What is a cryptocurrency wallet?

What is a cryptocurrency wallet?

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What is cryptocurrency?

Cryptocurrency is a digital currency used for conducting financial transactions over the internet. Popular cryptocurrencies you might have heard of are Bitcoin, Ethereum, Litecoin, and Ripple.

Crypto is fast, anonymous, and transparent, giving users a convenient and safe way to send funds. Using cryptocurrency, users can send funds directly to each other without the need for banks or a middleman.

Cryptocurrencies use the advanced security of blockchain technology. Blockchain-based platforms maintain secure records of user transactions to combat fraudulent activities. Crypto’s encryption, advanced security, and anonymity give cybercriminals a difficult time when trying to obtain user information.

Sports bettors favor crypto when placing bets because of its advanced security measures and speedy transactions. Payouts are faster since no middlemen are involved when sending crypto.

Traditional payment methods take a few days to complete since they require a bank to approve the bookmaker and bettor’s bank account info. With cryptocurrency, payouts are quick and secure.

What is a cryptocurrency wallet?

A crypto wallet allows crypto holders to manage digital assets safely. Crypto is sent to your crypto wallet when you purchase it from an exchange or receive it from a sender.

Most crypto wallets are virtual and are available through mobile and web applications. Some popular crypto wallets are Exodus, Jaxx, and Coinbase. Hardware wallets are similar to USB flash drives and allow users to carry them. Ledger and Trezor are some popular hardware wallets.

When conducting transactions, you’ll need to provide your wallet’s public key to send and receive funds. You should only use your wallet’s key when you need to view private data. A user should always keep their private key a secret and give out their public key when needed.

Both keys are composed of a long series of digits and letters that is impossible for someone to memorize. Be sure to download and safely store these keys in case you need to reference them.

What are the pros & cons of a cryptocurrency wallet?

Using a cryptocurrency wallet has its pros and cons. Some wallets are more advanced than others, so do your research before setting up an account. Although each wallet is different, there are common pros and cons every wallet has.

A major pro of using a crypto wallet is its ability to provide users with a safe and convenient way to store crypto. Some crypto wallets have additional features that allow users to track their crypto’s market value and access crypto trading news. Electrum and Mycelium are wallets that provide their users with handy features in addition to storing crypto.  

Crypto wallets have their share of cons, one being that if you lose your private key, it is difficult to recover your account. Although crypto wallets are known for having tight security, they are not immune to hacking. In 2018, the Bitcoin exchange, Coincheck, was hacked and lost $1 billion in cryptocurrency. Keep in mind that if your account is compromised and your crypto is lost, it is difficult to recover it.

Development teams are working hard to better the security and ease of account recovery with crypto wallets. Software updates are pushed regularly to combat potential cyberattacks and emerging hacking methods.

Where can you get a cryptocurrency wallet?

Before getting a cryptocurrency wallet, take time to research which wallet best suits your needs. Some wallets are more beginner-friendly than others.

When you decide which wallet you want to use, head to its website, and begin making your account. Enter a chosen username and password to begin account creation. Afterward, you’ll receive your public and private keys. Be sure to back these up and keep them somewhere safe. Some sites may require additional steps to complete your account’s setup, so make sure to carefully follow the directory.

Now that your account is set up, you can start purchasing, sending, and receiving crypto using your new wallet. Placing bets with bookmakers is also an option once your wallet’s setup is complete. If you are looking for a platform to start placing bets on with your new wallet, then be sure to check out Thunderpick.

Thunderpick accepts cryptocurrencies as a deposit method and offers complete security and fast withdrawals on any winnings.

Written byTHP

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