Choosing a Secure Cryptocurrency Wallet - Tips & Facts

As soon as online casinos started introducing cryptocurrency payments, many customers began to worry about the question:

10:26 29 December 2021

How to find a safe cryptocurrency wallet where you can store your Bitcoins? 

It is essential to find a good Bitcoin casino and be sure the crypto you buy for deposits is safe on your wallet. 

Today, we will try to answer this question in as much detail as possible.

What Is a Cryptocurrency Wallet?

A cryptocurrency wallet is a service where you can safely store Bitcoin and other cryptocurrencies, send and receive them. There are several main types of crypto wallets: 

• according to the method of storing cryptocurrency - custodial and non-custodial;
• according to available cryptocurrencies - Bitcoin and Ethereum wallets, as well as multi-currency wallets;
• according to the access process - online, desktop, mobile, and hardware wallets.
  
  

In short, each type of wallet is suitable if it's proven. For convenience, we advise you to use a non-custodial mobile wallet, and if you want to store large amounts, then it is better to use a hardware one like Ledger.

How to Choose a Good Crypto Wallet?

There are many reliable crypto wallets out there now. But, with the development of the blockchain, many new services appear, which find more and more new chips to attract customers. Let's say you saw a similar new wallet somewhere - how to check it?

 

Check if the crypto wallet is non-custodial.

Non-custodial wallets are the best in terms of privacy. Your data is not stored on servers; that is, no one can access your money if they do not have access to the wallet. Custodial ones, in turn, store all your information on the server, and if hackers get to the server, your money may disappear - no matter how securely you keep access to the wallet.

 

Check the availability of a seed phrase. 

Seed phrase - the guard of your wallet. If the service only offers a password/face ID, the team doesn't want to work on security. The seed phrase, in turn, consists of 12 or 24 random words, which serve as the primary access to the wallet. If you (or someone else) enter the wallet from another device, then the application will certainly ask for a seed phrase, which is unrealistic to guess.

 

Check the presence of negative reviews or events.

This is the easiest step - enter the wallet's name in Google and see what people write about it - and if they write at all. Pay attention to reviews and news - what updates were there, whether the team has any suspicious past, and so on. By the way, if there are no mentions of the service on the Internet at all, avoid it; it is rather suspicious.

 

Check the available cryptocurrencies. 

It often happens that a wallet only supports one or a few popular coins - Bitcoin, Litecoin, Ethereum, and so on. If you plan to store different coins, make sure that the service provides such an opportunity in advance.

 

Check if the wallet accepts credit cards.

Now some wallets make it possible to deposit and withdraw money to a bank card. This fact does not characterize the service's reliability, but this is an exceptionally terrific opportunity.

 

Secure Cryptocurrency Wallet - Final Thoughts 

If you are slightly involved in cryptocurrency, then a wallet is a must for you. We have listed the above tips to help you choose a quality and, most importantly, secure cryptocurrency wallet. Let us remind you them:

• Check if the crypto wallet is non-custodial.
  
  
• Check the availability of a seed phrase.
  
  
• Check the presence of negative reviews or events.
  
  
• Check the available cryptocurrencies. 
  
  
• Check if the wallet accepts credit cards.
  
  

Using these pieces of advice, you will find safe storage for your coins and make deposits and withdrawals from the crypto casino safely.