Crypto Wallets – Choose the Safest Storage
Crypto Wallets are an integral constituent of life for those who actively use cryptocurrencies. As the major element of blockchain infrastructure, they allow you to send, receive and keep funds easily. There are different types of wallets, and each type has its own advantages and disadvantages.
Using BetFury, a leading iGaming crypto platform, involves permanent interaction with various cryptos (making bets in Slots and In-House games, withdrawal of winning rewards, and daily Staking payouts). Therefore, it's of paramount importance for you to understand the types, nature, and security characteristics of wallets to find the most convenient option for yourself.
What is a Crypto Wallet?
Сryptocurrency wallet is a special device, application, program, or online service that allows you to store cryptocurrency in a secure environment.
Many people often say that cryptocurrencies are "stored" in wallets, but this is technically incorrect. Funds are stored on the blockchain – a distributed, decentralized ledger that is the backbone of the cryptocurrency ecosystem. Wallets, in turn, contain important data that allow users to access these funds directly inside the blockchain and, if properly managed, ensure their safe storage.
How do Cryptocurrency Wallets Work?
There are public and private keys for using the currency. Based on these keys, an alphanumeric identifier called address is generated. In essence, this address specifies the location to which coins can be sent to the blockchain. Coins are just transferred from one address to another, never leaving the blockchain. The address can be shared to receive funds, but private keys are to be never disclosed. The private key plays a crucial role as it provides access to your coins on any device.
Types of Wallets
Hot and Cold
Depending on the mechanism of operation, wallets are also called hot and cold.
Hot wallets are connected to the Internet, so they are more efficient but less secure. A hot wallet is like a wallet with cash. If you wouldn't keep a thousand dollars in your pocket, you might want to have the same consideration for your crypto wallet. In general, it is a good practice to keep only small amounts of currencies on your hot wallet installed on a computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment.
Cold wallets are not connected to the Internet, they are more resistant to hacker attacks, but not as convenient and user-friendly as hot ones. An offline wallet, also known as cold storage, provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to the network. When done properly, it can offer very good protection against computer vulnerabilities. Using an offline wallet in conjunction with backups and encryption is also a good practice.
Software, Hardware, Paper
Crypto Wallets are divided into software, hardware, and paper.
Nowadays, most companies provide software-based wallets (Blockchain Wallet, Trust Wallet, Guarda, Atomic Wallet) as they are easier to use.
Paper wallets exist in the form of a QR code printed on paper and considered to be obsolete.
Hardware wallets (Ledger, Trezor) are electronic devices resembling flash drives that are protected by a PIN code and secret passphrase. Hardware wallets are the best balance between very high security and ease of use. These are little devices that are designed from the root to be a wallet and nothing else. No software can be installed on them, making them very secure against computer vulnerabilities and online thieves. As they can allow backup, you can recover your funds if you lose the device.
Web, Desktop, Mobile
You can use web wallets (MetaMask, Coinbase) to access the blockchain through a browser interface without downloading and installing additional software. They are the least secure wallets and ideal for small investments to allow quick transactions.
A desktop wallet (Exodus, Bitcoin Core, Electrum) is software that you install and use on your computer. Unlike some web versions, this type of wallet gives you full control over your keys and funds. They are easy to use, provide privacy, anonymity, and involve no third party. Regular backing up of the computer is needed.
Mobile wallets (Coinomi, Mycelium) function in the same way as their desktop counterparts but are designed particularly as smartphone apps. They are very convenient and allow you to send and receive cryptocurrency using QR codes.
Crypto exchanges (Currency.com, Binance, Huobi) are perhaps the most convenient option for storing cryptocurrencies, daily use, and transactions of small amounts. Wallets on exchanges are easy to use for those who are just getting acquainted with the crypto market. At the same time, most crypto exchanges immediately after registration provide access to built-in wallets for free.
Also, top trading platforms provide additional services to protect user funds, and you can connect a third-party two-factor authentication (2FA) service to most crypto wallets or use built-in solutions.
How to Protect your Wallet
Hearing the word "crypto", there may be a false hope that crypto wallets are completely safe and there can be no threats. It is important to remember that the more your assets worth – the more interesting they are to fraudsters. Regardless of where you decide to store your cryptocurrency and private keys, be aware of bad actors in the space.
❗️Keep a seed phrase private and secure
Once you pick a wallet service, its software will also often generate a unique seed phrase, or a collection of 12 to 24 random words, which could be used to recover your crypto wallet. Your seed phrase should also be kept completely private and in a secure location offline.
❗️Set a reliable Password
Please use a strong password (up cases, letters, numbers, and special symbols included). Make sure it's not the same as your password connected to any other service or website.
❗️Adjust 2FA authentication
Having activated 2FA, you would have a good grade level of protection and a guarantee that you, and only you, can access your account. Google Authenticator or Authy are highly recommended for this purpose. Also, you may use YubiKey – a USB hardware authentication key that can be plugged into a device which and believed to be “the gold standard for two-factor authentication.”
Enjoy playing and winning on BetFury, but don’t forget to take care of keeping your cryptos safe. Choose the best crypto wallet that will perfectly suit your needs and preferences.
Using Crypto Wallets on BetFury
As BetFury uses only crypto currencies, it’s highly important to have a safe storage. We keep the bulk of our funds in a cold wallet to provide extra security.
The BetFury team cares about safety of your funds:
- Anti-fraud system detects various types of cheating, deception and scheming.
- Risk department checks transactions and accounts activity.
⚠️ Nevertheless, it is important to remember that you must first and foremost take care of the safety of your wallets. Set 2FA, make a reliable password, save your seed phrase.
Using crypto wallets makes logging in to BetFury easier.
Users can use MetaMask and Binance Chain wallet.
Since BFG has become a tradable asset, Betfurians can withdraw tokens from the platform for further usage. BFG supports the BSC network, so the best place to store it is the BSC network wallet.