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Crypto Wallets

Find the Best Crypto Wallet for Gambling

In this section of our website you can find all information about crypto wallets for online gambling at crypto casinos. Learn the ins and outs of these crypto e wallets for gambling and choose the one that suits you most!

  • Lindsay Cormick

  • Updated: May 12, 2023

    • Updated: May 12, 2023

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    Crypto Wallets Definition

    The Definition of Crypto Wallets

    A crypto wallet is an e-wallet that allows you to send, receive, and spend your cryptocurrencies. They can either be in the form of a software or a hardware.

    Crypto wallets are usually part or at least tied to a centralised exchange (CEX), an application where you can exchange fiat currency (traditional currency like Dollars, Pounds, Euros, Yen, Rubles etc). They are also used to protect and validate transaction information thanks to their unique ID codes.

    Let’s dive a bit deeper into how you and aspiring crypto gamblers from all over the world can use these special e-wallets to pay and play at your favourite casinos that accept cryptocurrencies.

    Binance crypto wallet

    How to Use at Online Casinos

    Crypto Wallets Explained: How to Use at Online Casinos

    With the definition of crypto wallets clear, let’s start digging into the workings of these softwares and how they can be used to gamble at casinos online.

    Whether you are playing at pure or hybrid crypto casinos, you will need a medium through which to interact with your cryptocurrencies.

    To be precise, crypto wallets technically don’t store your crypto because your holdings live on the blockchain. These can, however, be accessed using a private key which proves your ownership of your digital money and, in turn, allows you to make transactions.

    Public Key

    Each person or entity holds a public key, a sort of address which is visible to everyone. It comes in the form of a hexadecimal code which is publicly shown and can be copied. This acts as the ID of the sender/receiver, and is unique. Think of it as your bank account number or IBAN.

    Private Key

    A private key is also held by your crypto wallet and which you should never share with anyone because it is the equivalent of a digital signature that authorises each transaction. If you are having trouble visualising it, just think of it as the equivalent of your credit card PIN.

    Step-by-Step Guide

    Example of How to Use Crypto Wallets at Crypto Casinos Online

    Say you want to make a transaction at a casino that accepts crypto. For the sake of this example, we will say it’s a deposit you are making. The process would look a bit like this:

    1

    Locate the cashier and select your preferred method.

    Crypto wallet 1

    2

    Select the cryptocurrency you want to transact.

    Crypto wallet 2

    3

    Often times the public key of the casino is immediately displayed. Copy it.

    Crypto wallet 3

    4

    Go to your own wallet and paste the casino’s public key.

    Crypto wallet 4

    5

    Confirm the transaction.

    Crypto wallet 5

    This is but an example of what a transaction with a crypto wallet at an online casino may look like. You can always head over to our comprehensive guides How to deposit with Crypto and How to withdraw Crypto to learn this process to the T.

    Types of Crypto Wallets

    The Different Types of Crypto Wallets: Software and Hardware

    Crypto wallets come in two main categories: software wallets (aka hot wallets) and hardware wallets (aka cold wallets).

    The main difference between the two is that, just as the names suggest, one comes in the form of a hardware and the other is a software.

    Software Wallets

    Often tied to centralised exchanges, they are programmes that sit either on your smartphone as an app or your desktop as an extension. You can easily access them, take them with you wherever you like, and transact on the go. Do note that since they are online at all times, they are hackable and your funds can be syphoned elsewhere.
    Soft wallets are, however, the most widely used since they are so beginner-friendly. Just think twice about withdrawing big winnings and storing them on exchanges!

    Hardware Wallets

    These physical wallets look very much like a USB key which you plug into your computer.
    Also thought of as the most secure method of storing crypto, they are completely offline and are not so prone to hacking as their online counterparts.
    They are however completely decentralised, meaning that you are the sole person responsible for the management of your funds – be it for better or for worse.
    Note that if you were to lose your cold wallet, you would lose the cryptos stored. There would be no way of getting them back. So if you were to store your winnings on there and lose it, they would be gone too!

    Pros & Cons of Crypto Wallets

    Pros & Cons of Crypto Wallets for Online Gambling

    Now that we have a clear idea of what a crypto wallet is and how it’s used to transact at crypto casinos, let’s check out the ups and downs of using crypto wallets in general when applied to gaming online.

    Pros

    • Immediate transactions
    • Easy to use
    • Can be used for multiple cryptocurrencies
    • Usually comes tied to a CEX
    • Wide variety to choose from

    Cons

    • You must be careful not to get the public key wrong
    • Transactions aren’t reversible
    • Can be hacked

    Crypto Wallets Reviews

    Read Our Crypto Wallets Review Here

    Navigating your way through the many crypto wallets available can seem like a daunting task. Luckily for you, we have taken the task to review some of the best crypto wallets out there for you to try!
    For the sake of simplicity, we have reviewed mainly software wallets, especially given how time-sensitive online gamblers can be. You can check out our reviews right below here.

    Crypto Wallets List for Online Gamblers

    Coinbase

    Coinbase

    binance

    Binance

    Gemini

    Gemini

    metamask

    MetaMask

    eToro

    eToro

    Kraken

    Kraken

    FAQ

    FAQ

    • How many crypto wallets are there?

      There are two main wallets: the online and the offline one. Also called hot and cold, or software and hardware wallets, they each offer different features.

    • What is the definition of a crypto wallet?

      A crypto wallet is an e-wallet that allows you to send, receive, and spend your cryptocurrencies.

    • Are crypto wallets free?

      Yes, they are.

    • What are the most popular crypto wallets?

      eToro, Gemini, Coinbase, Crypto.com, Binance, Metamask are the most well-known.

    • What are the best wallets for cryptocurrency?

      Depending on what you need your wallet for, you can find a variety of crypto wallet providers ready to offer their services. We suggest you read through our reviews to assess which one works best for you.

    • How do I use my crypto wallet at a casino?

      You can use it to top up your casino account or withdraw your winnings, just as you would any other e-wallet.

    • Can I use a crypto wallet at a casino that accepts crypto?

      Yes, you can. Whether they are pure or hybrid, as long as they accept cryptocurrencies then you can use your preferred crypto wallet to pay and play.

    • How long does it take to transact at casinos online through a crypto wallet?

      Crypto transactions are usually instantaneous but depending on the amount of traffic on a blockchain, the results may take up to 10 minutes to be shown on your wallet.

    Lindsay Cormick

    View all articles by author

    Lindsay Cormick inspects all ins and outs of using cryptocurrencies at online casino, cryptowallets and exchanges depositing, and more.