There’s that old adage that your money is only as safe as the place you keep it.
If you stuffed all of the cash you owned into a safe but then left the keys out for all to see, you might expect your hard-earned funds to disappear without a trace – hence why the absolute vast majority of us trust banks and building societies with our money.
The same kind of mentality should inform the habits of anybody who owns cryptocurrency: fail to prepare a safe place to store it, prepare to fail at keeping it safe.
There is a range of different crypto wallets that can be used to keep your currencies safe. Each has its own unique advantages – there are disadvantages in some cases too, and you will need to decide which of the Bitcoin wallets best suits your needs.
Once you have secured your Bitcoin, you can crack on with the best bit: using them to play your favourite Roulette and Blackjack games!
First up, let’s remember the basic principle:
Public address + private key = Bitcoin wallet
To send or receive Bitcoin, we require a wallet that is connected to the network. Our public address is a line of code via which we can receive Bitcoins from other parties, i.e. when you make a withdrawal from Bitcasino.
Our private address, meanwhile, is another chain of code that should be kept completely private and away from prying eyes. Using this, we can spend our crypto – hence why we don’t want anybody else to see it.
Keeping our private address safe is of paramount importance, and that’s why Bitcoin wallets were created.
There are several different types. A “hard” wallet, either a piece of hardware or even paper, will be a physical home for our private address, and in that sense these are the most secure as they are offline.
You can store your private address in a mobile wallet, which will usually take the form of an app, and these are safe as long as you keep your phone secure and password protected. Desktop wallets offer the same principles, while web-based and cloud wallets are very user-friendly while being prone to DDOS attacks and fraud.
The wallet you choose ultimately depends on your use requirements: physical wallets are typically more secure, while digital wallets aid more frequent use when making payments or receiving Bitcoins.
For our money, the following trio of crypto wallets are your best bet.
These days, most of us have smartphones, and so it’s logical for us to store our Bitcoins on our chosen devices.
There are crypto wallets available for iOS and Android phones, and these are typically very secure and easy to use.
Two of the most popular are Mycelium and Coinomi, so do your due diligence and read up on the benefits of each before deciding on either.
Both offer an exceptional user experience, and feature a number of backup and security features to help keep your private address and crypto stash safe.
Mobile wallets are classified as “hot”, in that they are always connected to the internet. This means that you are vulnerable, to some extent, to hacking and having your crypto stolen.
There’s also the chance that your mobile phone could be taken, of course, and if it isn’t password protected, then that could leave your wallet exposed.
Anyone who owns a desktop computer or laptop can choose to store their private address in a wallet stored on their machine.
These are available for all types of desktop, including Mac, Windows and Linux, and take the form of downloadable software.
Again, the elephant in the room is internet connectivity, which does make your wallet vulnerable to some extent, so be sure to protect your desktop with anti-virus and malware software. If you can disconnect your computer from the web, then all the better!
Ultimately, your private keys are in your hands – rather than stored on the servers of a third party or exchange.
Popular examples of desktop wallets come from the likes of Exodus, Electrum and Jaxx, among others.
Putting your private key in “cold storage” makes perfect sense from a security perspective.
Your information is stored on a hardware device, similar to a flash drive, that connects to a desktop app for managing your crypto. The Ledger Nano S and Trezor are two of the most popular crypto wallets currently available, allowing you to keep your Bitcoin and alt coins perfectly safe.
Another option is to store your private information on paper, which sounds crazy but is another smart way to take your keys and addresses offline.
A simple transaction sends currency from one wallet to another, and so to connect the two parties, you need a public address (for the receiver) and a private key (for the sender).
Normally, each transaction is “approved” by between one and five confirmations, depending on the amount of Bitcoin being sent. This helps to keep a log of all the transactions completed – though these are all completely anonymous, with no personal details published.
You can read much more about Bitcoin transactions in our help centre.
How do you go about connecting with Bitcasino? To deposit crypto into your account:
Now, you will need to select which currency you want to deposit, copy the address, and use it to make the necessary payment.
The process for making a withdrawal is very similar, except you enter your wallet details when requesting funds.
What’s unique is that we don’t send transactions, initially anyway, to the blockchain. This is so that there are no delays in you playing your favourite casino games with us, and so that you don’t have to pay extravagant fees either.
As soon as the time comes for you to make a withdrawal, your transaction is sent to the blockchain.
It is easy enough to keep your cryptocurrency safe and secure with a wallet of your choosing, and making a deposit or withdrawal to Bitcasino is quick and easy. To get started – and enjoy our fantastic range of games for free or with real funds – simply register for a new player account today.
Word: Sean McNulty