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What’s the best crypto wallet for you?

If you’re ready to plunge into the world of crypto and invest in cryptocurrencies, you’ll absolutely need a crypto wallet, to begin with. Essentially, crypto wallet is a software program that works with different blockchain technologies in order to make it possible for its users to send and receive crypto.

How does it work?

People all over the world now use crypto wallets, but there is still a slight misunderstanding about the way they work. Unlike the ‘traditional’ money, crypto wallets do not keep cryptocurrencies within themselves. They can’t be saved anywhere nor do they exist in a physical form. Everything one can see are the records of different transactions on the blockchain.

By sending cryptocurrencies to someone else, you essentially hand over the ownership from your address to the address of the other user. The private key to that user’s wallet must match the public address to which the currency is assigned. If the public and private keys match, your balance will decrease while the receivers will increase. This transaction will be recorded on the blockchain and the balance in both wallets will be changed. 

Of course, these transactions are not always tax-free. Usually, the transaction fee is way lower than what the banks would charge, but it still varies from time to time. It does not depend on the amount of money you’re sending but on other factors. During busy hours, when many users are sending funds at the same time and there are many transactions awaiting, the fee price can rise significantly. But, as soon as traffic decreases, the fee price goes down.

 

The best crypto wallets for online gambling in 2022

The market is overflowing with cryptowallets right now, so it’s easy to get lost while choosing the perfect one for yourself. Although at first sight they might seem like they’re offering similar things, some of the wallets have certain advantages over others. 

 

It is important to mention that many of them are universally good, but sometimes they just don’t fit your needs – especially if you’re gambling with a specific coin, like Tether. Here are some of the wallets that we highly recommend for betting at tether.bet:

 

  • Blockstream
  • Metamask
  • Edge

Are cryptocurrency wallets anonymous?

 

Yes and no. Let’s say wallets are pseudonyms. All transactions are publicly and permanently stored on the blockchain, but the user’s identity is not visible. If you make a transaction, your name and address are not visible in the transaction details stored on the blockchain but bear in mind that your wallet balance and all transaction history are visible to the public. For that reason, it would be good to use a different wallet address each time you send or receive payment. That way, you’ll secure yourself some anonymity and you’ll make it harder for anyone to trace your wallet and actions. 

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