may sound truism, but cryptocurrencies are unlike government-issued fiat currencies. That statement is true, for better or worse.
The advantages are apparent in increased anonymity, resistance to inflation, and a good way to diversify your assets.
However, there are also drawbacks.
For example, absolutely anyone can create a crypto coin overnight. So that makes the available user base interested in this technology and splits it into potentially dozens, if not hundreds, of micro-communities.
Wallet or not, you have to make sure that the casino that you are gambling at accepts your preferred crypto coin and wallet.
In this regard, if you want to ensure it is accepted, you can’t go wrong with Bitcoin. Bitcoin is to crypto what Cola is to soft drinks. It is THE crypto coin that even your grandma heard about.
Other second-tier coins, such as Tether or Ethereum, depend on a case-by-case basis. Some U.S. online casinos may accept it, while others may not.
4. Security
Freedom also comes with risk, and online security will never be as safe as the real world. However, we can minimize that risk using Crypto wallets for online casinos.
For example, it can include an additional step for security, such as two-factor authentication. This has become standard for almost every account on every major website that involves cash transactions.
Wallets can also offer cold storage options, which have your funds disconnected from the internet, which makes it nearly impossible to hack.
Multiple types of crypto wallets
Unfortunately, for new users, it can cause confusion regarding which wallet to choose. Depending on your circumstances, you can choose to have a cold, hot, desktop, or multi-signature wallet.
This is all dictated by who you are, how much money you are storing, who else is using your account, and from which device you are gambling.
Cold wallets
Let’s say you have a lot of money sunk into crypto, which must be kept safe. You aren’t just using it to play around with a few hundred dollars.
In that case, should anything happen to your wallet’s security, the financial blow would be devastating. It follows that security should be your number one priority.
In general, the more things move offline, the more secure they are. Cold wallets tend to have limited connection to the internet, thus cutting the risk of getting hacked.
There are real-life physical devices upon which you can store Bitcoin and even printed keys.
In terms of drawbacks, while cold wallets are more secure, the physical storage can be easily lost or thrown away. Also, they are a hassle to use, so it isn’t practical to use them for every minor transaction of 100 USD.
Hot wallets
Next, we have hot Gambling wallets for U.S. players. As the name suggests, they are the opposite of cold wallets. These wallets are permanently online, with quick and easy access available at a moment’s notice.
You can have one of these on your phone as an app or on your web browser. Yet, ease of use aside, hot wallets are less secure due to their permanent connection to the web.
In addition, browsers and phones are notoriously difficult to guard against hacking.
These wallets are ideal for players who wish to play around with multiple games and websites and not go all-in. As long as you use it for smaller transactions and don’t place your life savings here, you will be ok.
Desktop wallets
Since we’ve just talked about phones, let’s also talk about PCs.
Bitcoin wallets for gambling in the U.S. adapt to the needs of the user, with certain trade-offs. Mobility and ease of use vs security and peace of mind.
However, desktop wallets do a bit of both and are generally more secure than hot wallets hosted on phones and more convenient than cold wallets that are permanently offline.
It’s the middle ground between the two.
In terms of tradeoffs, since it is the middle-ground option, it offers a middling option of both. It is not as mobile as a hot wallet and not as secure as a cold one. This is what hybrid models usually get you.
Also, you have to have a personal computer dedicated to gambling, preferably used only for that activity.
Once you start browsing other pages, installing software, etc., the security risk increases as more and more sites install malware and spyware on your machine.
Multi-signature wallets
In this case, the name gives away the gimmick, as these wallets are designed to have multiple keys and levels of security, which makes them harder to crack.
The downside is that you have to manage multiple keys.
Conclusion
In general, the concepts of crypto and online gambling seem to fit each other like a glove. Virtual coins that are hard to track make it easier to keep transactions safe and anonymous.
Crypto wallets are a solution for where these coins are stored. And depending on your needs, there is a wallet that is just right for you.
