Bitcoin gambling has become very popular in recent years. The features of anonymity and secure transactions of bitcoin have been enough to win the hearts of many online casino players. At the moment, buying and selling bitcoins is becoming a key part of online gambling. How can you store and trade bitcoins? The answer to this question is bitcoin wallets.
Digital wallets are an integral part of cryptocurrencies and the tool you use to interact with the blockchain. Once you decide to get into crypto gambling, choosing a comfortable one among the various crypto wallets is crucial. The reason is to ensure the smooth operation of deposits and withdrawals from a sports betting platform that uses digital currency.
If you are interested in what key parameters a truly best bitcoin wallet for online gambling should meet and which of the options offered today should be chosen, you need to familiarize yourself with the features of a gambling wallet and betting using cryptocurrency in general.
How to bet on sports with Bitcoin
Bitcoin (BTC) is a digital currency accepted by bookmakers. As a player, you are probably wondering how to use a bitcoin wallet for gambling, where to buy this cryptocurrency, and whether it will make it easier to place bets.
To bet with BTC on an online sports betting site, there are a few steps you need to follow:
- Set up a crypto wallet.
- Create an exchange account.
- Send bitcoin to your wallet.
- Deposit BTC to your gaming account.
To cash out bitcoins when you have won your bet, go to the “Withdrawals” or “Payouts” section of the betting site, after which you can collect your winnings. One of the big advantages of bitcoin is that it only takes a few minutes to receive money, unlike other payment methods that can take anywhere from 24 hours to 10 business days.
Why do you need a bitcoin gambling wallet? There are two main reasons. First, a bitcoin wallet for gambling is required to complete and store your transactions. Secondly, you should never send cryptocurrency directly from an exchange to a crypto bookmaker and vice versa. The reason for the latter is that major and reliable exchanges have very strict gambling policies. At best, they will block your account on the exchange, and at worst, you will lose all the funds that you have stored or sent there.
Gambling wallets function just like a physical wallet, except for the fact that cryptocurrency wallets can be hacked or blocked in the event of an error. At the same time, having a crypto wallet is much safer than keeping it in a bookmaker’s office or on an exchange. In addition, you will need a bitcoin wallet for gambling to successfully receive and send your coins to the exchange to convert them to fiat currency.
How and where to buy Bitcoin
The first thing you will need is a wallet to store, send and receive bitcoins. What is the best bitcoin wallet for sports betting to choose, we will tell you further, but for now, let’s move on to the next step?
If you have a wallet, you need to know how to buy bitcoin. This is done through the bitcoin exchange, which is similar to the stock market for cryptocurrencies. To do this, you will need to choose a suitable exchange that will meet all your requirements. As a rule, it is an application that you need to download to your device, register, and confirm the registration by clicking on the link in the letter that will be sent to your email.
By creating a personal account on the exchange, you only need to select a bitcoin wallet and buy the required amount of cryptocurrency. To do this, enter your credit or debit card details and the amount you want to buy. After that, send the purchased digital coins to your crypto wallet and manage them the way you want.
Deposit at a Sportsbook or Casino
To bet on sports, you will need not only to choose the best bitcoin wallet for online gambling and transfer the purchased cryptocurrency to it, but also to replenish the deposit in the gambling entertainment service that you use.
Depositing BTC to your account at a bookmaker is a fairly simple and convenient process that does not require much effort. The process is as simple as sending bitcoins from your wallet to the address or QR code listed in their deposit options. Most bookmakers work the same, so if you know how to do it on one site, you can do it on all sites.
Top 5 Bitcoin Wallets
While there is no single answer to the question of the best bitcoin wallet for sports betting, there are several different types of such virtual wallets. Each of them has its strengths and weaknesses. The two main types are hot wallets and cold bitcoin gambling wallets. The main difference between the two is whether they require a permanent internet connection or not. Also, in general, hot wallets are more practical but more subject to security risks, while cold wallets are less practical but provide more security.
There are many different options for a cryptocurrency hot wallet, for example:
- Mobile crypto wallets that are downloaded and installed on a mobile phone or tablet. They are available as apps and can be useful for betting in the Live category. You just download the app on your phone and send the cryptocurrency to your bookmaker in the shortest possible time and for the minimum commission.
- Desktop wallets are software that you download to your computer. In a sense, mobile wallets are also desktop wallets. You install the software on the device and carefully manage transactions.
- Web wallets are extensions that you install on your browser that functions like a wallet that allows you to easily send and receive cryptocurrencies. Beware of fake scam apps that will empty your wallet if you make the mistake of installing them instead of the official one.
If you are wondering what is the best bitcoin wallet for online gambling, here are some examples that are worthy of your attention.
BlockStream Green Wallet
BlockStream Green Wallet is a free and secure Bitcoin wallet. Its user-friendly interface and multi-sig wallet feature make it popular with many gamblers around the world. Blockstream Green Wallet controls only one of the keys and allows you to manage other keys. In addition to all this, it offers an alternative option for soft entry, where you can only see your balance, but cannot make transactions.
BreadWallet (BRD) is a mobile bitcoin wallet option. You can download it for free both on phones based on the Android operating system and the iPhone. However, this application does not offer a large list of features. It serves to store and send bitcoins, but the simplicity of this application is all that beginners need. It can only connect to the BTC network at your request. So this is also a secure wallet option.
It is a multi-platform Bitcoin wallet. You can use it by downloading the desktop software or mobile app on your smartphone. If security is your priority, the Electrum bitcoin wallet can be considered as it allows you to manage multiple access permissions on a per-device basis. It has many other features that will appeal to both beginners and advanced bitcoin holders.
This is a hardware bitcoin gambling wallet, which is an electronic device. The previous options on this list are free, but you have to pay around €65 to buy the Trezor app. This app is compatible with Android, iOS, Linux, and Windows. Thus, you can use almost any device you have. It is also possible to connect it via cable to your preferred Bitcoin management device. Because it is a cold wallet, it is more secure.
Ledger Nano S
When choosing the best bitcoin wallet for sports betting, the Ledger Nano S is worth mentioning. This bitcoin wallet is also an electronic application like Trezor. You have to pay about 60 euros to buy it. When it comes to security, the Ledger Nano S is one of the best. Your keys are always stored offline and never hacked.
In general, crypto wallets are an integral part of any crypto process. You have to pay attention to all the steps you follow to keep them safe and not compromise your coins. When it comes to using bitcoins in the sports betting process, the best solution would be to purchase a hardware wallet, after which it is best to link it to a web wallet or mobile wallet and from there transfer the cryptocurrency to the bookmaker. Never forget to send cryptocurrency directly from the bookmaker to the exchange so as not to lose your funds.
Last but not least, remember, cryptocurrency wallets are not and cannot be regulated, so it all depends on the bookmakers you bet on and the exchanges you choose to deposit and withdraw funds from. All in all, have fun but be vigilant and you’ll be fine.