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You lose access to your wallet, just like in real life, you lose the funds that are stored in there. So it is crucial that you back up any passwords or addresses that are particularly valuable. A hardware wallet is a device that you can connect to your computer and keep your private keys externally to your computer, and more importantly not accessible from the internet. Current products which are in use are Trezor and Mycelium, which have both had strong reviews, casino apps that pay real money no deposit.
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