In recent years, you could no longer ignore bitcoin and other cryptocurrencies. Digital currencies regularly dominated the news and a growing number of people jump on the crypto bandwagon. Also in the world of online gambling is a hot topic. Cryptocurrency gambling is gradually gaining ground. In this article we explain what exactly that means, what is a crypto wallet and what are the advantages of bitcoin casinos. Finally, we will show you the best BTC wallets to bet on.
Why do you need a crypto wallet for gambling?
In order to gamble at an online casino it is essential that you deposit money unless you are using a no deposit bonus† Various payment methods are available at most online casinos, but it is not possible to gamble with crypto without a crypto wallet. When it comes to cryptocurrencies, there are three types of online casinos: providers where it is not possible to deposit with cryptocurrencies, providers where both cryptocurrency and other payment methods are possible, and providers where only It is played with cryptocurrencies. In the latter case, you cannot try your luck at the online casino without a crypto wallet.
A crypto wallet (also known by the English term purse) is where you store your cryptocurrency. This can be compared to a virtual bank account. There are roughly five types of crypto wallets:
- Manage a mobile wallet through your smartphone.
- Manage an online wallet via a computer/laptop.
- You download a software wallet to your computer/laptop and manage it offline.
- A hardware wallet is an electrical device that you connect to your computer/laptop. This is reminiscent of a USB stick or external hard drive.
- A paper wallet is a private key that you write on a piece of paper yourself.
NB: it is crucial that you do not lose the password. So there are few ways to get your wallet back. However, choose a strong password, because this ensures security.
Only after creating a crypto wallet is it possible to buy cryptocurrencies. This can be done through a digital exchange office, as well as through an exchange (crypto exchange) or other bitcoin user.
4 reasons why Bitcoin casinos are becoming popular
Bitcoin casinos are on the rise and for good reason. It offers several advantages:
- There are no third parties involved in a bitcoin transaction. This means that both payment and withdrawal are processed very quickly. Blockchain technology ensures that the crypto currency is transferred to your account in no time and vice versa.
- Bitcoin is a very secure system. The fact that there are no third parties involved in cryptocurrencies also plays a role in this. This makes it very difficult to hack these transactions.
- There are almost no additional costs associated with depositing and paying with cryptocurrencies. This is due to the technology behind it.
- With cryptocurrencies you enjoy a very high degree of anonymity and privacy because it is a decentralized system. Where it is required in regular casinos to provide your official details (such as your name, date of birth, address and a valid proof of identity), this is not required in a bitcoin casino. You also don’t have to provide bank details. This keeps your identity secret and no one will know that you have played in a casino.
Top 5 BTC Wallets You Can Use for Gambling
Not only are there different types of wallets, but there is also a wide range of providers. We list the top 5 BTC wallets you can use for gambling:
Bitvavo is a Dutch provider where you can buy, sell and store cryptocurrencies. It is a very reliable and secure platform and thus ranks high. The downside of a wallet on Bitvavo is that you can only store cryptocurrencies that you have purchased through the platform. If you also want to use other platforms for this, you would rather seek refuge in another crypto wallet.
Exodus is a wallet that is available for both desktop and mobile devices. This wallet is very suitable for novice users, but it will not disappoint even if you are more experienced with cryptocurrencies. This wallet is easy to use and supports a large list of cryptocurrencies. Exodus is secure, but it is more prone to security vulnerabilities than other wallets.
3. Ledger Nano X
The Ledger Nano X is a hardware wallet. This means that you have to buy a physical device. So you have to pull out your wallet and that’s immediately the biggest disadvantage. You get something in return: it’s a very secure storage method and the device is also very easy to use. If you are looking for a cheap alternative, the Ledger Nano S is a good option. This is much more wallet-friendly, although it has much less storage space.
4. Coin basis
Coinbase is a cryptocurrency broker that also offers an easy-to-use digital wallet. This can be managed on your computer/laptop as well as on your smartphone. The platform can be booked as reliable and secure and is also suitable for both beginners and veterans. However, the list of supported cryptocurrencies is quite limited and hardware wallets are still more secure, and you don’t need internet access for that.
Trezor hardware wallets are considered to be one of the safest ways to store your cryptocurrency. Also, it is a simple solution. Trezor wallets are like Ledger Nano X hardware wallets. This has the same drawback: the device is reasonably priced, so you have to be able and willing to spend it.
As you can read, there are quite a few advantages to betting with cryptocurrencies. If you want to get started in this, it is essential that you have a cryptographic wallet. There are not only different types of wallets, but also numerous providers. Several good wallets are mentioned above, but it certainly doesn’t hurt to look them up and compare the different options.
The above article is a submitted piece and is not the responsibility of Crypto Insiders. This is not financial advice.