An Overview of Bitcoin Wallet Options
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.
What is a Bitcoin Wallet?
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:
- Desktop wallets: are installed on a desktop computer and provide the user with complete control over the wallet- you create a Bitcoin address for sending and receiving the Bitcoins
- Mobile wallets: paid apps on your phone with the same functions as a desktop wallet.
- Web wallets: These allow you to use Bitcoins from anywhere, on any browser or mobile.
- Hardware wallets: store Bitcoins on a physical piece of equipment, generally plugged into a computer via a USB port. These are chosen for added security.
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.
Using a Bitcoin Wallet
- Start by downloading a Bitcoin wallet from a site such as Blockchain.info or Coinbase. Supply some basic info and you can open one in a few minutes.
- Buy bitcoin on a bitcoin exchange using your bank account or debit card
- The Bitcoins are then transferred to your wallet
- Spend them at an online casino.
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.
3 Bitcoin Wallets for Online Gambling
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.
- Coinbase: Coinbase is a popular exchange that allows users in 32 countries around the world to buy and sell bitcoin. It is simple, convenient and secure.
- Blockchain.info: offers iOS, Android and web wallets for bitcoin holders, providing fast and convenient access to your bitcoin across a range of devices.
- Armory: Armory is a full-featured software wallet known for its emphasis on security and flexibility-it’s compatible with Microsoft Windows and Apple Mac OSX.
Ideally , you want a user-friendly wallet that is secure and convenient. From a gambling perspective, bitcoin is simply another way to pay.