There are several types of wallets in which to store your cryptocurrencies, each with its own advantages and pitfalls. For online gambling purposes, we suggest using online cryptocurrency wallets if we are considering small sums. If you are a high-stakes player, we advocate gambling using cold wallets, specifically dedicated hardware.
Online cryptocurrency wallets
Online wallets, also known as web wallets, are ideal for those who are new to the world of cryptocurrencies. It is the most convenient way to store them. As it is connected to the cloud, you are unlikely to lose your wallet by doing something silly like wiping your drive. The downside of this storage method is that it is “online” and therefore not impossible to hack. Online wallets are therefore ideal for players with small amounts of money.
Physical cryptocurrency wallets
Also known as desktop wallets or cold wallets, these are essentially software that you can install on your computer. They are quite handy for gamblers using cryptocurrencies because they can be used offline. They are also protected from most malware and viruses. The trick is to remember your key because, unlike online wallets, you will have no other way to retrieve it if you lose it. Also, if your drive crashes or you format your computer, you have a high chance of losing your money.
Also known as hot wallets, they work in almost the same way as mobile phone apps. They come with the added security of QR codes. However, there is always the risk of losing your mobile phone. Also, whenever you format your phone, you will need to make sure that you transfer your wallet. Just like any other connected device, it can be subject to malware.
USB drives and specialised hardware
The final option is another type of cool wallet. Some manufacturers produce devices (such as flash drives) that are designed to store Bitcoin and other cryptocurrencies. Options like the Ledger Nano are also called hardware wallets. They are convenient in that you can always carry them with you, and the fact that they are offline ensures that you are safe from malware and viruses. However, there are two drawbacks. Firstly, if you lose your hardware or access keys, you’re stranded. Secondly, they’re not always cheap. As the only wallet that costs money, these can range in price from €10 to several hundred euros.