The Best Crypto Wallets for Online Gambling

Types of Crypto Wallets

As online casinos are engaging with crypto players through various crypto deposit and withdrawal options, it is important to understand that there are different types of crypto wallets. In fact, there are three types of wallets that crypto can be categorized under:

• Software Wallets
• Hardware Wallets
• Paper Wallets

Each of these is different and not necessarily applicable to you if you are looking at wallets for online gambling, but understanding the difference will assist in finding the best crypto wallet suited to your gambling needs.

Software Wallets

These types of cryptocurrency wallets are software-based, meaning that they are online wallet applications on a device that stores your keys to access crypto, buy, swap, or trade various cryptocurrencies that you have stored. Excellent examples of such wallets are Mycelium, Coinbase, Luno, and Electrum. These are the most common wallets used by online casino players and the type of crypto wallet you will look for as they are the most accessible and safest to use.

Hardware Wallets

These are slightly more medieval as they were once popular until software wallets became all the rage. Hardware wallets store your crypto on technologies such as USB drives. You would plug this into a computer to access your data and various cryptocurrencies. A fine example of a popular hardware wallet is Trezor.

Paper Wallets

Not ideal, and not recommended, paper wallets are as the name implies. These are crypto wallet codes stored on paper. In some instances, QR codes are supplied for quick response. However, this is only recommended as a temporary wallet as you stand the unfortunate chance of losing your keys and inevitably all your crypto stored in the wallet. Yes, paper crypto wallets eliminate online threats, but they can also get damaged, lost, or stolen.

Popular Crypto Wallets

Now that you have established the types of crypto wallets used to store currencies such as Bitcoin, Litecoin, Dogecoin, Ripple, and Bitcoin Cash, you can look at the various types of wallets that are popular amongst players worldwide.

Coinbase

Founded in 2012, Coinbase started small and has now become the most popular crypto wallet in the US. It began its success around April 2022 and has created a reputation for being one of the simplest means of storing crypto such as Dogecoin and Bitcoin. Furthermore, the wallet has its own Visa debit card that incorporates Apple Pay and Google, making it simple to buy cryptocurrency. Currently, Coinbase has over 100,000 assets to choose from.

Mycelium

Mycelium is a mobile wallet that allows you to send and receive cryptocurrencies. It is convenient, easy to access, and supports multiple cryptos. There are no subscription fees, no added hidden costs, and all payments are safe and secure. This makes it the ideal software wallet to use when gambling at top crypto online casinos. Originally launched in 2012, Mycelium is now a popular choice in 2024.

MetaMask

Released in 2016, MetaMask is available as both a browser extension and a mobile application. The service equips you with a key vault, secure login, and token wallet and allows token exchanges. You will be able to buy and sell crypto seamlessly while tracking the value of your current funds. Visa and MasterCard are accepted, as well as Apple Pay, Google Pay, and PayPal.

Electrum

Ideal for Bitcoin players making deposits at top Betsoft Gaming online casinos or the like, Electrum has been a top Bitcoin wallet since 2011. To add further appeal to the wallet, Electrum also accepts transactions from hardware wallets such as Trezor, Keepkey, and Ledger. No fees are involved when downloading the wallet to your device. Please note, Electrum is only available for Bitcoin users.

Exodus

Ideal for beginners, Exodus supports over 50 networks and allows you to swap between over 1000 assets. Begin your crypto experience by filling your wallet with various cryptos using debit and credit cards, Google Pay, and Apple Pay. Founded in 2015, Exodus wallet maintains its unblemished reputation by releasing new software every 2 weeks since its establishment. Users can also earn crypto rewards as an incentive to utilize the popular crypto wallet.

The Benefits of Crypto Wallets for Online Gambling

As top new online casinos are quickly catching on, gamers are gravitating toward making crypto transactions. There are far more benefits to utilizing crypto than just trading or investing. Cryptocurrency is decentralized and isn’t governed by regulatory bodies.

Therefore, you can eliminate additional fees incurred by utilizing centralized payments generated by banks and other contributing factors. However, there may be fees involved depending on the casino and the wallet you choose. Regardless, you will still find multiple benefits of playing at top casinos or the best sports betting platforms when using crypto as a deposit or withdrawal method.

Faster Transactional Turnaround Times

Some deposit methods reflect quickly and some may require a time frame in order to reflect in your online casino account. When you head over to the cashier of your preferred online casino, you will find a list of deposit options that apply to your country of residence. While most eWallet transactions, Skrill and Neteller for example, may reflect quicker than a bank transfer, there may still be issues with depositing using these types of methods. When it comes to the most lucrative online casino welcome bonuses, not all online casinos allow transactions using Neteller or Skrill to qualify. The exact conditions will be determined in the T&Cs of the bonus offer, but this isn’t an unlikely scenario. In this instance, you will be left with alternative eWallet options, debit card options, and crypto.

Debit cards may reflect instantly, or take a few hours. The same can be said for eWallet, although this is unlikely. Cryptocurrency, however, is instant and players have the convenience of playing their favourite casino games as soon as they transfer crypto from their wallet to their player’s account.

Improved Security

Cryptocurrency is safe to use. In fact, it is a defining feature of the various coins. Blockchain powers crypto coins and utilizes several security features that deter cyber criminals from any nefarious activity. If you lose your bank card, you stand to encounter fraudulent activity while crypto is stored in a special code that is timestamped making it impossible for any third-party activity to occur with your funds.

Greater Privacy

Unlike banking platforms, you don’t need to supply personal data that will be shared amongst gambling platforms. While many online casinos strive to maintain this level of security, some players enjoy the additional security that comes with playing with crypto. Cryptocurrencies generate trust by giving users superior levels of privacy and anonymity, making it desirable for players who don’t want activity tracked through deposits made at various online casinos.

To wrap it up, if you are looking at investing in crypto to play casino games, even exclusive crypto games such as crash casino games, you should look into the type of crypto best to invest in. Next, you will want to choose a reliable wallet that supports your preferred cryptocurrency. Some casino players tend to buy various cryptos as many online casinos may support one currency but not the other. So, if this is something you might be interested in, choose wisely, but no pressure, as you will be able to move your crypto from one platform to another in any event.