Find out the best types of crypto wallets that can be used to play at crypto casinos online. All is explained in this guide on crypto wallet online casinos.
Top Crypto Wallet Online Casinos
Bitcoin, Ethereum, Litecoin, Dogecoin, and an ever-growing host of cryptocurrencies are now being used by players at crypto wallet online casinos. Cryptos offer appealing benefits that are rooted in security and anonymity. Naturally, those are things that players should want to tap into, but getting started requires preparation in advance.
How a Crypto Wallet Works
For anyone who is new to the crypto movement, it all starts with being able to acquire the digital currency. Fortunately, this can be done simply enough by visiting an online crypto exchange, where real-world currency is exchanged for the likes of Bitcoin. All sounds simple so far, but players need a way of storing their crypto.
For USD or EUR it’s possible to use PayPal or NETELLER, whereas Bitcoin or Ethereum call for a specialist crypto wallet. The necessity stems from cryptocurrency being based on blockchain technology, whereby a ledger is used to record transactions with the aid of hash codes, keys, and characters.
When depositing to a crypto casino online, you require a public blockchain address where the funds must be sent. In order to verify the transaction, meanwhile, you are required to share a private key that is typically more than 30 digits in length. Receipt of your private key is what confirms the transaction to send funds.
Crypto Wallet Variants
Just to be clear, crypto wallet is an umbrella term under which there are multiple variants. Starting with desktop wallets and mobile wallets, these function using software that is installed straight to your device. As a result, your crypto credit is stored directly on your device until transferred elsewhere.
These days, many software applications are now stored online rather than on devices, and the same can be said of online wallets. In this case, your crypto is kept in a cloud-based app where it waits until used. As you can imagine, it is advisable to only use a well-trusted provider.
Hardware wallets present an extremely safe option in that the crypto is stored offline in a USB storage device. The only time it becomes accessible is when the device is inserted into a PC or laptop capable of sending the funds online.
Finally, there are paper wallets upon which a QR code is used to access cryptocurrency. Naturally, this is only a temporary solution that should be considered until you are able to store your funds in a more secure location.
Top Crypto Wallets
Crypto wallet casino sites are now much more common after sluggish uptake in the industry. For the crypto wallet casinos that are in existence, they can vary by which wallets they accept. Based on research, Online Casino Reports has identified these as the best crypto wallets for online casinos:
Coinbase: as explained, access to an online exchange is needed to use crypto. Well, this crypto wallet can provide direct access to the Coinbase exchange, where Bitcoin, Litecoin, and others are traded with ease.
BitPanda: this wallet comes with exchange access and the ability to transfer four types of FIAT currencies, including EUR and USD, and 27 different cryptocurrencies. This makes it easier for preparing to play at crypto casino sites with select currencies.
Mycelium: apps are available for installation on either Android or iOS smartphones or tablets. Although being initially challenging to use, the functionality of this mobile wallet is most impressive.
Electrum: for desktop users, Electrum is a diverse wallet that offers compatibility for Windows, MacOS, and even Linux. In fact, you will even be able to use Electrum in conjunction with a hardware wallet.
Blockchain Wallet: this option is operated online in the cloud, but is securely engineered so that only the blockchain keys are stored. Separation from a crypto exchange can be favourable for enhanced security.
Trezor: as explained, hardware wallets are arguably the safest because they can be removed from the web and your device when unused. Trezor can then deliver added functionality in the shape of two-factor authentication and a password manager.
Crypto wallet casinos online function like other sites in that compatibility is available on different devices and quality software is often used. They just differ in terms of the currency they use. Many online casinos that accept crypto wallets are still unregulated, so stick with ones that operate with legitimate licences from trusted regulators.