Gaming online. Tons of us are into it these days and we’ve really spread our gaming wings to include a whole range of different types of games, including things like play-to-earn and casino options. There are some super fun crypto games and crypto casino options right now that we can make the most of.
For that, though, we’ve had to take our wallets online too because currency tends to be a fundamental part of these games – but where has that left us? Well, with a sudden surge of e-wallets appearing all over the place and helping us keep our security as tight as can be. But what do you need to know about what e-wallets are, and whether you need one? It’s time to plunge in.
What’s An E-Wallet Anyway?
The simple version: a digital wallet lets you store payment methods online. They can also be used to store assets (sometimes even things like event tickets and plane tickets), and they’re a secure way of sending money from A to B without having to let the vendor see all your details. You’ve got the really standard ones like Apple Pay and Google Pay, but you’ve also got lots of other major and minor digital wallets.
One of the most important things to understand about e-wallets – at least for this article – is that they’re the perfect way to store cryptocurrencies, and in fact, you kind of need one to handle crypto. So, that’s the quick summary. With more of us holding coins and tokens, we’ve got to get to grips with this before we go any further.
Why Do I Need One?
As we just mentioned, you do need a digital wallet if you’re going to handle crypto beyond the absolute basics (to be technical, it is possible to store crypto on the exchange itself but it’s not really a good idea in most cases). A digital wallet holds the crypto for you and lets you access it conveniently whenever you’re doing something online.
And when you’re gaming, that’s a huge deal. Nobody wants to mess around with payment systems, security checks, back-and-forths with the bank, and all the other headaches that tend to come with transactions when they’re in the middle of a great game of poker or a play-to-earn option. We’re just not there for that! E-wallets eliminate it and just let you play your game smoothly and – most importantly – securely.
Security is massive when you’re gaming online; you’ve got to know that your funds are safe. Cybercrime is constantly creeping up (and only going to get bigger) so these days, nobody can afford to ignore security online. That’s true no matter what you’re doing, but especially for gaming.
The good news is many online gaming options take this really seriously! Casinos, for example, have red-hot security that they employ to protect player details, safeguard their finances, and detect fraud at the drop of a hat. That said, you’ve still got to do your part! Keeping your funds as safe as possible when you’re gaming is fundamental. Indeed, security is part of the reason so many of us are turning to crypto right now – but the digital wallet you’re using is a huge factor.
Your crypto is only as safe as your digital wallet. Say you’re playing Bitcoin baccarat for an evening of fun. You’re likely to be using an e-wallet to both pay into the game and receive your funds if you win, but you’ve got to make sure you’ve chosen a wallet that’s reputable, efficient, and fits with your needs. Casinos are typically easy to set up wallets with (as are many other play-to-earn crypto games these days), but how do you pick a good wallet?
Hot Vs Cold
There are tons of digital wallets out there, but the first thing you’ve got to figure out is hot vs cold. These two perhaps confusing terms come up constantly with digital wallets. The basic rundown is hot wallets are software-based and stored online. Cold wallets are physical and stored in your house.
Cold wallets only connect to the internet when you physically link them up. Hot wallets are connected all the time. There are some obvious pros and cons in terms of convenience and security here – and only you can decide which is the better option for your circumstances. Remember, you can have both – a cold wallet for storing the bulk of your crypto, and a hot wallet you use when you’re gaming online. That’s the most secure setup, though it obviously comes with extra expense.
Either way (or both ways!), make sure you’re choosing a reputable digital wallet and doing all the sensible things regarding passwords (strong) and sharing (don’t). This is the best way to secure your funds when you’re gaming online with crypto. Reputable digital wallets are super secure, but only if you do your part to protect your cryptocurrency!