A Bitcoin wallet is a software program where Bitcoins are stored. As a virtual currency, Bitcoin payments work peer-to-peer and there is no government or authority that controls it. Users can send and receive Bitcoins online using web or software based wallets. Bitcoins can be used at any websites that allow Bitcoin payments including online casinos. You set up a bitcoin wallet, purchase bitcoin online and then use it to make a deposit at any online casino that accepts this digital currency as a payment option.
In order to use Bitcoin to make deposits and withdrawals users must first choose a 'wallet' that operates like a Bitcoin bank account: wallets let users receive, store and send bitcoins to other parties. Most Bitcoin wallet software is available on several platforms, and it's not unusual to find wallet solutions that are compatible with both desktop systems such as Windows, Mac OS and Linux, and mobile platforms including Android, iOS and Windows Phone. There are 4 main types of wallets:
Bitcoin balances are maintained using public and private “keys,” which are long strings of numbers and letters linked through the mathematical encryption algorithm used to create them. These ‘keys’ are stored in the wallet and used for online spending. Bitcoins are sent using the “address” of the recipient so in the case of an online casino, they will supply you with an address to send bitcoins to and then they will credit this amount to your account balance.
Security is essential as Bitcoin wallets represent high-value targets for hackers. Make sure you back up your desktop and mobile wallets, as problems with the wallet software on your computer or mobile device could erase your holdings.
There’s a broad range of wallets available, and the right choice for you will depend on how you want to access your bitcoin and what value you place on security.
Ideally , you want a user-friendly wallet that is secure and convenient. From a gambling perspective, bitcoin is simply another way to pay.
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