Online gambling is exploding in popularity. Every year, the global market worth rises by $8 billion, and it is set to almost double in size by 2027. Experts list the surge in digital currency use as one of the main contributing factors for this occurrence. Thus, as the number of people who play games of chance at crypto casinos increases, so do Google searches regarding the best bitcoin wallet for online gambling and how to buy cryptocurrency.
Due to the growing demand for swift and anonymous transfers, blockchain technology has gotten a more-than-decent foothold in this industry. Today, many platforms accept Bitcoin and other popular cryptos, creating much debate where gamblers should store their coins intended for digital betting.
For the uninformed, such a wallet is software that facilitates the sending and receiving of Bitcoins. It contains a private key that corresponds to its address, and there are four main types of wallets, mobile, desktop, web, and hardware. With more than a few such digital currency wallets available, below we look at your best options.
The Best Bitcoin Wallet for Online Gambling
Bitcoin wallets divide into two main categories, custodial and non-custodial ones. Custodial containers are regulated, such as the Coinbase wallet, while the latter feature no third-party interference. Thus, they offer full control. Naturally, if a wallet attains a massive user base, it will likely become a custodial one. You should be able to use both at gaming sites, as they only limit the type of currency they allow. These casinos accept crypto transactions via any wallet, Las Atlantis, El Royale Casino, and Super Slots, online reviews of these crypto casinos will let you know user ratings.
When considering any wallet for Bitcoin casino use, the criteria that one should pay attention to are fees, security, ease of use, and reputation. These are the barebones attributes of any decent digital wallet. First off, the software has to be practical to use. Then, it should let you store a wide range of cryptos. Its security measures need to include two-factor authentication, IP whitelisting, recovery phrases, and sending coins to anyone, ought to be a seamless process.
According to most experienced gamblers, Blockchain.com is the best coin container on the market. It is the world’s most popular crypto pocketbook, with over 62 million users, available in 25 languages, and is responsible for over 620 billion transactions since 2013. Of course, it is not as secure as cold storage options such as Trezor, but it has some of the best security features on the market and low fees. It only stores currencies that it knows that it can trust, such as Bitcoin, Tether, Ethereum, Stellar, and Algorand. Naturally, this means that there is little variety regarding the crypto you can use, which is a drawback for most.
If you do not wish to store your funds with Blockchain.com, then no worries. The internet is jam-packed with other quality pocketbooks that vie for the number two spot and will do a fine job keeping your coins for you. They may not be as well-known, but that doesn’t mean that they are any less safe and that they won’t get things done in the manner you expect.
We mentioned Coinbase online gambling above. Coinbase is the top crypto exchange platform out there, and its coin storage feature is one of the best in the sphere. However, like Blockchain.com, it also supports a limited number of currencies, and another con is that it needs a constant connection to the internet. That said, it does allow the most popular coins, and its security is top-notch. It has never been hacked and has a sleek interface design that is easy to navigate.
Coinomi is a non-custodial option worth mentioning. It is rich with features and allows niche coins, which some of the major players see as untrustworthy. Due to the vast number of supported currencies, some players may get tempted to migrate their whole crypto library to it. Nevertheless, it’s best if you only consider it for holding less-used coins.
Electrum.org is a mobile (Android & iOS) and desktop app, a favorite of those who crave security, as it lets you cold store your coins on a second computer that you keep offline. It also lets you create multiple wallets and split permissions with its multi-signature feature. If you are into cold storage, know that Trezor is the best hardware choice out there, but you have to pay for it. Ledger Nano S is another viable alternative for storing funds offline.
How to Make a Crypto Deposit in an Online Casino?
Funding an online casino account via any crypto is similar to when using fiat money via an e-wallet. First, you have to have funds in your coin wallet of choice. Then you have to have an account registered with the platform where you plan to gamble. Always opt for those with a license from reputable overseeing organizations, such as the Malta Gaming Authority or the UK Gambling Commission. One of the better Curacao master license holders (Curacao eGaming or Gaming Curacao) should also do.
Then, once you are a member of a secure and established online casino, follow these steps to transfer funds over to your account and start making real money bets:
- Open the banking tab inside your casino profile.
- Select – Deposit.
- Select your preferred cryptocurrency.
- Copy the receiver ID.
- Open your coin wallet.
- Paste the receiver ID and input the deposit sum.
- Click – Send.
- Wait for the appropriate number of network confirmations.
- Check your casino account to see if the funds transferred over.
- If they have, begin spinning digital reels or enjoy some table action.
Though gaming platforms rarely charge deposit fees, always check their terms and conditions just in case, as some do. Remember that you will have expenses stemming from your wallet and blockchain use.
How to Make a Crypto Withdrawal From the Online Casino?
Once you have claimed a substantial win of any game, it is time for those newly acquired funds to leave the platforms vault and drop in your pocket. You can achieve this by following a procedure that is similar to the one we explained regarding depositing. All you have to do is:
- Open the banking tab inside your casino profile.
- Select – Withdrawal.
- Select your desired crypto.
- Open your coin wallet and copy your address.
- Paste your coin address in the casino withdrawal tab.
- Enter the sum that you wish to remove from your account.
- Click – Withdrawal.
- Wait for the specified processing time to pass.
- Check to see if your casino winnings are in your crypto pocketbook.
When it comes to processing times, these differ from platform to platform. Withdrawals often incur fees, and if you want a faster transfer, you may have the ability to pay for one. Know that as a rule of thumb, most sites that have a license will require that you go through a Know Your Customer (KYC) procedure upon your first withdrawal and those above a specified sum. It will entail you providing documentation that verifies your identity. If you win a jackpot or a comparable such win, you may have to go through an even more rigorous identity confirmation process before you get your winnings.
To Wrap Up
Even though most veterans recommend Blockchain.com, that may not be the right place for you to store your coins. First off, depending on your currency, you may not be able to keep them there at all. Thus, selecting the appropriate storage space for your funds will depend on your needs and what currency you prefer. Keeping them online, you always risk an exchange running off with your money. So, pick a credible one with an impeccable reputation. If you choose to store your coins on a second computer via Electrum.org, you risk losing them if that computer gets stolen. Also, cold wallets usually only have support for the most popular digital currencies on the market.
If you plan on doing some crypto gambling and are a newbie, make a list of your requirements before deciding on a wallet. If you have Bitcoins and cannot be bothered to do research, go with Blockchain.com or Coinbase. However, make sure that you are playing at a site that has a decent rating at one of the top iGaming info hubs. These casino review sites provide in-depth analysis of gaming platforms and tips on avoiding common pitfalls when playing at each one.