Three reasons why cold wallets are better than hot wallets for sports betting

  • 2023-12-01

For those of you who have decided - or who might be still thinking about it, but have been leaning favorably towards it - to use crypto currencies for sports betting transactions, the choice over cold or hot crypto wallets can be a real puzzle. You may have everything set - from choosing one of the best bookmakers or sites offering statymai, to selecting the particular crypto that you are going to use for payments and from developing your bankroll management plan to picking your favorite betting markets, everything might be just ready. 

But you may still be wondering whether it is better to use a hot or cold crypto wallet. There are different perspectives on the benefits and advantages of each of the two types of crypto wallets and this can get really confusing, especially to punters who have minimal knowledge and/or experience over crypto currencies. 

However, the truth is that if you want to be serious about it, you need to choose this type of wallet that  suits your tastes and preferences, but also optimally fits the way you intend to use your cryptos, as well as the nature and the purpose of your transactions. 

The main difference between cold and hold wallets for your cryptos is that the first ones require you to have a hardware device which holds the keys to the cryptocurrencies you store, whereas the second ones require you to maintain these keys online. So, it is a matter of convenience and access - for cold wallets you need to have a computer to access the cryptos and make any transactions, while for hot wallets you only need to have an internet connection to perform the same functions. 

But maintaining a hot or a cold wallet is more than a minor detail. In fact, it has implications on the safety and security of your cryptos and so you must make an informed decision for that matter. 

Although the benefits of both types are important, it seems that cold wallets are much more suitable for sports gambling and statymai internetu in particular. That’s for three reasons: 

1. They are safer

Cold wallets are safe. Much safer than the hot wallets which are out there on the web and they can be hacked or accessed by others. Cold wallets are accessed only by you, as long as the hardware device remains secure with you. 

So, your cryptos are not exposed and are not put at risk by being vulnerable on the internet. Having your keys stored in a cold wallet allows you to make transactions only when you authorize them without being afraid that someone might hack your wallets. 

2. They can prove really valuable for dealing with impulse betting

Cold wallets can keep you away from impulse betting or from any betting behaviour that should be avoided. With cold wallets you need to perform a series of actions to get access, transfer cryptos or make any other payments. It’s not right there with a simple click - as in the case of hot wallets. 

And while this may mean that sometimes it is not as convenient as the online storage wallets, it is much more useful for helping anybody deal or minimize impulse betting such as chasing after losses for example. The very fact that it is not instant, helps punters think twice or reconsider how they will go on with their betting game. 

3. They can carry many different cryptos 

Too often, sports bettors who decide to use cryptos want to have one account to deal with, even if they own, not one but multiple digital currencies. Cold crypto wallets actually enable you to have many different cryptos stored. In fact teh wallets can hold the keys to different crypto currencies all at one place - the same hardware device. 

Of course this is extremely convenient for the user, but it is also something that further reduces the risks of having different hot wallets vulnerable out there on the web.