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How to Get a Bitcoin Wallet
Have you just started your Bitcoin journey and need to find a good wallet, or are you looking into them as you're ready to buy? Or maybe you already own some BTC, and you want to get a wallet to store it long-term safely? Whatever the case, you need to have a good Bitcoin wallet that will suit your needs and be a haven for your coins.
Find out with us exactly how getting a Bitcoin wallet works and all the crucial and some less essential things you need to consider beforehand.
Naturally, we'll give you a few recommendations if you're only looking to get a wallet as soon as possible and use it to deposit and play top casino games. Still, we advise you to read the complete guide, as you're bound to learn something new and valuable for your crypto journey. Knowledge is vital in crypto, and it's the main thing that will keep your coins safe and secure. Let's begin.
Creating a Bitcoin Wallet - How to Install a Bitcoin Wallet
The first thing you need to know about installing your first Bitcoin wallet is that the procedure is simple and akin to installing any software or app on your computer or smartphone.
There are differences depending on the exact wallet you go for. Here are the three types of crypto wallets:
- Web wallets: These are likely the simplest as they are hosted online, so you effectively only need to register an account with the official website, just as you would with a new online casino. However, you need to know that a web wallet is effectively not your own in most cases, as the wallet's proprietor is the keeper of your private keys.
- Software wallets: Setting up a software wallet is the same as installing any piece of software on your computer or phone. You only need to download the client from the official website and follow the installation instructions.
- Hardware wallets: This is a physical device, so you first have to purchase it and set it up. Setting each one up is different, but the instructions are always provided with the packaging, and you can also find them on the official site of the wallet's manufacturer.
Our Top 5 Choices for Bitcoin Wallets in 2022
We've looked into several dozen excellent crypto wallets of all kinds but had to settle on only a few as they are the best by a significant margin.
Each wallet we've picked is the top choice for a specific type of user, so you're bound to find a wallet that suits your needs.
Coinbase Wallet - Ideal for Beginners
Coinbase wallet is one of the best software wallets, mainly because it's made by one of the world's leading crypto exchanges.
However, the wallet is separate from the exchange, so you get to install it, and the private keys are stored on your device. This makes it highly secure, yet its intuitive and user-friendly interface makes Coinbase perfect for beginners.
- Large exchange backing
- User-friendly interface
- Ease of use
- High security
- Tablet and phone support only
- Hot-wallet security issues
Electrum - Ideal for Bitcoin
Electrum is one of the OG crypto wallets, having been on the market since 2011. However, it's better to say that it's an OG Bitcoin wallet since it's committed to supporting only the King of Cryptocurrency. It thoroughly excels here, as it has many advanced options and is much safer than most software wallets.
We could say that Electrum is ideal for advanced users as it's also open-source, which allows you to set your own transaction fees.
- Open-source nature
- Better security than other hot wallets
- Many advanced features
- Customizable transaction fees
- Bitcoin support only
- Old user interface
- No embedded exchange
Ledger Nano X - Ideal Offline Crypto Wallet
Ledger is one of the two top hardware crypto wallet companies on the planet, along with Trezor. Ledger Nano X is Ledger's second-generation hardware wallet, supporting up to 20 apps and 1800 cryptocurrencies.
It has near-perfect security and cold storage features, but it's essential to know that the company experienced a major hack in 2020. Many customers' personal information had been stolen, but private keys were left intact, showing that the company's wallet security is still incredible.
Ledger wallets are still the most popular in the industry, with accompanying mobile and desktop apps to make using your crypto assets easier.
- Intuitive user interface
- Storage for up to 20 different apps
- Convenient Bluetooth connectivity
- Easy pairing with a dedicated desktop or mobile app
- Major information hack in 2020
- Limited storage
Binance - Ideal for Overall Use
Most people know that Binance is one of the world's top cryptocurrency exchanges. However, the company also has an excellent cryptocurrency wallet with many trading features and very high security for a hot wallet.
It also offers cold storage options, and as much as 95% of coins are located in cold storage.
It's important to mention that even though Binance was hacked in the past, all assets were eventually returned and the security issues fixed.
- Good fee structure
- Ease of use
- Many features
- Support for more than 1500 cryptos
- Wide range of trading options
- Convenient mobile apps
- Poor customer support
Crypto.com - Ideal for Mobile
Crypto.com is a notable exchange with its own wallet, just like a few others we've already mentioned. But what makes it different is its strong support for mobile users. Besides dedicated apps, Crypto.com offers incredible security for Android and iPhone users. On iOS, it even has the Secure Enclave technology.
You can use the wallet to store, trade, spend, and save more than 100 cryptocurrencies, but it does come with a few geo-restrictions when swapping certain tokens in specific countries.
- Ability to choose confirmation speed and trading fee
- Several layers of security
- Option to create several digital wallets
- Connectivity to other dApps
- Some ease-of-use problems
Bitcoin Wallet Cost
Bitcoin wallets come with a few costs you need to know before reaching a decision.
First, obtaining and setting up a crypto wallet is free of charge, as long as you get a software- or web-based wallet. If you're getting a hardware wallet, you'll have to pay for it as for any other physical device. Hardware wallets' most significant benefits are high security and full cold storage features.
After you get a Bitcoin wallet, you won't have to pay to use it. Naturally, this means that keeping your BTC amount stored in the wallet is entirely free of charge for as long as you want to keep it. However, once you start making transactions, you'll have to pay transaction fees like with any other Bitcoin transaction.
So, for instance, when you're making a Bitcoin withdrawal at a fast payout casino, you're paying a transaction fee to the Bitcoin network. But, interestingly, even though your wallet is facilitating part of that transaction, you're not paying that transaction fee to the wallet but to the Bitcoin network, as you always do on any BTC transaction fee.
Contrary to popular opinion, crypto wallets rarely make money by adding their fee to the typical BTC transaction fee. Instead, they make money from affiliates, so the only thing you're paying while using them is the regular transaction fees you always pay when exchanging your cryptos.
What Characteristics to Look for in a Bitcoin Wallet
You're likely to use the service of a single Bitcoin wallet for a long time, or at least until you make a significant change in your BTC investment strategy, so it's crucial to pick the right wallet app for you.
With that in mind, we've prepared an extensive list of characteristics you need to look into before opting for a specific option.
1. Operating System
We've already explained the existence of several wallet types, so you need to consider which operating system you want to use the wallet on.
In other words, you might prefer using your wallet on your phone or your computer. Lastly, you might want to use a hardware wallet because you don't mind getting familiar with its unique OS.
If you want to use a crypto wallet on your phone, it's best to opt for the Crypto.com wallet, as it's ideal for mobile users. If not, you should ensure you pick a reputable wallet that offers full support for phone users through a dedicated and highly functional app. Don't forget to make sure it has an iOS or Android app, as not all do.
If you want to use a web-based or a software wallet on your desktop or laptop device, it's best to pick one that supports computers. Bitcoin wallets can support one or more of the following types of operating systems:
If you want to store your BTC funds without worrying about safety, you should choose a hardware wallet. However, bear in mind that each has its operating system, usually quite rudimentary. Thankfully, they always pair with specific mobile or desktop apps to make transactions.
2. Experience Using Bitcoin
The experience you have with Bitcoin also affects what wallet you should get. Not every type of Bitcoin user should use any wallet solution. This depends on whether you're a beginner, an advanced user, or highly experienced with Bitcoin.
If you're a beginner in the world of crypto and you only want to spend your coins at a good BTC casino, it's best to start with a simple, user-friendly hot wallet like a software wallet or a web-based one. We recommend Coinbase Wallet as it's ideal for beginners with its intuitive and user-friendly interface.
If you're a more advanced user of Bitcoin, you can opt for more complex wallets with more options and features. You can even go for a good hardware wallet like the Ledger Nano X.
Experienced Bitcoin users can and should use secure hardware wallets or open-source hot wallets with incredible security and many advanced options. Most people in this category go for Electrum.
3. Other Criteria
You need to consider a few other criteria besides the ones discussed above.
Some users want more or complete control over their wallets. Having control over your Bitcoin wallet means that no third party can freely freeze or take your bitcoins. To retain full power, you need a hardware wallet or one where the private keys are in your possession.
Transparency always matters, so you should go for open-source wallets that show how they operate and let you compile software solutions on top of them. This ensures maximum security.
Some wallets can operate as full nodes, which means that no third party is required to process a transaction. In turn, this provides high security and consumes more memory. For instance, Electrum is good in this regard.
We've already discussed that wallets rarely charge their own fees, but there's another thing to consider. Some of them let you set your own transaction fee, paid to the Bitcoin network.
So, if you want lower fees, it's best to choose one that lets you modify them, but bear in mind that this always affects the transaction speed. For instance, Ledger and Electrum have this feature.
4. Technical Features
Most people will look at the criteria we've already discussed, but there are still those who care about specific technical features of Bitcoin wallets, especially people with more experience. If you're one of them, keep reading as we'll discuss the various technicalities you should know about when picking a Bitcoin wallet.
2FA for Additional Security
Two-factor authentication or 2FA is the additional layer of security that goes on top of your password. You're likely already using it (together with 2FA apps like Google Authenticator) with many other vital accounts you have, like a bank account. Some wallets have 2FA, but some don't, and you must choose one that supports this feature, as even the most robust passwords today can no longer guarantee safety.
Full Node for Transaction and Block Validation
Most full nodes assist the Bitcoin network by accepting blocks and transactions from other full nodes. In other words, they validate them. A full node is an integral part of the blockchain, so it's good to have a wallet that acts like it.
A legacy address means you get to receive bitcoins from older wallets, so it's good to have it in your wallet. Most digital currency wallets have this addition, and it's recognizable as this type of address starts with a 1 or 3, unlike all others. However, some wallets might not have this feature, so make sure to check.
Multisig - More Keys for Transaction Authorization
Multisig or multisignature is one of the most popular security options for Bitcoin wallets as it means the wallet requires multiple keys to allow a transaction to pass. For example, Electrum is a good example of a wallet with the multisig feature.
Bech32 is a special address format supported by a novel option called SegWit. This protocol upgrade leads to faster transaction times (due to increased block capacity) and better protection. However, Bech32 is still a novel function, and many wallets don't have it. Ledger Nano X and Electrum do.
If you like the variety of options you get with a software wallet but still want the protection of a hardware wallet, it would be good to get a software solution that can connect to and pair with a hardware wallet easily. Some wallets have this feature, and it's a great backup solution for larger amounts of bitcoins.
The Lightning Network lets Bitcoin owners transfer bitcoins without recording the transaction on the blockchain, which leads to lower fees and faster transfer times. The wallets supporting this experimental feature could be a good choice for some advanced users and members of international casinos.
SegWit for Fewer Fees
We've already mentioned that SegWit enables Bech32 addresses, improves transaction times, and leads to better security. It's also crucial for second layer features like the Lightning Network, making it an essential component in your wallet if you're interested in similar advanced options.
Our Opinion on Getting a Bitcoin Wallet
Getting a Bitcoin wallet is easy, but choosing which one to pick is not. One thing is sure, though — having a secure BTC wallet is always recommended, so you need to go through this process.
You need to consider all the factors, especially the ones we've discussed here, to ensure that you've obtained the right wallet for your needs. We imagine you are careful when choosing which top 10 casinos to join, and you need to do the same for your Bitcoin wallet.
Hopefully, the recommendations we've given you in this guide will help you decide which wallet to get.
What is a Bitcoin wallet, and how do I get one?
A Bitcoin wallet is, simply put, a place where you get to store your BTC assets. It also validates your transactions on the Bitcoin network. It's effectively a way of getting convenient access to your BTC assets and a secure place for storing them as a wallet is protected by a password and other security features.
You can get one by deciding which specific wallet to use and simply downloading it to your device if it's software-based, registering on the site if it's web-based, or purchasing it if it's hardware-based. Consider choosing one we recommend or find a Bitcoin wallet online. Make sure you've read a few reviews before picking one, just as you would with online casino reviews when looking for a great casino to join.
Is a Bitcoin wallet free?
Using any crypto wallet is entirely free, but you'll typically have to pay a small fee whenever you're making transactions. Simply storing your BTC is free of charge. Getting a BTC wallet is also free. But, if you want to get a hardware wallet, you'll have to pay for it like any other product.
How much does it cost to create a Bitcoin wallet?
It depends on the wallet. Getting a software-based wallet is free, while a hardware wallet could cost you as much as $200, but it is typically somewhere between $100 and $200. For example, the prices of two of the most popular hardware wallets on the market, Ledger Nano X and Trezor Model T, are $119 and $170, respectively.
Which Bitcoin wallet is the best?
If you're ready to obtain a Bitcoin wallet, you should know that there is no single best Bitcoin wallet, but several of them. Each of these is best for a specific type of user, and you should refer to this guide to find the one that works for you, or at least learn about the features you want to have in a wallet.
How do I use a Bitcoin wallet?
Using a Bitcoin wallet is very simple, especially if you're only interested in the standard features. You only need to set up a Bitcoin address or several of them, and you can start adding bitcoins to them. Then you can start using those addresses to pay for things, deposit money in crypto casinos, and a lot more. And it's all done through the wallet with a few clicks.
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