Bitcoin, a blockchain based cryptocurrency, has entered the world of gambling in style years ago. When the first Bitcoin players emerged, online casinos massively started incorporating various crypto payment methods into their websites, allowing gamblers to use those for playing all sorts of online games, from slots to poker. Now, as Bitcoin is going from strength to strength, the majority of online gambling operators have not only Bitcoin as a payment option to offer, but they also include a feast of other popular altcoins.
To start enjoying all of the benefits of Bitcoin gambling, a player has to own a Bitcoin wallet which comes in 2 formats, custodial or non-custodial.
Custodial Bitcoin Wallets
Custodial wallets are a type of wallets, the control over which is given to the third party. This means that the responsibility to keep your Bitcoins safe lies on the shoulders of your custodian, a crypto exchange that holds your private keys. It is quite convenient to trust your Bitcoin storage to this type of organization as it frees you from the responsibility to secure your cryptocurrency. For instance, with non-custodial wallets, it’s your responsibility to remember your private keys as if you have lost those, you may never be able to get access to your funds. With custodial wallets, on the other hand, the third-party agents will make sure you can restore your wallet password at any time if you forgot it.
Coinbase, for instance, belongs to a custodial type of Bitcoin wallets. Even though it is a trusted platform to buy and receive Bitcoins, using Coinbase for gambling purposes is a tricky business. The point is that custodial wallets like Coinbase have to comply with anti-gambling rules, meaning that your wallet can be shut down if you have used it to send funds to a casino website. Chances are you won’t be caught making this kind of a transaction, but do you really want to risk being blocked and losing your money?
Non-custodial Bitcoin Wallets
Non-custodial wallets are considered a safer option for storing your crypto funds compared to custodial wallets. This is because only you have access to your private keys. Also, only you are responsible for remembering your keys and keeping your funds secure.
In gambling, it’s best to use non-custodial types of wallets as they give you more freedom in terms of how you use your funds. Below, we list some of the best Bitcoin wallet apps that you could use when gambling in an online casino.
Perhaps the most popular online Bitcoin wallet app, Mycelium is cut out for Android users. With a great interface, the wallet makes it easy for you to store, send, or receive funds. It also allows you to make casino deposits in Bitcoin, with no third-party preventing you from using your money for gambling purposes. To download the Mycelium app, go to Google Play.
With Mycelium, you can also control how much you pay when it comes to fees. You are allowed to choose the fee that suits you, which is another great feature of this wallet.
Blockchain.info has been in existence since 2011 and is known as the most widely used and trusted Bitcoin wallet out there. It is compatible with both Android and iOS smartphones. The added advantage is that the app can be also downloaded on your desktop.
As with all non-custodial reputable Bitcoin wallet apps, Blockchain.info allows you total control over your crypto funds.
Breadwallet has earned a reputation as a trusted Bitcoin wallet that has a super easy-to-use interface. That said, the platform is perfect for using, buying, and holding Bitcoin for those who are new to the crypto world. While Breadwallet is all the rage with iOS smartphone holders, it also runs perfectly on Android smartphones.
With this wallet, there is no middleman between your crypto and you, meaning that your transactions are not subject to censorship.
Airbitz is another Bitcoin wallet that can be trusted and used for gambling transactions. Offering a great user experience, Airbitz is a newbies-friendly platform. Plus, it supports a wide range of altcoins, such as Ethereum, Litecoin, Bitcoin Cash, Ripple XRP, among many others.
When it comes to security, Airbitz does a great job in keeping your funds safe at all times, with two-factor authentication being utilized for the purposes of extra protection. You retain complete control over your private keys, making Airbitz a great option for those searching for secure crypto wallet apps.
Electrum has been around since 2011 and up till now, it has enjoyed a great following. The wallet is associated with both iOS and Android smartphones while also being compatible with the software on your desktop.
It is rich in features, including cold storage, yet the app is easily navigated, so Bitcoin newbies won’t be left scratching their heads as to how to send funds from their Electrum account to a gambling site. Bitcoin-focused, the platform doesn’t support any other altcoins.