If you want to get into cryptocurrency or into it already, then you will definitely need a cryptocurrency wallet, although not for the reason you are thinking.
While the name may have you believe that it does the same job as a physical wallet, that is not entirely true. A crypto wallet serves a similar function in the crypto world but for a different purpose.
What is a Crypto Wallet?
As stated above, a cryptocurrency wallet serves more or less like a device where you keep or put your things, just like a physical wallet. However, contrary to popular belief, a crypto wallet does not hold your coins. Instead, it stores your passkey or password, which allows you to access your funds. Your coins or funds are stored on public blockchain networks, but to access those funds or conduct transactions, you need a passkey or password to access it.
Hence, a crypto wallet serves as a storage device that keeps the password or passkey you need to access your funds stored on blockchain networks.
In other words, A crypto wallet is used to interact with a blockchain network. But there is more. When you create a crypto wallet, you get a pair of keys - public and private keys.
The public key is like a bank account number, which you can share with anyone who wants to send you crypto. However, the private key is for you only. It is more like your credit card pin. It allows you to have access to your funds and initiate transactions. It is important you keep it safe as it gives you control and access over your funds.
How do Crypto Wallets work?
It’s simple. A crypto wallet stores both the public and private keys, vital to conducting crypto transactions. In order to perform various transactions, a user needs to verify their address via a private key that comes in a set of specific codes.
Types of Crypto Wallet
There are two major types of wallets- software-based hot wallets and physical cold wallets. Both serve the same function but are different.
Hot Wallets are online, while Cold Wallets are offline. Hot wallets require an internet connection, while cold wallets, also known as hardware wallets, are offline like a USB drive.
Hot Wallets are easier to use and more affordable, especially for beginners and regular traders. If you are into iGaming and use cryptocurrencies to place your bets, then hot wallets are also for you.
There are three types of Hot wallets
1. Web-Based Wallet
2. Mobile Wallet
3. Desktop Wallet
Web Wallets
For Web Wallets, a third party provides the wallet, usually a crypto exchange. This offers a user easy access to a user’s holdings.
Mobile Wallets
Mobile wallets are the most used as they allow users to quickly and securely send or receive cryptocurrency anywhere they have their phone and an active internet connection.
Desktop Wallets
Desktop wallets use encryption to keep a user’s private keys securely stored on their computer hard drive.
Can Hot Wallet users deposit into their Housebets account?
Yes, you can, and it is a simple process. To deposit from your wallet to your Housebets account, log into your <u>Housebets.com </u>account Afterwards, click on the wallet icon. After clicking on the wallet icon, click on deposit and select your preferred cryptocurrency.
You can then scan the QR code shown from your crypto wallet or copy the wallet address and transfer from your wallet.
Why should you choose housebets?
Housebets has some of the best offers on the site and amazing bonuses including, a 200% welcome bonus and a chance to pre-mine $1M of tokens. Also, you get to enjoy easy transactions. You can deposit into your account with any preferred currency of your choice with a fast payout option on winnings.
There is a wide range of casino games to choose from. In the sportsbook section, you can also bet on live events, tennis, American Football, Soccer, Basketball, and other sports.
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