Before it’s time to visit a Bitcoin casino, we generally recommend that you get a crypto wallet. The most convenient pick for casino players is hot wallets, which are digital and available online (meaning you don’t have to purchase physical hardware). While you can technically use an exchange to play, it’s not the most ideal way.
Instead, you should pick a software wallet that works for you, and we’ll help you decide. We’re not affiliated with any wallets, but just looking to give you some pointers to get you started. If you’re planning on holding crypto in the long term, we recommend doing additional research.
The two types of crypto wallets
There are two main categories of crypto wallets: cold wallets (also known as hardware wallets) and hot wallets (also known as software wallets). Here's a brief look at what they do.
Cold wallets
These are actual physical devices that’ll store your private keys offline (cold storage), away from the internet, which is what makes them so secure. They’re considered to be the safest option for storing Bitcoin and other crypto since they’re not vulnerable to any hacking attacks.
One major downside with cold wallets (except for the fact that they’re not convenient) is that they’ve frequently been lost by the owner in one way or another.
Hot wallets
You can use these digital wallets to store your private keys online with various security measures, for easier access and convenience. Hot wallets come in different forms, as seen below.
- Desktop wallets – Software programs that are installed on your computer. They offer a rather high level of security and control over your private keys.
- Mobile wallets – Apps that can be downloaded on your smartphone. With these, you’ll get convenience and accessibility, allowing you to access your cryptocurrencies on the go.
- Exchanges – Although technically not a wallet, these are online platforms you can use to purchase crypto through a web browser (or mobile app), trade with, and access. They’re often regarded as the least secure option because of their vulnerability to hacking attacks.
How to choose a Bitcoin wallet
Should you pick a hot wallet or a cold wallet, then? For general coin storage, it’s recommended to go with a cold wallet because of how much higher the security is (given that it’s stored offline).
However, if you’re going to be sending crypto to and from Bitcoin casinos regularly, you’ll want a hot wallet. These are the main things to consider when picking one.
Security
Of course, security should always be the top priority when choosing a crypto wallet. While cold wallets, as mentioned, offer the highest level of security, they’re not really viable for use at online casinos. Instead, it’s recommended you go with a hot wallet, but make sure it offers two-factor authentication, strong password protection, and solid recovery options.
Ease of use
Crypto wallets shouldn’t be a hassle to use, so whichever you choose should be easy to use, especially if you’re a beginner. Look for a hot wallet with a user-friendly interface and clear instructions on how to use it, as well as decent customer support.
Compatibility
Make sure the wallet you choose is actually compatible with the crypto coins you want to store. Some wallets support only a limited number of cryptocurrencies, sometimes even just one type of coin, while others can support a wider range.
Fees
Consider the fees associated with the wallet. There are wallets that charge transaction fees, and there are those that are free. Make sure you understand the fee structure since it might not always be the wallet itself that charges the fee.