If you’ve been gambling with bitcoins, you may wonder which are the best bitcoin wallets for online gambling. In this post, we shall look at some of the best wallets that you should use for gaming.
As you may be aware, many new players send their coins directly from the exchanges where they bought them to the online cryptocurrency casinos where they play games. This has several disadvantages.
It is a good idea to have your own personal wallets where you control their private keys. This would help you keep your coins more secure and also give you the necessary convenience needed in accessing and using your bitcoin assets for games and other payments.
The Right Features for A Bitcoin Wallet
Bitcoin wallets come in various forms that are meant to meet specific needs. In general, a good wallet should enable you to do several things that are associated with money because among other uses, Bitcoin is used as a means of transfer of values – money. This means that any wallet that you use should be able to perform several functions:
Secure your funds from thieves and malicious actors. This takes into cognizance the fact that there would be many of these actors working hard to steal the asset in such wallets. A good wallet for your bitcoins should be easy to use. There should not be complicated features that confuse the new user or even those that have been used to digital currencies.
Even though this is increasingly trendy, a wallet should avoid incorporating exchanges. If they must, it should not interfere with the basic function of storage and transferring of assets.
The storage and transfer of the digital currencies should be intuitive. Storage, holding and sending of the assets should be easy and straightforward.
The user must be confident that security is paramount. Not just in keeping away bad players, but keeping in the authorized user. There should be a quick, safe way of regaining access when the owner is locked out such as the use of recovery phrases and seeds.
Types of Bitcoin Wallets
In a legal sense, there are two main types of wallets. These are the custodial and non-custodial wallets.
Custodial wallets are those associated with big cryptocurrency companies such as Coinbase and BitGo. These companies are regulated by the relevant authorities in the financial industry, who would frown at using such services in gambling. This is the reason why you may have problems if any of these services find out that you’re using their wallets in gambling.
Custodial wallets such as Binance’s Trust Wallet, Coinbase Wallet and BitGo Wallet are regulated cryptocurrency wallets that are not appropriate for gaming despite their popularity. This is due to the regulatory guidelines surrounding these institutional grade crypto assets wallets.
Non-custodial wallets are the best solution for gambling because they do not come with the legal concerns and regulations associated with the custodial wallets. This is mainly because they are not associated in a formal manner with institutional involvement with digital assets.
Another way of classifying Bitcoin Wallets is whether they are connected to the internet (hot wallets) or store bitcoins offline (cold wallets). As a matter of security, cold wallets are safer.
Examples of cold wallets are paper wallets and hardware wallets. These keep the funds in them off the internet, thereby excluding the possibility of a hack. Cold storage of BTC is recommended when you have a high amount of the digital currency to store. Not really for gambling.
These are those that are connected to the internet. There are three types of hot wallets. These are the web-based wallets, mobile wallets and desktop wallets. As their names imply, web-based wallets are those that are accessible through a browser when you’re online.
Mobile wallets are those that you can use after downloading them to your mobile device. You have to be online to use them.
Desktop wallets are those that you have to download to your computer to use them. They also must be connected to the internet to be effective.
The Best Bitcoin Wallet for Gambling
The best Bitcoin wallet for gambling is Blockchain.com. This wallet is web-based, yet it has an extensive security infrastructure that assures that the assets stored in it are safe.
Blockchain.com web wallet is the best wallet for gambling because it is not device limited. You can use it across devices since it is web-based. The wallet platform is not served by central servers. This makes it impossible for any central authorities to easily gain access to your data or transactions that you make on the blockchain network.
Transactions on the network via the Blockchain.com platform are peer-to-peer, so you do not really need to go through KYCs that reveal your identity. This means that you have a level of anonymity using the wallet.
Its security infrastructure makes it possible for you to add an extra layer of protection to your wallet such as 2FA. You can recover your account through the use of the recovery phase if something goes wrong and you are shut out.
There are other supported cryptocurrencies such as Bitcoin Cash, Stellar and Ethereum. This makes it possible to gamble with other cryptocurrencies.
The platform never shares your passwords on its servers. This is why you cannot recover your wallet through password recovery but recovery phrases. You can enable or disable IPs associated with the Tor network from accessing your wallet.
Tor can be used to anonymize your transactions when gambling. Hackers are also known to use it, so you can prevent access to your wallet or use Tor to remain anonymous while gambling.
You can also whitelist an IP, eliminating the need for authentication whenever you’re using your wallet. Blockchain.com wallet has all the basic features that you need in a wallet as well as those advanced features that make it easy to gamble anonymously with your digital assets. You can even purchase cryptocurrencies from your Blockchain wallet depending on your jurisdiction.
Some Setbacks of Blockchain.com
If you’re planning to play games or gamble with different cryptocurrencies such as XRP, XMR and more, you would be disappointed since the options available for storing cryptocurrencies are still limited. There are just a handful of coins that are supported.
As a gambler, if you’re looking for advanced functionalities such as trading options, you won’t find it in this wallet.
You may be wondering if there are other wallets that would enable you to store a variety of assets aside from Bitcoin and a few other coins. The answer is yes. Some of the wallets that you can use are:
This is another wallet that is not custodial but comes with a lot of features that would appeal to the multi coin user. Coinomi supports the use, storage and transfer of 1000+ digital assets such as coins and tokens. It works well as a storage point for any desirable cryptocurrency that you may use for gaming purposes.
Sending your coins to the casino of your choice is a simple process. Just paste the address that you want to send the cryptocurrency to and click the send button.
It is important to understand that this wallet, like most, is not designed to be used in the storage of high amounts of digital assets. Store just enough coins that you need to play games and that should be that. Large volumes of Bitcoin or other digital assets should be stored offline with hardware wallets.
This feature rich wallet is from the Tron Network. It is very suitable for the gaming community even though the Tron ecosystem is not as developed as it should be. It is advisable that you use this wallet mainly for games and not store all your assets in it.
Trezor or Ledger Wallets
These are the most secure of all the wallets that we have discussed so far because they are cold wallets. You should consider investing in a hard wallet if you hold a huge amount of cryptocurrencies.
With hardware wallets such as Trezor or Ledger, you are actually storing your assets in your own infrastructure. Using a hardware wallet is like giving you full control of your crypto assets and the attendant rest of mind that comes with it.
You can be rest assured that no exchange hack or unforeseen circumstance would affect your coin. The right concept is that large amounts should be stored offline in your hardware wallets while smaller amounts are to be stored in your digital wallets such as Blockchain Wallets and Coinomi.
It is just like the wallet you use in moving around your fiat. You won’t want to carry $20,000 around in your pocket, you keep that in the bank, but could walk around with a few hundred dollars in your wallet.
The same is applicable with digital and physical wallets. The former should be for gambling while the latter should be for main storage of the bulk of your Bitcoin and other altcoins.
Frequently Asked Questions (FAQ)
Can you really gamble with Bitcoin?
Yes you can. There are many casinos that support the use of BTC for gambling. You just have to choose the Bitcoin casino of your choice and make a deposit there. Then you can start playing games.
How do you go about it?
Select the casino of your choice. Make a deposit with BTC and start using part of the deposited coins to play the games that you like.
Which is the best wallet for Bitcoin gambling?
Blockchain wallet is the best option for gambling with Bitcoin. Custodial wallets such as Coinbase, BitGo and Trust wallet are not appropriate choices for gambling due to regulatory restrictions.