Setting up your online gambling crypto wallet
So you want to know, how to set up your crypto wallet. With cryptocurrency continuing to rise in popularity, more and more online gambling players are turning to it as a form of online casino payment. From Bitcoin to Ethereum, Litecoin and more, digital currencies are an attractive option for online casino players. With affordable transaction fees, lightning-fast processing times, and watertight security.
If you’ve never considered cryptocurrency as a viable online gambling payment option before. Now might be the time to start, with the savings on time and money alone being hugely significant. But where do you even begin?
First, before you can start to transact with cryptocurrency, you’ll need a crypto wallet. Don’t feel overwhelmed though. Setting one up is easier than you might think. We’ll take you through the options available, show you how to manage your wallet. And set you up for easy, stress-free online casino crypto payments. Let’s begin!
Understanding cryptocurrency wallets
If you’ve ever made online casino deposits and withdrawals via e-wallets like Neteller or Skrill, you’ll find cryptocurrency wallets fairly similar. Essentially, a cryptocurrency wallet is a digital tool that allows you to store, send, and receive digital currencies, almost like an actual physical wallet.
However, unlike a physical wallet, crypto wallets don’t store actual currency. Instead, they store the private keys that give you access to your cryptocurrency on the blockchain. As you’ll find out, these wallets come in a variety of forms, each with their own level of security, convenience, and functionality.
Types of cryptocurrency wallets:
Hot wallets: No, they’re not literally hot (that would be cool though). Instead, hot wallets are wallets that are permanently connected to the internet, or other connected devices. Used as temporary key storage, hot wallets are designed to store your private keys, ensuring that only you ever have access to them. While their premium connectivity makes them ideal for quick transactions, it also makes them slightly less secure than cold storage options (yes, this is also a thing), so you’ll need to take this into account when opening one. For your convenience, hot wallets can be used via mobile apps, desktop apps, or web-based services.
Cold wallets: Obviously if you have this, you have cold wallets as well. While hot ones are connected to the internet, cold wallets aren’t – instead. They function completely offline, and are more secure as a result. With cold wallets, private keys are transferred from a device with an internet connection to a device without one. Adding an extra level of security. If you need to store a large amount of cryptocurrency that you don’t have to access often. Then you’ll find a cold one ideal for your purposes. Choose from either a hardware wallet or a paper wallet, and keep your crypto safe.
So which type is best for online gambling then? Due to its optimal connectivity and instant access, hot wallets are typically better than cold wallets, allowing you to make quick, frequent transactions whenever you need to. As far as security goes, it’s crucial that you choose a reputable wallet provider with robust security features, giving your digital currency the protection it needs, while giving you complete peace of mind.
Choosing the right crypto wallet
Now that you know a little more about the types of crypto wallets available, it’s time to choose the right one for your needs. As you’d imagine, there are certain features that you’ll need to bear in mind before making your selection, such as:
Security: This is always a crucial factor when banking online, but even more so with crypto and its digital nature. In order to ensure your funds are completely secure, check to make sure that your prospective wallet provider has a sound reputation for security measures and protocols, and do a little research to find out whether they’ve ever experienced any security breaches in the past.
User-friendliness: There’s no point banking with a stringently secure crypto wallet if it’s too difficult or frustrating for you to navigate. That’s why it’s important you choose a wallet provider with an intuitive interface that’s easy to understand and interact with, especially if you’re new to cryptocurrency as a whole. Make sure that your wallet is a user-friendly one, and that it supports the type of crypto you want to use, and you’ll be all set.
Transaction speed: Time is money when it comes to online gambling, and you want to be as efficient as possible with both. That’s why you need to ensure that your wallet facilitates simple, speedy transactions – because less time spent banking means more time spent playing, and hopefully winning as well!
Compatibility: It’s worth noting that not every form of cryptocurrency will be compatible with online gambling transactions, so check to make sure that your chosen digital currency is, before you start transacting. Some cryptocurrencies allow online gambling transactions, and some aren’t as widely accepted. Compatibility is everything.
Customer support
While you may think you’ve got it all figured out (go you!), there may come a time in your crypto journey where you need to ask a question. When that day comes, you want to be sure you’ve got a solid support team backing you. Make sure that the crypto wallet you ultimately opt for offers reliable customer support for when you need it most.
Popular online gambling crypto wallets
While the final choice of crypto wallet is ultimately your decision, we do have a few recommendations you might want to look into first:
Exodus: If you’re a beginner, Exodus is an excellent choice. Its user-friendly interface makes transactions simple, while its built-in exchange features and strong security offer convenience and peace of mind.
Electrum: If you’re set on using Bitcoin as your cryptocurrency of choice, consider using Electrum as your wallet. It’s fast, it’s affordable, it’s efficient, and it’s big on security too.
MetaMask: Alternatively, if Ethereum is more your thing, then MetaMask has got you covered. It’ll integrate seamlessly with most online gambling platforms, and it’ll offer you simple, straightforward transactions you can count on.
Trust Wallet: It’s all in the name! Trust offers a multi-currency solution for gamblers using a variety of currencies. If that’s you, you can bank on simplicity, extensive coin support, and high security too. Trust at its best!
Ledger Nano X: It’s a hardware wallet, it offers the highest level of security and it supports over 1,000 forms of cryptocurrency. What’s not to love?
Setting up your cryptocurrency wallet
Once you’ve chosen your cryptocurrency wallet, the next step is setting it up. As you’ll find, it’s a fairly simple, straightforward process:
Download and install the wallet: If you haven’t done so already, visit your crypto wallet’s website and download the app for mobile and/or desktop. (This applies to hot wallets only – if you’re choosing a cold one as your option, you’ll need to purchase the hardware wallet. And most likely download a form of companion app. One that will help you interact with the blockchain without compromising your security.)
Create your wallet: Next, follow the installation instructions from your wallet provider in order to install the app on your mobile or desktop. Open the app, and select the option for creating a new one. When you’re prompted to choose a password, make sure it’s a strong one for optimal security. Keep this information safe, as it’s crucial for accessing it.
Back up your wallet: Once you’ve created it, it will then generate a seed phrase for you. A random series of anywhere between 12 and 24 words. This is the phrase you’ll need to recover your wallet if you ever lose access to it. Make sure you write this phrase down on paper, and store it somewhere safe. Don’t forget where you’ve saved it, and don’t store it digitally, as this will make it vulnerable to hacking and theft.
Fund your wallet
Now comes the fun part – where you load your wallet with cryptocurrency so you can use your funds for online gambling! If you’ve already purchased crypto, simply send it from your old one or your crypto exchange to your new wallet. If you don’t have any crypto yet, you’ll need to purchase some from an exchange and transfer it to your wallet. Then once it is funded, you’ll be ready to start making deposits into your online casino account!
Using your crypto wallet for online gambling
Now that your wallet’s set up and you’ve got the crypto you need for your gambling. It’s time to deposit money into your online casino account! Here’s how:
Making online casino crypto deposits:
Log into your online casino and visit the bank or casino cashier.
Select your preferred cryptocurrency, such as Ethereum or Bitcoin, and make a note of the deposit address that the casino will give you.
Open your crypto wallet, choose ‘Send’, and enter the casino’s wallet address.
Enter the amount you’d like to deposit, and confirm the transaction.
As soon as the transaction is confirmed on the blockchain, the funds will reflect in your account – a process which should take no more than a few minutes.
Of course, just as you’ll need to deposit funds into your casino account, there will come a time when you want to withdraw your winnings as well. When that happens, you’ll find the process just as easy:
Making online casino crypto withdrawals
Visit your casino bank or cashier, navigate to the withdrawal section, and select your preferred cryptocurrency option.
Open your crypto wallet, and copy your wallet’s receiving address.
Paste the address into your casino’s withdrawal form where relevant.
Enter the amount you wish to withdraw, and confirm your transaction.
Your funds should reflect in your account within just a few minutes – significantly faster and more efficient than fiat withdrawal processing times. Just another reason to trust crypto for your online gambling transactions!
Managing your crypto wallet safely and securely
Want to make sure your cryptocurrency stays safe in your wallet? Then it’s up to you to ensure you follow best practices in order to keep your funds secure:
Keep your seed phrase safe: We’ve already mentioned it but it’s worth repeating again because of how crucial it is. Your seed phrase is the lifeline to your wallet – the vital information you need to access your funds. Make sure it’s written down rather than stored digitally, and kept in a safe place that only you know about. If someone has your seed phrase, it means they have access to your crypto, which is something you don’t want.
Use two-factor authentication: You should be using this for all your apps, but it’s especially important for your crypto wallet. Use 2FA for an extra layer of security, and you’ll have the peace of mind of knowing that even if someone has your password, they won’t have access to your funds.
Be on the lookout for phishing scams
It’s almost unbelievable how sophisticated scammers have become, to the point where differentiating between fraudulent and legitimate communication is sometimes almost impossible. For this reason, always be extremely cautious about emails and websites that ask for your wallet information or seed phrase. Make sure to always double-check URLs, and if you’re ever in any doubt, keep your information to yourself and contact your provider directly.
One crypto wallet, so many benefits
As you can see, setting up your cryptocurrency wallet doesn’t have to be a stressful process. It’s simple, it’s straightforward, and it’s the first step towards convenient online gambling crypto transactions.
Once your wallet is set up, you’ll have everything you need to manage your crypto responsibly and securely as well. Just make sure you keep your seed phrase well-protected, that you stay informed about the latest security practices. And that you regularly review your settings to keep your funds safe. Enjoy gambling online with crypto, and enjoy convenient, affordable online gambling deposits and withdrawals. Good luck!