The Best Crypto Wallets for Casino 2024
Cryptocurrencies are increasingly becoming a very popular payment method among online gamblers. They provide some practical benefits to casino players such as enhanced privacy, quick and cheaper transactions, as well as global accessibility. That said, to perform any crypto transaction, you need a crypto wallet.
What is a crypto wallet?
A crypto wallet can be hardware (with embedded software) or a software service (online) that allows a user to store, secure and transact with their crypto. Every crypto wallet has public keys and private keys. A public key is your unique identifier on the blockchain and is what you share with others to receive payments, sort of like your PayPal email address. However, your private keys are like your password, and you will need to keep them secure to access or transact with your crypto assets.
There are generally two types of crypto wallets: custodial and non-custodial. The main difference between the two is control and ownership. A custodial wallet service involves a third party like a crypto exchange or even the casino holding your crypto for you. Users trust that the third party will implement proper security protocols to prevent unauthorized access to their crypto holdings.
On the other hand, non-custodial wallets (self-custody wallets) give the user full ownership and control of their crypto holdings. Users are responsible for securing their private keys.
With the above in mind, there is a popular saying in crypto circles that says, “not your keys, not your coins”, which essentially means unless you control your private keys, you do not have full control over your cryptocurrencies.
These are wallets (app) that you download and install on your mobile device (smartphone or tablet). They are very convenient for casino players because they can simply run them on the go and make quick and seamless transactions with their casino account.
In addition to convenience, mobile wallets also implement several security measures such as biometric identification, pin codes, and two-factor authentication. When getting started with mobile wallets, players should ensure that they download them directly from official app stores only.
Some of the best mobile wallets for casino players include:
Launched in 2012, Mycelium stands out as one of the oldest non-custodial mobile wallets around. It is one of the most widely used crypto wallets, and thanks to its advanced security features, it is particularly popular within the crypto community.
- App compatible with both iOS and Android
- Top coins supported (BTC, ETH, USDT, BUSD, ZRX, major ERC-20 tokens)
- Free download, zero subscription fees
- No KYC required
- Hardware wallet support
- IP address and location masking
- Simplified payment verification to support quick transactions
- In-app exchange and trading
- Dynamic fee suggestions
- Loyal community and comprehensive knowledge base
These are wallets that you download and install on your computer. They are designed theoretically to provide even better security than mobile wallets, and often support offline transactions.
Desktop wallets are most convenient for casino players who prefer to play using their desktop computers. Desktop wallet users are advised to regularly update the software and keep their computers free from viruses and malware.
Some of the best desktop wallets for gamblers include:
Electrum wallet has been around since 2011, making it pretty much a veteran in the crypto arena. It is free software and only supports Bitcoin. This straightforward wallet is very convenient for casino players because almost all crypto casinos support Bitcoin. It has a minimalistic interface and should be easy to navigate even for new crypto users.
- Simple and straightforward installation (beginner-friendly)
- Free software
- Massive knowledge base
- Multiple hardware wallets supported
- In-app Bitcoin transfers
- Android mobile app available
- Open-source software that is continually being improved
- Customized security (multi-sig and 2-factor authentication)
Lightning network support for quick Bitcoin transactions
Blockchain.com (formerly blockchain.info) is one of the foremost exchanges in crypto. The exchange has a web based DeFi wallet that is fully non-custodial. When you create the wallet, an encrypted file will be generated that contains your crypto addresses, seed phrases and private keys. For further convenience, the wallet can be accessed from a secondary app that is compatible with both iOS and Android.
Blockchain.com DeFi Wallet Features:
- User-friendly interface
- Easy setup
- Seamless integration within numerous DeFi platforms
- Advanced security features
- Recovery options available
- Accessible via a mobile application compatible with both iOS and Android
Hardware wallets are small physical devices that store your cryptocurrencies. They typically have a USB drive that you connect to a computer when you want to send and receive cryptocurrencies. But apart from doing transactions, they keep your cryptocurrencies completely offline, away from any potential cyber risks.
For this reason, they are considered the safest way to store your crypto assets. However, these wallets are relatively expensive and you risk losing your assets forever if you lose the hardware devices. It is therefore important that you keep your hardware wallet safe, or even set up an elaborate backup so that you will be able to recover your cryptocurrencies in case the device gets lost.
Some of the best hardware wallets for casino players include:
Trezor Model One
Trezor was founded in 2013, with the company releasing the first ever secure hardware wallet in 2014 – the Trezor Model One. There are two other products from the company, but for casino players, the Trezor Model One remains the best option due to its price and time-tested excellence in security.
The wallet is designed for maximum security and features two buttons that allow for easier connection to the Trevor Suite so that you can interact with your crypto assets easily.
Trezor Model One Features:
- Micro-USB connectivity
- Over 8000 cryptocurrencies supported
- Compatible with Trezor Suite on both Android and iOS
- Secured by PIN and Passphrase
- Advanced privacy features
- Verify every crypto transaction
- Backup and Recovery options