Cryptocurrency has changed the way a lot of us deal with financial matters. It is amazing how quickly an industry can be disrupted, and the ripple effects of cryptocurrency are entering into other industries such as gambling. Blockchain gambling seems to be here to stay, but that means if you want to stay safe and secure then you need to consider which of the crypto wallets on the market you are going to use. In this guide, we explain these wallets and how to use them.
How Does a Cryptocurrency Wallet Work?
A crypto wallet works as a way for you to hold your currency, a little bit like an account. You buy your currency from a crypto exchange, but then send it to the wallet, which allows you to buy items, send currency to others, or even receive Bitcoin and other currencies.
Whether you need a Bitcoin wallet or an Ethereum wallet, or one for any other currency, it needs to be accessible as well as being easy to use, and quicker than other methods of sending money.
Bitcoin and crypto wallets tend to be legitimate, and there are many safeguards in place for these currencies, but make sure you opt for trusted options. We share some of the best blockchain wallets below.
Why Do You Need a Crypto Wallet for Gambling
A crypto wallet for gambling is a way that you can move money around and send it to others, generating a unique token and tracking the movement of cryptocurrency within the system. Blockchain wallets mean you don’t have to use any sort of middleman to send money back and forth.
Types of Bitcoin Wallets
There are a few different types of bitcoin and cryptocurrency wallets and you can choose those that suit your needs. The terms below can be confusing if you’ve never used a crypto wallet below. We explain them in detail.
Mobile Crypto Wallets
A mobile cryptocurrency wallet works from your phone or mobile device. The private keys that you need to transfer the currency are stored in the app. There doesn’t need to be any third party like a bank involved. A mobile crypto wallet obviously has benefits in the fact that they are totally portable and can be used to make payments anywhere. Often, they function in the form of an app. If you are already using real money slots app options then you will likely be comfortable with applications and also use a crypto wallet to move your balance to and from a gambling app quickly.
Desktop Crypto Wallets
Desktop wallets are usually software which stores private keys within and allows you to make your transfers and transactions. If you use your account to gamble from your computer a lot then this is fine, but if you tend to gamble on the go then it might not be the best option. On top of that, there is a risk attached if your antivirus is not the best. You need to take some security precautions.
Web Crypto Wallets
Web crypto wallets are accessible through your browser, a little bit like the way you might access your online banking account with a traditional bank. You can log in from a phone or from another device as long as it has a web browser, but often there will be many layers of security and authentication.
The Rise of More Advanced Live Casinos
In the modern age, many people are enjoying the growth of more advanced live casinos. It is amazing how much has changed on the internet in the last 10 years or so, and whereas certain casinos would have found it very difficult to provide us with any way to stream live video a few years ago, they now have the power and speed to do so. The same applies to users, whose mobile connections or even internet connections may not have handled it.
As well as live videos that feature real, live dealers, there are also VR casinos and AR options for those who like to keep on top of the current tech trends and unlock the potential of their devices.
Nobody knows exactly where the future of gambling is going to end up, but there is certainly a huge amount of progress taking place at this moment in time. The fact that you can gamble using crypto and even log in and watch the games via a VR headset is something that we could only have dreamed of a few years ago.
Best Wallets For Crypto
Let’s get into some specific wallets that you can use for cryptocurrency. What are the very best wallets for crypto?
BRD Wallet is short for BreadWallet and it operates out of over 100 countries, the Bitcoin wallet can be used for lots of different types of coins and currencies even though many people know it primarily for Bitcoin.
The wallet doesn’t charge any fees to send transactions, but there are “network transaction fees” which are small and manageable. Currently, they serve 85 different crypto coins and they have $20B USD in cryptocurrency within their wallets, being protected.
Edge is another wallet that is used on mobile devices, and it works in a similar way to BRD Wallet so you can enjoy similar features and functions. Of course, it is decentralised and offers both client-side encryption and regular backups which are totally automated. If you want to get involved with crypto betting and want an easy way to move your money around then Edge Wallet can serve you well.
This used to be known as AirBitz so you might see it described as such in some places. You can download it on the Play store or the App store.
Metamask is a web wallet but it can be used with your mobile device if you access it via a browser. This is a good crypto wallet that is an Ethereum wallet currency focusing on this currency first and foremost. It has a slick interface and plenty of security features and for a web wallet, it also provides some very fast transfers.
Metamask is also compatible with Defi, Web3 Dapps, and NFTs so it allows you to keep your currencies and tokens secure. It also makes it easy to transfer currency via a web browser as it can be installed as an add-on.
When you are looking to use cryptocurrency for gambling then you will be met with a few different choices, and there are more being released all the time. It is really simple and straightforward to start using one of the options on this list.
The number one priority is to ensure that whatever you do, you are keeping your crypto secure and that you save all of your login details. Choosing a wallet for you makes it easy to send and receive money and do so in a way that is often quicker than banking apps would be.
The age of blockchain gambling is definitely here. You can use your cryptocurrencies for practical day-to-day uses.