How to Set Up a Bitcoin Wallet

How to Setup a Bitcoin Wallet

Nowadays it's not uncommon to see Bitcoin as an accepted way of funding your online casino account. Indeed, more and more casinos are becoming bitcoin-friendly and some are even offering several bitcoin-only games and slots on their gambling platforms. To deposit using bitcoin, you need to have a bitcoin wallet in which to store your virtual money. But before explaining how to set up a bitcoin wallet that suits your needs, let's take a closer look at this ultra-modern phenomenon that is the bitcoin.

What Exactly is Bitcoin?

Bitcoin is a virtual currency, a cyber-currency or as it is now being more often described - online cash. It's a type of money that's virtual and although you can't physically hold one in your hand, you can use them to buy goods and services over the internet. The first bitcoins were introduced in 2009 and since then have gained some traction. They are commodity or a bartering mechanism like money or gold, and as long as they have a value and there is a demand for them the popularity of this virtual currency will continue to thrive.

Types of Bitcoin Wallets

How to Setup a Bitcoin Wallet Canada

Basically, a bitcoin is a computer file that is stored in a bitcoin wallet. When you create your bitcoin wallet you will have a private key similar to a password. There are several types of wallets, the most popular of which are:

  • Mobile Phone Wallet: This is a very convenient way of storing your bitcoins, especially if you need constant assess to your virtual cash. However, these wallets are a hunting ground for hackers and if your phone gets lost/stolen you may lose your bitcoins.
  • Web Wallet: This storage method is also ideal if you are always on-the- go and involves your private key being overseen by a third party controller, who has access to your private information.
  • Desktop Wallet: This type of wallet is downloaded onto your PC and your private keys are stored on your actual hard drive, so no middlemen are involved. This is a more secure form of storage but like everything on the internet, is still prone to hackers and malware.
  • Hardware Wallet: This is a physical piece of hardware (not unlike a USB) that you can carry around. It's super secure and if you have large amount of bitcoins, it may be an idea to store most of them in this wallet and keep your everyday ones in your phone wallet.

How to Set Up a Bitcoin Wallet

How to Setup a Bitcoin Wallet how to

There are many companies who supply bitcoin wallets out there so it's important you do research by visiting provider sites and reading reviews etc to find the best one for you. Remember though - security is paramount. Once you decide which type of wallet suits your needs and have chosen a provider you trust - just follow the prompts on the site. Once your wallet is set up you will need to fund it and you can do this by buying bitcoins at relevant sites using cash or by selling things online and getting paid with bitcoins. You can also mine for bitcoins but learning how to do this is complicated and requires very powerful computers.