Nikola Lasica

Nikola Lasica

Best Crypto Wallets for Online Gambling

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February 11, 2022

Crypto wallets are vital for all those who want to interact with the blockchain. Once you decide to enter the world of crypto gambling, finding the right wallet is the next move. Doing so will ensure you have a seamless experience when depositing and withdrawing from crypto-friendly casinos.

What is a Crypto Wallet and Why Do You Need It?

Essentially, a crypto wallet is a digital or physical device that serves as a place to keep, send and receive your cryptocurrency. Unlike a regular wallet, where you keep cash, crypto wallets technically don’t store your crypto.

Instead, your cryptocurrency is on the blockchain, and you can access it using a private key. The key represents proof of ownership and enables you to make transactions. If you lose your key, you won’t be able to access your holdings. That’s why you have to use a trusted wallet provider, make sure your hardware wallet is safe.

When it comes to online gambling, the main reason why you need a wallet is to make and store your transactions. However, unlike your physical wallet, a crypto wallet can be hacked, which is why you pay special attention to its safety.

Hot vs. Cold Wallets

There are two main types of wallets, hot and cold. The main difference between them is whether they need a constant internet connection or not.

Hot Wallets

A wallet that requires a constant internet connection is considered hot. They are a perfect choice if you plan to do many transactions, as they’re more practical. However, being constantly online makes them prone to security risks. Hackers, in particular, can access them too.

To be more precise, the security of hot wallets depends on users or their behavior. That’s why it’s vital to think twice before visiting a suspicious website or opening unreliable links in your email.

We recommend keeping only a tiny portion of your crypto in a hot wallet. You can avoid unwanted attention by doing so. Leaving large amounts of crypto in the address linked to your wallet, you can quickly become a target for hackers. Only keep amounts needed to use and store the rest in a cold wallet.

Cold Wallets

This type of wallet doesn’t require a constant internet connection. A cold wallet is a physical device used to store crypto. They are not online, making them more secure, as private keys are not visible to hackers. That makes your funds safe and protected. Cold wallets are the safest type of crypto wallets.

The risk associated with cold wallets also depends on the user. You have to guard your private keys because if you lose them, you won’t be able to gain access to them again. Another negative aspect of cold wallets is that they are not suitable for executing many transactions.

Desktop/Mobile vs. Web vs. Hardware Wallets

There are plenty of variations of a cryptocurrency hot and cold wallet. Let’s check out the basic types of these wallets.

Types of crypto wallets

Desktop/Mobile Wallets

Desktop wallets are essentially software you have to download on your computer. After the software is installed, you can use it to manage your transactions. There are many safe and reliable desktop options for you to use.

First of all, mobile wallets can be regarded as desktop ones. They are hot wallets you download and install on your mobile device (smartphone or tablet). They are applications that can enhance your online casino experience.

After running the app, you can use your mobile device to deposit your crypto in no time and with minimal fees. Some of the reliable options for desktop and mobile crypto wallets with an excellent reputation and many users are listed below.

  • Coinbase
  • Electrum
  • Exodus
  • Mycelium

Web Wallets

Web wallets are extensions you can install on your browser. That way, you can use them to send and receive crypto. Remember to use official apps, as there are many imposters out there. Installing them can be a costly mistake. If you consider using a web-based crypto wallet, you can choose from the following brands:

  • Trust Wallet
  • MetaMask
  • Exodus
  • Daedalus

Hardware Wallets

As the name suggests, a hardware wallet is a physical device that doesn’t have to be connected to the internet all the time. Most hardware wallets are not free, and if you wish to use them, you’ll need to pay. There’s a broad offering of hardware wallets in the market that provide safe and reliable options. Some of them are listed below.

  • Nano X
  • Trezor
  • Ellipal Titan
  • SafePal

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How to Choose the Best Crypto Wallet?

Perhaps the most important question online gamblers ask themselves is whether different cryptocurrencies require different wallets. Luckily for them, the answer is mostly no. Modern wallets support various cryptocurrencies, so you’ll be covered with any currently available options. Hardware wallets are probably the best option, as it’s not only extremely safe, but it supports different currencies mainly used for gambling, such as Dogecoin.

Here are the recommended steps when choosing your crypto wallet:

  • Avoid scammers: When buying or downloading a wallet, make sure you use an original link source or online shop. The internet is full of scammers who place fake Google ads that lead to software download and online shops. Installing such software or getting your wallets from there will most likely leave you without your crypto as soon as you transfer them.
  • Check fees: Fees can be a vital factor when it comes to crypto wallets. All crypto transactions include individual fees, and this doesn’t exclude wallets. However, most developers try to keep the fees to the minimum to motivate users to choose their product. If you use small amounts for gambling purposes, fees won’t be a problem.
  • Pay Attention to User Interface: Another thing to keep an eye on when using crypto wallets is user experience. A transaction includes complex processes, but users need a straightforward interface to provide all the necessary information in a language they can understand. The best crypto wallets in the market offer a user interface that’s suitable for beginners while at the same time having lots of options intended for experienced users.

Setting up a Crypto Wallet

The process of creating and setting up a crypto wallet is relatively simple. However, you should pay close attention and meticulously follow the instructions. Also, don’t forget to keep your seed phrase stored in a safe place.

  1. Choose the type of wallet you want to use. This is the first thing you’ll have to do. Decide whether it will be a desktop, mobile, or web wallet, or you’ll need to buy a hardware wallet.
  2. Download or buy a wallet. When doing this, make sure to always use official links and trusted sources.
  3. Install your software. After you’ve downloaded the relevant software, it’s time to install it. Remember that even hardware wallets require users to install specific software.
  4. Set up your account. This is perhaps the most crucial step. After installing and running the software, you’ll need to create a wallet or import one. If you’re opening a new wallet, the system will generate the seed phrase. This phrase contains between twelve and twenty-four words and provides access to your public key. Make sure you don’t forget the seed phrase, as it’s the only way to access your wallets (or more of them) if you damage your hardware wallet or lose your laptop.

Once you finish setting up your wallet, you’ll gain access to your public address. Use it to deposit your crypto.

Keeping the seed phrase of my crypto wallet safe

How to Safeguard Your Crypto Wallet

There are a couple of tips you can use to secure your crypto wallet:

  • Never share your seed phrase. The first thing you have to remember is not to share your seed phrase. Also, you shouldn’t keep your seed phrase on a computer or a mobile device.
  • Check before downloading/installing. When downloading software to install a web or mobile wallet app, make sure to check the link and website.
  • Watch out for scammers. The internet is full of scammers promising to double your crypto. And all they ask in return is your seed phrase. As we already mentioned, don’t disclose it to anyone, especially not to scammers.
  • Don’t mind the fees. We have already discussed fees. Some wallets allow users to set custom fees, but don’t be tempted. Lower costs increase the chance your transaction will get unprocessed by the network.
  • Always use a new address. Many wallets come with an option to generate new addresses every time you make a transaction. It’s a feature you should use, as it increases the overall safety and makes hackers’ jobs more difficult.
  • Remember to bookmark. You should always bookmark a link leading to a wallet website or online shop. That way, you won’t have to google it the next time you use it and won’t risk getting scammed online.

Can You Make Online Casino Crypto Payments Without Crypto Wallets?

Essentially, that’s possible by using a crypto exchange, which technically has a wallet. Let us explain how the process works. When you make a deposit, regardless of whether it’s crypto or fiat currency, into your online exchange account, your funds will go into something known as your wallet. That’s the equivalent of your online casino account. However, using your own crypto wallet is more convenient and provides increased security. Your wallet belongs only to you, and you have the private key to make sure it stays that way.

Closing Thoughts

Crypto wallets are a vital part of using crypto. However, you should make sure you use them in a way that won’t compromise your holdings. We recommend buying a hardware wallet and connecting it to a web or mobile wallet when using them for online gambling. Have fun, but be careful and pay attention to things we mentioned in this article.

Nikola Lasica

Nikola Lasica

Senior Content Writer

In 2017, Nikola entered the fantastic world of iGaming, writing for some of the most reputable sites in the market. If you need an online slot review, a blog article, or any other gambling-related content, he's the man to talk to. After years of creating high-quality content for clients worldwide, Nikola has joined Casino Banking Methods, where he's determined to show what he can do.

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