There are two basic types of Bitcoin wallets – online wallets and offline wallets. An online wallet is one that is stored digitally, over the internet, constantly accessible for sending and receiving crypto-currencies. An offline wallet is stored on a fortified flash drive of sorts. Like a flash drive, it’s a physical USB plug-in device, but it’s built specifically for storing crypto-currency, featuring a sturdier, metal case design. They’re also pricey, due to the nature of the build. Since they are not free, we won’t be discussing those here, but know that they exist if you ever want to look further into it.
Beginners and intermediate users are strongly encouraged to choose an online, cloud-based or mobile wallet. Unlike offline wallets, these can’t be lost or accidentally destroyed, plus you can access them from anywhere in the world, on any computer or mobile device.
It should be noted that online Bitcoin wallets are free, but that certain transactions will incur fees, similar to online payment processing companies like PayPal. The frequency and size of those fees will vary from one wallet to the next, so it’s important to understand your needs.
Keep Your Wallets and Exchanges Separate
The most critical thing you need to understand is the need to maintain a separate Bitcoin wallet and Bitcoin exchange. If you want to buy Bitcoin from Coinbase, that’s fine, but you can’t store your digital currencies on the same wallet you use for exchanges. If you attempt to send BTC from a Coinbase wallet to a Playamo Casino wallet, for example, odds are your Coinbase account will get blocked, since gambling-related transactions are a big no-no. You’ll need to transfer your coins from Coinbase, or whatever public exchange wallet you do your buy/sell trading with, to a Private Bitcoin Wallet that won’t trace your every move.
Here’s a list of some of the most popular private Bitcoin wallets – the kind you can send and receive digital currencies through anonymously – and the types of users they accommodate best.
Blockchain Wallet is the most widely used Bitcoin wallet, especially popular among iGaming enthusiasts. We recommend Blockchain for new users with no prior experience or tech knowledge. It’s an online, web-based wallet service, so you can access your digital currencies from anywhere in the world, on any computer or mobile device. There’s also an app for iOS and Android devices.
Pros & Cons: Its simplicity is its most valuable feature, but the range of crypto-currencies you can deal in are limited to just seven options; Bitcoin, Ethereum, Bitcoin Cash, Stellar, USD Digital, Algorand, and Tether).
Jump to How to Open a Web-Based Wallet below.
Blockstream Green is unique in the sense that it is a cloud-based digital wallet. This makes it more secure than a web-based wallet, because it does not exist on any physical (potentially hackable) server. Multiple digital signatures are required to access the account. Think of them as keys. It takes multiple keys to get into the account. Blockstream holds one, and you hold the rest. They can’t get in without you, and you can’t get in without them.
Pros & Cons: Blockstream Green is easy enough for a novice to use, but is recommended for intermediate users who are just a little tech-savvy due to some advanced options you can play around with. In short, it’s extremely secure, but a bit more complex. Also, a download is required (see links below).
Download Blockstream Green for
Jump to How to Open a Cloud-Based Wallet below.
Bread Wallet (BRD)
BreadWallet, or BRD as it’s commonly known, is another great digital wallet for Bitcoin users. It’s not web-based or cloud-based. To beef up security, they made it available only as a mobile app. Installing the app creates an individual, digital wallet that exists only on the user’s mobile device. It connects remotely to BTC networks to send and receive units. There’s no account creation – no logins – no passwords – no servers storing your info. You get a 12-word paper key to access and move coins in/out of your your wallet.
Pros & Cons: This is not a feature-rich Bitcoin wallet by any means. You can buy, send and receive the most popular digital coins, like BTC, BCH, and ETH – that’s about it. But if you’re looking for a third-party, private Bitcoin wallet to protect your online gambling funds, and don’t mind it being app-only, BRD is the perfect fit.