When you purchase bitcoins you need a wallet to keep them. Bitcoin wallet is not like your ordinary wallet where you keep your dollars but it is a digital wallet. To keep your bitcoins safe and secure these bitcoin wallet for online gambling come with private keys, you can say like a password. These keys are what allow you, or anyone who possesses them, to access your bitcoins.
Before you come to know the best bitcoin wallet for online gambling you should know the types of wallets available to store bitcoins.
Here are the five types of bitcoin wallet for gambling
- Cloud-Based Wallets: These are websites or applications that manage your private keys for you. They control the keys, and therefore are responsible for protecting the bitcoins in your wallet. Cloud-based online wallets are easy to use. You can access your funds through any device be it your mobile, tablet, laptop, etc. as long as you have an internet connection. With this wallet transferring your funds is quick and easy. The only issue with this wallet is that you don’t control your wallet’s private keys and this makes this type of wallet less secure.
- Mobile Wallets: Mobile wallets are apps for your mobile be it Android or iOS. Here your private keys are stored in the app. Because the app is on your mobile, your keys are kept offline. That means they’re kept out of third-party hands. Mobile bitcoin wallets are more secure than online wallets. There’s less chance your mobile will be hacked than a cloud-based app or website.
- Desktop Wallets: As the name suggests these wallets are best for PC or laptop users. They’re software programs that are downloaded to, and installed on, your machine. The private keys are also stored natively, offering a greater level of security than cloud-based options. The only thing with this wallet is that yo have to login to yourcomputer to do the bitcoin transactions anfd have a anti-malware or anti virus software to protect your wallet.
- Hardware Wallets: hardware wallets are physical devices and are not cloud-based nor are they apps or software. They are electronic devices that you can hold in your hand. In terms of security, there’s no better option than storing your bitcoins on a hardware wallet. The private keys reside on the device itself. They’re kept offline, which means they’re impervious to computer-based hacking. If you want to use your bitcoin wallet for gambling at online casino or sports betting site then you must first connect the wallet to a device with an internet connection like a mobile or PC. The downside of this kind of wallet is that it can be stolen because its like your traditional wallet. All you can do is set up a pass code to protect this wallet.
- Paper Wallets: Paper wallets are hardly used today They come with a bitcoin address, public and private keys, and a couple QR codes that can be easily scanned for transactions. There are two upsides to using this type of wallet. First, because your keys are stored on paper, they can’t be hacked. Second, you can enjoy cold storage of your bitcoins for a nominal price. The downsides are that paper can be easily destroyed, and you can’t restore your wallet as you can with a hardware option.
Best Bitcoin Wallet For Online Gambling
You will find many bitcoin wallets available for online gambling but here are few of the best ones you can use for bitcoin gambling at casinos or bookie sites.
1. BlockStream Green Wallet
Blockstream Green is the bitcoin wallet the industry has been waiting for – sending and receiving bitcoin on the go has never been this smooth. Other wallets on the market offer a choice between convenience, security, and control. With Blockstream Green, you get all three. It is a cloud-based wallet and very simple to use, allowing you to easily transfer bitcoins to your online casinos or sports bookies. Blockstream Green distinguishes itself by being a multi-signature wallet. It controls one of the keys while giving you, the account holder, control of the others.
Blockstream Green is free to use, and comes with a “watch only” feature. This feature allows you to log into your account to check your balance and receive funds while disallowing other transactions. It’s an extra security measure designed to safeguard your money. Using this you will find that there are two ways to send bitcoin or Liquid assets from your Blockstream Green wallet: Send to an address and sent to a QR Code which works on all gaming devices.
2. Bread Wallet
Bread Wallet is also known as BRD Wallet and works well on all kinds of cell phones or mobile smartphones be it Android or iOS. This wallet is also free to use and very user friendly making it easy for punters to place a bet with bitcoins for gambling. Unlike cloud-based services, this wallet doesn’t run on a third-party server. It’s a standalone app that sits on your phone and connects to the BTC network at your request and that provides added security. The BRD app connects directly to the cryptocurrency networks it supports. There are no accounts or usernames with the BRD app. Instead, you will have a “wallet” where you will store your money. It’s just like the physical wallet you put your cash in, except that it exists only on the internet and holds digital money.
Electrum is multiplatform bitcoin wallet and can be used on mobile, desktop or with the command line interface. This wallet has long been a favorite among folks for whom privacy is a top priority. The private keys are encrypted, you can create multiple wallets, and you can split permission with its multi-sig feature. Plus, if you’re using other Bitcoin clients, you can use Electrum’s “No Lock-In” feature to export your private keys. Also worth noting, you can “cold store” your bitcoins by installing it on a second computer that remains offline. Despite being feature-rich and ultra-secure, Electrum is fast, because it uses servers that index the Bitcoin blockchain.
The Trezor is a hardware wallet which you can carry in your pocket. As it is physical device it is not free as the device cost $69.95. The device is compatible with all major platforms. Not only does it interface with Android and iOS, but you can also use it on Windows and Linux. It comes with a small screen. That’s helpful because it allows you to easily verify certain details about your wallet. The Trezor offers a unique password management feature that encrypts your passwords for added security. You can also easily restore your wallet in the event it’s lost, stolen, or damaged.
At online casinos to make payments with Bitcoins all you need is to plug in your Trezor device and go to the account page in Trezor Wallet. Go to the Send tab. Select the cryptocurrency that you would like to send in the top left corner of the screen. Trezor Wallet supports Bitcoin, Litecoin, Dash, ZCash, Dogecoin, Vertcoin, Bitcoin Cash and Bitcoin Gold. Many other cryptocurrencies can be accessed using third-party wallets.
5. Ledger Nano S
Ledger Nano S is the cute original hardware wallet. Easily start your crypto journey: buy crypto, secure your assets and manage them in one single-app. Like the Trezor, it’s ideal for storing your bitcoins offline, and transferring them to your gambling or betting account. Also like the Trezor, it comes at a price the Ledger Nano S costs approximately US$70.
This is the most secure wallet with your bitcoins in cold storage, hackers are unable to get to them. Your private keys are never exposed. It comes with a built-in display so you can easily verify transactions. Also if your Ledger Nano S is stolen or lost, you can quickly restore your wallet with a 24-word seed.
Mycelium is popular bitcoin wallet which works for both Android and iOS mobile smartphones. This is also free wallet to use.
Because bitcoins are better than money in a bank. With Mycelium Wallet, you avoid banking nonsense. Payments can not be reverted, suspended, or declined. Accounts can not be blocked. No cross-border control and fees. Storage is secure and free. No subscription fees of any kind. No payment limits; no maximum daily or monthly amounts.One of the downsides to Mycelium is that doesn’t boast the most intuitive interface.
On the other hand, Mycelium offers a lot of nice security features that’ll help to secure your money. For example, you can make use of a “Watch Only” account and you can also store large amounts of bitcoins with added security by deleting the private keys, and importing them when you need them.
Blockchain another best bitcoin wallet for gambling. Also cloud based this wallet is easy to use. Blockchain has implemented a number of security features to make their customers’ privacy and funds less vulnerable to attack. Like they’ve put in place client-side AES (Advanced Encryption Standard). This is a special algorithm designed to protect sensitive information.
Blockchain also backs up your wallet on its servers and applies a second layer of encryption. You can quickly access your bitcoins, and complete transactions through a browser or your smartphone.
Blockchain allows you to send and receive cryptocurrencies with the lowest fees. It support bitcoin (BTC), ether (ETH), bitcoin cash (BCH), stellar (XLM), algorand (ALGO), tether (USDT) and USD Digital (USD-D).
This wallet is even considered the best bitcoin wallet for online gambling reddit. On reddit forum you can read the punters and gamers view on which bitcoin wallet is best for gambling.
How To Use Bitcoin For Online Gambling?
You can use bitcoin for online gambling at bitcoin friendly online casino and sports betting sites. Obviously you need to buy bitcoins first to use bitcoin for online gambling and then store them at bitcoin wallets.
You can buy bitcoins at the following Bitcoin exchanges:
- Bitcoin ATM Locator
Once you purchase bitcoin, send it to your private bitcoin wallet created above BEFORE depositing it at a online casino.
- Now that your wallet has bitcoins that you have purchases you need to login toyour online casino account
- Open the cashier or banking page
- Select bitcoins as deposit options to play casino games
- The casino will give you the path or link to your deposit bitcoin address
- Simply copy it and open up your personal wallet.
Paste in the casino deposit address to your account. Choose the amount in USD or BTC you wish the transfer and hit send to complete the transaction.
When you deposit bitcoins into your casino account, they’re immediately converted into U.S. dollars. This is done at the prevailing market rate. You place bets using the fiat currency or bitcoins that’s your choice.
When you’re ready to withdraw your winnings, visit the online casino cashier window and choose the amount. Enter your wallet address and complete the transaction. The amount transferred will be converted from fiat back into BTC again, using the prevailing market rate. You’ll see the bitcoins appear in your wallet soon thereafter instantly within few minutes.
Ready to play with bitcoins then get the best bitcoin wallet to store bitcoins now. Remember you need to create your account with the bitcoin wallet as well to do the transactions before using them at online gambling sites.