The top wallets to use for crypto gambling
Online gambling has seen a new lease of life over the last year or so due to the pandemic, with more and more people logging on in the absence of access to their favourite physical casinos and gambling venues. While this has been a definite factor in the overall growth of the sector, another huge driver has been the adoption of cryptocurrencies. Various online casinos now offer users the option of placing bets via cryptocurrencies, and this has proved to be extremely popular, as players have taken advantage of these options to a large extent. Thus, in light of how popular this option has become, it is important for players to know about the best online crypto wallets available for online gambling, and so here we will look at some of the best options out there.
Before getting into actual examples of these wallets, it is important to know the different types of wallets that exist. First, we have cloud-based wallets. These are applications or websites that will manage your private access keys for you. They are extremely convenient, as they can be accessed from any device (phones, laptops, tablets etc), and they make it quite easy to transfer funds and tokens. The only downside to these wallets is that control over the keys is taken away from the user and lies with the cloud service provider. These keys are encrypted, but they can still be hacked by a talented hacker with time and resources.
The next type of wallets that is available is mobile wallets. As the name suggests, these are apps that will run on your phone only. Keys are stored in these apps, but since they are stored locally on your phone, they are offline and therefore much more difficult to hack, as a potential hacker would need to have direct access to your phone. However, such wallets have much less robust security protocols than desktop and hardware wallets.
Our next type of wallet to consider is a desktop wallet. Desktop wallets are software programs that run on your computer, with the access keys also being stored locally. They are quite secure, but the downside is that you can only access them on your computer, so they may be a little inconvenient for those who would want to access their crypto regularly.
Hardware wallets are perhaps the most secure type of crypto wallet available. They are akin to USB devices, where your crypto tokens will be stored on that device itself, along with access keys. They are offline, and so are protected from malware and hacking attempts, while the only way to access their contents is to steal the device itself. Even then, these devices can be protected by a security code, which will prevent unauthorized access.
Lastly, we have paper wallets. They come with storage addresses, public and private keys, and QR codes that can be scanned for transactions. They are the least secure of all wallets, since they can easily be stolen or misplaced, and are very rarely used nowadays.
Having understood the different types of wallets that are available, we will now look at some of the best wallets for crypto gamblers to consider.
BlockStream Green Wallet
This is a cloud-based wallet that is quite simple to use and allows users to transfer bitcoins to their favourite sports betting outlets easily. It has multi-signature keys – giving access to one key to the holder, while the other is with the wallet provider, to ensure better protection of your crypto holdings.
BRD, also known as BreadWallet is a mobile app, which is available for free on Android and iOS. It is a standalone app that only connects to BTC networks when requested by the user, and is, therefore, safer than regular wallets which may connect to third-party servers all the time. It’s quite simple, without too many extra features, which makes it perfect for beginners.
Electrum is a desktop and mobile app, which has long been a favourite of users for whom privacy is a priority. Private encrypted keys are available, multiple wallets can be created, and permissions can split through the multi-signature option. You can also use a ‘no-lock’ feature to export your private keys to other Bitcoin clients if you use them, while your tokens can be ‘cold stored’ on a second offline computer for added security as well.