Choosing a Bitcoin Wallet for Online Casinos

Bitcoin is one of the best ways to make online casino deposits and withdraw money because there are no transaction fees, and your cashouts are processed instantly. But before you can begin using Bitcoin, you need to choose a wallet. If you're a Bitcoin novice, this is easier said than done because it's not as simple as receiving a credit card and calling for activation. This being said, let's look at what you need to know to know about choosing a Bitcoin wallet, beginning with the wallet's function.

What Does a Bitcoin Wallet Do?

The term Bitcoin wallet is misleading because this doesn't actually store virtual coins. Instead, the blockchain - a public ledger for Bitcoin transactions - stores your coins. What the wallet does is give you access to your bitcoins through public and private keys. The private key is what you use to send bitcoins, and you need to protect this info because it safeguards your wallet's security. The public key allows you to receive bitcoins, and this can be used anytime, anywhere, without security issues.

PC/Mobile Device Operating System

When you choose a wallet, one of the most-important considerations is your computer/mobile device's operating system. Some wallets can be used on any PC operating system, like Windows, Linux, and OSX. Other wallets are made for major mobile devices, including Android, Apple iOS, and Windows products. Obviously the more systems/products that your wallet is compatible with, the better. This is why many choose cloud or web-based wallets because they can be used with any device that offers internet access.

Bitcoin Wallet Security

Mobile Bitcoin wallets are very secure because modern smartphone processors segregate encrypted data, making it hard for hackers to crack encrypted mobile wallets. This isn't to say that PC-based wallets aren't also good, though, because many of these offer extra features that beef up your wallet's security. You take the greatest risk using web-based wallets that can be accessed from any device, given that we've seen multiple incidents in the past where hackers stole coins from cloud/web-based services. If you opt for the convenience of a web-based wallet, make sure that it has a two-factor authentication process to provide upgraded security.

Offline Wallets for Online Casinos

If you're a high roller at online casinos, then you'll definitely want to consider an offline wallet. Unlike banks, where your money is insured by the government, or credit card companies, where they restore fraud victims' accounts, Bitcoin is not backed by a central government or third party. This means that if your money gets stolen, it's probably gone for good. This is where offline wallets (a.k.a. cold storage) come into play because internet hackers can't get to them. You can store thousands of dollars on a USB thumb drive, store it in a safe-deposit box or personal safe, then access it when you need online casino funds.

Other Tips for Choosing Casino Bitcoin Wallets

Assuming you want to get really in depth with your search for a wallet, you can visit Bitcoin.org, the official site for the Bitcoin service. Bitcoin.org offers lots of helpful comparisons between wallets, while outlining their features and discussing which ones rank the best. The Apple Store and Google Play are good for mobile wallet comparisons because you can browse through user reviews to find the pros and cons.

With all the different wallets available, it's important to narrow your options and pick one that suits you. We can't recommend a one-size-fits-all Bitcoin wallet because everybody will have different needs and preferences. But as a general rule, wallets either fall into the secure/ inconvenient, or convenient/less-secure categories.

If you're a high roller with major online casino funds, then you should opt for a specialized mobile, PC, or offline wallet due to the increased security. If you're a low roller who only has a $20-$50 bankroll, then a convenient web-based wallet should suit your needs. After all, even if somebody hacks your account, which isn't totally common, you'll only be out a few dollars.