Using Bitcoin and cryptocurrency wallets for online gambling could be one of the best things to do, especially if you want to save on withdrawal fees. Despite the recent price action that pushed the price of digital currencies lower, Bitcoin and crypto gambling continues to be among the most exciting things about this market.
The industry continues to grow and there are new integrations between casinos and crypto wallets that could make your whole gaming experience better, cheaper, and more exciting. If you decide to play with Bitcoin and other virtual currencies, you should make sure you do it correctly.
This is the reason why we have decided to create this unique guide that will give you all the details on how to play at online casino platforms using crypto wallets.
🤷 Why should you use a Crypto wallet for online gambling?
There are many reasons why you should start using a cryptocurrency wallet. If you were sending funds from crypto exchange to Bitcoin gambling sites, then you might want to switch to crypto wallets.
It is necessary to keep your digital currency somewhere. Crypto exchanges are good because they let you deposit funds and trade them. Indeed, some of these platforms offer staking solutions, DeFi integrations, and even interest in the crypto that you leave on these exchanges.
But there are some issues with crypto exchanges. For example, you are leaving your coins in a platform that is holding the assets on your behalf. This might not be the safest way to hold your coins.
Another drawback that we can find at exchanges is that withdrawing funds is very costly. In some cases, small withdrawals pay very high fees. These are two of the reasons why you want to use a cryptocurrency wallet and not a crypto exchange.
Therefore, with a cryptocurrency wallet, you don’t have to be worried about the exchange collapsing and losing all your funds as it happened with Mt. Gox or FTX, more recently. Instead, when you use a self-custodian wallet, you are responsible for the security of your assets, not an exchange.
But this does not mean that there are no risks. Indeed, you have to be very careful about how you handle your crypto wallet as a simple mistake could cost you a lot. When you handle your own crypto wallet, you should keep your private keys stored in a safe place. This would help you recover your funds if you lose access to your wallet.
Another benefit of using a crypto wallet is that you will stop paying huge withdrawal fees every single time that you send funds to a crypto casino. By holding your funds in a crypto exchange, they apply a withdrawal fee that is deducted from your transaction. Moreover, some platforms execute manual withdrawals, which might delay the whole process even further.
Once you have your digital assets in a crypto wallet, you will only have to pay transaction fees and no withdrawal fees. This makes the whole gambling experience faster, cheaper, and more pleasant.
In sum, crypto wallets let you have more control over the funds that you hold and it also gives you the necessary flexibility to send funds to the online gambling platform without having to pay additional or exorbitant fees.
✅ What Crypto wallets are there for gambling?
There are multiple types of wallets available in the market that can be used by users, including casino players. These wallets are divided between hot and cold storage. Each of these categories has its own advantages and disadvantages. It will highly depend on your needs to decide which of these wallets suits better to you.
Hot wallets
Hot wallets are those apps that can be downloaded to a smartphone or a desktop computer, or that can be accessed online through website services. These are the most versatile and easy-to-use wallets.
They are fast and close to you (a smartphone app or computer program), and they can be a great option for users that hold small amounts of virtual currencies and that want to avoid paying high fees to withdraw funds from exchanges.
Web
Web wallets are services that store your private keys online (usually a cloud storage solution or their own servers), and they let you receive, store and send multiple digital currencies. The positive thing about these wallets is that they are easily available to a large number of users online.
There is no need to download an application or install an app. In just a few seconds, you can get access to your virtual currencies and use them to play at online casinos.
Despite the convenience of using web wallets, there are some negative aspects that you should know. The private keys are stored at a server level that you do not control. It is much better to keep the private keys with you rather than storing them on a third-party server.
Additionally, as they are connected to the internet, there are more chances of being attacked or phished.
Mobile
Mobile software wallets are the most convenient wallets for regular crypto users that want to avoid paying high withdrawal fees, but, at the same time, want to have control over their virtual currencies. Compared to web wallets, users do not have their private keys stored online or on a third-party server.
These types of wallets offer unique flexibility to users as they can store multiple cryptocurrencies. Moreover, there are no withdrawal fees applied when users send funds to other wallets or to an online crypto casino. That makes them perfect for gamblers that want to enjoy a unique experience.
At the same time, some mobile wallets let users buy and sell virtual currencies without having to pass through a crypto exchange. Therefore, this could be an ideal way to buy and store virtual currencies to play at crypto casinos.
Mobile wallets are relatively secure as long as you keep your phone clean from viruses and you store the private keys in a safe place.
Desktop
Desktop crypto wallets are very similar to mobile wallets with the main difference being that you will use your computer as the main device to manage your digital currencies. The way they work is also the same as for mobile wallets.
You will be able to deposit funds, withdraw digital currencies, and even make purchases of digital assets. As with other wallets, you will not pay withdrawal fees, and you will be in control of your cryptocurrencies at all times.
Nevertheless, you have to make sure that your computer is free from viruses. Otherwise, there could be an attempt by a malicious party to steal your funds.
Cold wallets
Cold wallets are known as the most secure crypto wallets in the crypto industry. They are considered to be the best option for those crypto holders that hold large amounts of digital currencies. The main reason behind that is related to the fact that they are not connected to the internet. The private keys of your wallet are held outside the internet.
There are two types of cold storage wallets: hardware and paper wallets. The best option is to use hardware wallets.
Hardware wallets
Hardware wallets have evolved in recent years and became one of the best options for those users that want to store large amounts of digital currencies without having to be worried about being hacked or stolen. Compared to software wallets, hardware wallets store your private keys on a physical device that is not connected to the internet.
If someone wants to steal your coins, they would need access to your device and passwords. Otherwise, the devices are very secure. These wallets are mostly used by long-term crypto holders.
Thanks to software integrations, hardware wallets are also very versatile. They can be used to buy and sell digital assets, and of course, they will not require you to pay a withdrawal fee. Nonetheless, these wallets have to be purchased.
Indeed, each hardware wallet costs close between $50 and $300, depending on the company and the quality of the hardware wallet. If you are planning to invest large amounts of money in digital assets, these types of wallets might be the best for you.
Now, if you want to play at online casinos with smaller amounts, the best thing to do is to use a software wallet.
Paper wallets
Paper wallets were once very popular. Nowadays, paper wallets are not used anymore to store digital currencies, at least, not as before. In the past, when there were still no hardware wallets, users wanted to store their digital currencies in a paper wallet.
The main negative aspect of these wallets is that, despite being secure, they are very uncomfortable to use and they could also get easily damaged. If you damage a paper wallet, you risk losing your funds. Instead, if you damage a hardware wallet, you can still use your private keys.
For gamblers, paper wallets should not even be taken into consideration.
👍 Best wallets for Bitcoin and Crypto gambling
The following is a list of the best wallets for Bitcoin and crypto gambling that you can use at any moment.
Ledger
Ledger is among the most popular wallets in the market. It is one of the most secure options and it supports a large number of digital currencies compared to other similar options.
Ledger has also been working in recent years to create a more reliable experience for users by connecting their hardware wallet solution to Ledger Live, a computer program and smartphone app that makes managing your hardware wallet much easier.
This hardware wallet is also very easy to use compared to other competitors. You can indeed use this hardware wallet almost as if you were using a software solution. Indeed, users can even purchase virtual currencies directly from Ledger Live.
You will not only have a more secure experience but you will still get easy access to gambling websites.
Trezor
Trezor is Ledger’s main competitor, making it a good choice if you want to protect your funds but still have a relatively easy experience handling your digital currencies. Trezor’s unique devices are extremely secure and support a wide range of cryptocurrencies.
You will not only be able to use and deposit Bitcoin (BTC), but you will also get access to multiple virtual currencies. That makes it even better for those users that enjoy playing with different cryptocurrencies and that want to avoid paying withdrawal fees just because they use an exchange.
Trezor has also integrated many other functionalities in recent years so as to win against competitors. Thanks to its unique approach to security, Ledger is now one of the best options for users that want to manage their coins in a secure environment without affecting flexibility.
Exodus
Exodus is among the most popular software wallets that crypto users rely on to buy, store, send and receive virtual currencies. This wallet can be downloaded by everyone on their smartphones and can be used right away without delay.
This is a great option for those users that want to use digital currencies to play at Bitcoin crypto casinos. Users will have the chance to store more than 100 different virtual currencies and purchase them directly from the app.
Thanks to its unique interface, casino players will feel very comfortable using Exodus in order to play at some of the best online crypto casinos.
Metamask
Metamask became very popular during the expansion of Initial Coin Offerings (ICOs) in 2017 and early 2018. In recent years, Metamask became the favorite wallet of users that wanted to get access to decentralized finance (DeFi) and non-fungible tokens (NFTs).
One of the most positive things about Metamask is that it can be integrated into your web browser and it supports thousands of cryptocurrencies from multiple blockchain networks. This flexibility is one of the things that characterizes Metamask compared to other similar solutions.
If you are planning to play with Binance Coin (BNB) or Ethereum (ETH) tokens, then you can be sure that Metamask will offer a great service to you as a casino player.
Electrum
Electrum is also among the top choices for crypto holders that want to store and use virtual currencies. This wallet is very easy to use, it offers multiple features and services, and it has integrated a large number of cryptocurrencies, making it ideal for users that like to try and experiment with multiple digital assets.
Electrum is not only easy to use and convenient but it is also extremely secure. Most wallets mentioned in this post have suffered non or almost no issues in the last years, showing that they are among the most trusted crypto wallets for users that want to play at online casinos.
📢 Conclusion
There are many other wallets out there in the market. It is always important to make sure that you choose the correct one according to your needs. Some users prefer to use specific types of digital assets that work better in some wallets.
Make sure that you read online reviews and avoid wallets that have negative comments or that have been involved in scandals. As a casino player, you want to have a reliable, secure, and fast wallet that would let you handle and manage your digital currencies with ease.