Crypto Wallets 101 – If you’re new to gaming online with crypto, you might feel overwhelmed by the different options for actually buying and storing your coins before you start playing. Choosing the right one is crucial, as although crypto is known to be more secure than fiat currencies, hacks do happen.
So, here’s a quick look at the different types of crypto wallet you can choose from, and which could be the best suited to you as an online gamer.
Categories of Crypto Wallets
There are different examples of crypto wallets, each falling into various categories based on its core features. The following are the categories of crypto wallets:
Custodial and Non-Custodial Wallets
This categorization is based on the location of a crypto address’ private keys.
1. Custodial Wallets
These are wallets offered by third-party services to help you store the private keys to your crypto holdings.
2. Non-Custodial Wallets
These are also known as self-custodial wallets. They give you the full responsibility of securing your private keys to your crypto assets.
Hot and Cold Wallets
Custodial and non-custodial cryptocurrency wallet services can be subdivided into the following categories based on internet connectivity and requirements.
1. Hot Wallets
These are wallets that are connected to the internet. Examples of hot wallets include:
- Desktop Wallets: These wallets securely store a crypto address’ private and public keys on a computer hard drive using encryption—E.g., Electrum, Exodus Wallet, Trezor Wallet, etc.
- Web Wallets: These wallets are provided by third-party service providers such as crypto exchange platforms or wallet service providers. They store your crypto keys on their platform, and you can only access it through a web browser.
- Mobile Wallets: These wallets store your private keys on mobile applications installed on a mobile device
2. Cold Wallets
These are offline wallets that are not connected to the internet. They include the following:
- Paper Wallets: As the name implies, these wallets are physically printed copies of your public and private keys on paper. They also sometimes involve the QR code needed to access the crypto address.
- Hardware Wallets: These are USB-like physical devices that store your public and crypto keys offline. You’ll need to connect them physically to your computer to access these keys.
Factors to Consider When Choosing a Crypto Wallet for Online Gaming
Now that you’re aware of the various crypto wallet options. What decides which one is the best for online gaming?
The following are some factors to consider when choosing a crypto wallet for online gaming:
1. Coin Compatibility
The coin compatibility factor encompasses the coin you wish to gamble with, the coins supported on any of your preferred online crypto casinos, and the quantity of your coin holdings.
Your crypto wallet choice should be able to store and manage your online gaming platform’s preferred coin.
2. Convenience
Convenience is a core online gaming need for gamers. You want a wallet that allows you to gamble easily through easy access to your crypto funds. So, ensure that your wallet of choice has an intuitive user interface so that you can manage your holdings and execute transactions seamlessly.
3. Required Functionality
Do you intend to use the wallet strictly for gambling processes? Or do you also intend to access other blockchain features while gaming?
Some online gamers love to trade their crypto winnings on the go, while others prefer to store them for long-term purposes. So, you need to figure out all activities you’re likely to perform with your funds and confirm if the crypto wallet supports them.
4. Available Security Features
If you’re considering using a cold wallet, you have less to worry about regarding security features, as your set passwords protect cold wallets.
However, with hot wallet options like web, mobile, or desktop wallets, you must choose options with strong security protocols to protect your crypto assets. These security protocols include end-to-end encryption, biometric access, and two-factor authentication (2FA). Other measures include backup and recovery options.
5. What Others Are Saying
Most of the factors to be considered earlier discussed are details you can get from the crypto wallet provider’s website. And no company would like to sell themselves short.
So, to authenticate your findings, you need to consult user reviews and feedback to know what past users are saying about your platform of choice. These details will give you an idea of the platform’s reliability, reputation, and user satisfaction.
It is advisable to choose a platform with positive reviews.
The Best Crypto Wallets for Online Gaming
Based on these criteria, here are some ideal choices for online gaming.
Meta Mask Wallet
The Meta Mask wallet is very popular among online crypto casino gamers and esports enthusiasts as it grants access to many blockchain games. It is a super intuitive e-wallet that can be accessed on web browser extensions and mobile devices. It is compatible with many NFT games like CryptoDozer, ZED Run, and My Crypto Heroes.
However, it mainly focuses on ERC-20 and ERC-721 tokens, like Ethereum, DAI, and SHIBA INU, and doesn’t support Bitcoin.
Coinbase Wallet
Coinbase wallet is a self-custody wallet supporting virtually all crypto coins and, by extension, can be used to play a wide array of games. The wallet can be accessed on both web and mobile platforms. Furthermore, It supports various payment methods such as bank transfers, Visa, or MasterCard.
Electrum Bitcoin Wallet
The Electrum Bitcoin wallet offers a triple treat of speed, security, and reliability — the perfect combo for online gaming at any crypto casino. Although it supports Bitcoin only, the wallet has multiple other features that more than compensate for this flaw.
What the Electrum Bitcoin wallet lacks in range, it accounts for in quality service for Bitcoin holders.
Ronin Wallet
The Ronin Wallet is highly compatible with the popular Play-to-Earn Axie Infinity game offered by most crypto casino games. The wallet makes it easy to trade assets on this game and many other blockchain games.
Blockstream Green
With the Blockstream Green Crypto wallet, online gamers get full control of their crypto funds as it is a self-custodial wallet. To help them secure it properly, the wallet comes with a two-factor authentication multisig shield.
For convenience, owners can withdraw and deposit instantly as they play and track transaction fees through the help of a friendly user interface.