Bitcoin/Crypto Wallets Used for Gambling

11/08/2021 | Categories: Bitcoin Guides, Gambling Guides | Published by: Esbon | Last updated: 01/04/2022

So, you have some bitcoin and you want to gamble, but how do you get it into the casino? You could just send it straight in from the exchange you bought or received it on, but sending transactions from many exchanges, including Coinbase, are against Terms of Service, and you are risking having your account closed.

It is important to understand some of the crypto language surrounding wallets to know what you are working with. Custodial, non-custodial, hot wallet, cold wallet, what do all these words mean?

Custodial Wallet: This is a wallet that is owned and regulated by an exchange, such as CoinBase. These wallets are great for investing, swapping, buying, and selling your crypto coins.

Non-Custodial Wallet: This is a wallet that you own the key phrase to and is not connected directly to any major exchange, thus not being subject to the same regulations.

Hot Wallet: This is a wallet that is connected to the internet. These could be stored through the software on your hard drive, mobile device or even through a browser plugin.

Cold Wallet: This is a wallet that is not connected to the internet. Cold Wallets are the most secure way to hodl your crypto. These wallets are stored on your hard drive and some people even move them to a flash drive for even more security.

Whether gambling or “hodling,” it is a good idea to have a non-custodial wallet.

Choosing what wallet is best for you depends on what functionality you want. Let’s cover some Wallets that are popular for gambling.

Desktop Hot Wallets

Wasabi: Wasabi wallet is a user-friendly desktop wallet that is easy to download and easy to set up. It allows users to choose their own fees when sending Bitcoin transactions, careful not to set the fee too low or it could take days and even weeks to clear the blockchain. It also has a transaction breakup feature that allows users to send their transactions through multiple addresses to improve anonymity, but there is a minimum amount you are allowed to send this way.

Electrum: Electrum wallet is one of the oldest Bitcoin wallets out there. Great interface and it can be used in conjunction with other bitcoin wallets, such as wasabi.

Exodus: Exodus wallet has been pushing for the number one spot in desktop wallets for a while now. The UI is fantastic and the ability to trade through their built-in exchange is a fantastic feature for users that don’t want to just deal in bitcoin.

The browser and Mobile Wallets

MetaMask: MetaMask tops the list for this category due to its usability and functionality. MetaMask offers many different blockchain technologies all in one place. With a browser plugin and a mobile app, you can trade, monitor, send and receive a myriad of crypto-currencies from anywhere.

TronLink: Tronlink is a fantastic browser and mobile wallet build on the TRXblockchain. It is connected to multiple crypto swaps that allow you to exchange coins that are based on the TRON network.

TrustWallet: Offering 40 blockchain networks and 160,000 + assets, Trustwallet is a great choice for a non-custodial wallet. In wallet coin swapping, staking, and investing make Trustwallet appealing to the crypto gambler and investor.

Tips from the author

With anything crypto, always do your own research, and double and triple-check everything to ensure you are getting what is right for you. Check around for lower fees and make sure you are using secure methods of moving your crypto around. When moving crypto from an exchange to your secure wallets, consider using lower fee coins to get your transactions through and then swapping them in wallets that have in-app exchanges. Avoid sending crypto from a custodial wallet to a casino site or you risk losing your access to that exchange.

Let us know in the comments what wallets you enjoy using!