How to get a crypto wallet
We have already been through of the wallets we recommend but, in this section, we will dive deeper into the subject.
The most important thing when considering getting a wallet is to use a device that only you have access to. If someone else gains access to your wallet and deposits that money, then there is no one that is able to help you get that money back! Of course, there are security measures put in place to avoid this, but we highly recommend you use a device you only have access to when using your wallet.
You will also come to know when you send the money to another wallet there might be a small delay. Usually it happens instantly but sometimes there may be a small delay so don’t be alarmed if this occurs.
Since this is unregulated there is no assistance to your apps. The only assistance you receive is a FAQ section in the app and online forums where other people share their experience.
One benefit to these apps is that you are completely anonymous. You won’t have to share any personal data or information. When creating an account on a wallet you will receive a message with 12 words.
These words will be in a specific order and it is paramount that you safeguard these words. Store them someplace safe and write them down and hide it somewhere.
This is the recovery code for your wallet if you were to lose your phone or tablet device. If you don’t have this code, you will lose your wallet and everything on the wallet! So, we can’t stress enough how important that code is.
If you want a wallet that has a support service, we recommend an exchange wallet.
Bitpanda is our preferred exchange wallet. There has been some speculation whether this is safe since they basically are in control of your wallet.
In the five years we have used Bitpanda we have never experienced any issues at all with their service and we have always had full trust in their service. Bitpanda uses secure servers and military grade protection for their wallets and are therefore very difficult to hack.
If you choose to use another exchange wallet service, make sure that the company you choose to use is covered by an insurance that can cover any losses that might occur in an event of hacking.
Another advantage with exchange wallets is that you may exchange your BTC to any other cryptocurrency. This might come in handy if your online casino only accepts Ethereum or another cryptocurrency that you do not possess. Or the other way around.
Another advantage with exchange wallets is they are easily accessible. It is a website where you have a code and password just like your bank. Because of this they offer customer service and other services you do not receive with a wallet app.
The downside to this is that you are not anonymous.
The company will need your information in order to verify your account.