Where to Store Cryptocurrencies for Casinos
Where to Store Crypto for Gambling
If you are a professional cryptocurrency casino player, you probably prefer to use cryptocurrencies as deposits rather than fiat currencies. And you are probably interested in keeping your bitcoins in a safe place. In everyday life, learning how to keep your crypto currencies is just as important as learning how to earn them in casino games. You should also remember that these virtual currencies do not have the same protection as a traditional bank account. Therefore, you should be careful and use a safe wallet. Still, you can gamble with Bitcoin because Coinplay is absolutely safe due it’s incredible level of protection.
How and Where to Safely Store Bitcoins?
Cryptocurrencies are extremely in demand right now, but there are still doubts about how to store them, although the most common option is a cold storage wallet. However, there are other ways to store bitcoins for free and securely. Want to know about them?
The most common option (and the one I recommend) are wallets or cryptocurrency wallets where addresses are located with passwords or keys that allow you to confirm that you own the respective address and the funds it contains.
What about Hackers?
As we know, cyber attacks are becoming more common. In order to keep your bitcoins safe and sound, you need to improve your security.
First of all, you need to use a strong password, and refuse to use obvious passwords such as birthday or wedding anniversaries, because although these passwords are easy to remember, they are more vulnerable to possible fraud that occurs online.
In the world of cryptocurrency and blockchain technology, one of the most important elements is wallets. With them, you can view and consult your balances and have full control over the management of your funds. You don’t need permission or authorization from a third party to make a transaction.
Before working with any wallet, you should stop to analyze the types that exist, especially in order to determine which one best suits your needs.
Hot wallets can easily be characterized as those stored on external services. That is, they are wallets hosted on a server belonging to an exchange or e-wallet service where the user does not own the service. Despite this, the user has access and availability to the server and his personal assets.
Among the main characteristics are the following:
- They are traded live on websites that offer specialized services for investors.
- Security data can be recovered by confirming your identity.
- They are hosted on third-party servers, usually by large companies.
- It can be used 24/7 from anywhere with Internet access.
- They can offer real-time exchanges between other crypto-assets or currencies.
- However, their most notable feature is that they are wallets connected to the Internet 24/7.
These wallets are responsible for localized storage of crypto assets. That is, they are electronic wallets that store information in a file residing in memory. This type of storage can range from a hard drive to a USB or even a cell phone. They are designed for those who don’t want to store their assets online or get rid of them right away.
Their design is defined by the following characteristics:
- They have security and storage data that belongs to the user.
- They are stored on their own storage device and can only be accessed by the user.
- The device must be carried with them for money transactions.
- They only take effect once they are connected.
Which is the Best of Them?
If you have to make compromises when using any type of cryptocurrency wallet, a combination of cold and hot wallets is usually ideal. You need to strike a balance between the affordability of a hot wallet and the peace of mind and security of a cold wallet. Many people purchase each: a hot wallet for exchange and a hardware cold wallet for storage. They are all designed for a specific purpose, creating a balance between ease of use and security when using cryptocurrencies.
How to Deposit to CoinPlay and Start Bitcoin Crypto Gambling?
To start with, to make your first deposits at an online casino, you need to buy cryptocurrency from an online exchange.
There is a large selection of cryptocurrency exchange and purchase sites on the Internet, where you can purchase it for cash. Once you have purchased some coins, you need to do the following steps:
- Choose a reliable exchange and buy cryptocurrency on it. Note that different exchanges offer different cryptocurrencies, so if you need a particular currency, for example Ethereum, then choose an exchange that sells that particular coin.
- After buying coins, you will need to find a cryptocurrency wallet to store and protect them. Ultimately, to have control over the coins, you must store them in your crypto wallet.
- After you have purchased cryptocurrencies and stored them in a safe place, it’s time to go to CoinPlay, which accepts cryptocurrencies.
Gambling with Crypto:
- Once you have cryptocurrency in your wallet, register on CoinPlay and go to the payment section to make your first deposit;
- Select the type of cryptocurrency and you will see the wallet address.
- Copy the address and go to your cryptocurrency wallet;
- You will need a link to send the amount, so copy the online casino wallet address;
- Enter the amount you want to deposit into your casino balance;
- Click “Send” and the funds should appear in your casino player account within seconds.
7. Once the funds are received, you can begin your long awaited recreation and choose from the many games of the platform including: poker, roulette, dice, sports betting. Get on with the game and the winnings.
Online casino CoinPlay in its game on cryptocurrencies gives a number of advantages. One of the most significant advantages is the security and anonymity of your transactions. Also, CoinPlay provides players with payment methods literally in two steps. After which you can quickly and happily move on to crypto gambling.
Why is cryptocurrencies one of the best ways to deposit at CoinPlay? Because it’s easy to sign up for online crypto casinos, and they work on both PCs and mobile devices.
The pros are everywhere! From the increased security, to the speed of transactions, to the fact that cryptocurrency payments don’t charge transaction fees.
Clearly, user intent is the most important aspect to consider when choosing the perfect wallet. However, the convenience offered by some exchanges and platforms is ideal for most users.
We recommend keeping small amounts of cryptocurrency in hot wallets only for everyday transactions or expenses. While most of your cryptocurrencies should be stored in cold wallets. If you make any profits from trading, you should also consider how much you want to keep for further trading and transfer the rest immediately to cold wallets.