Bitcoin Wallets – Casino Players’ Favorite Payment Option
The surge in Bitcoin supply and demand paved the way for a new type of secure, online payments. The future belongs to crypto currencies, and the most popular being the Bitcoin. In order to complete your Bitcoin payments safely and conveniently, you need a Bitcoin Wallet. In practice, the Bitcoin Wallet can be compared with a bank, where you keep your money safe. Before we get into the details, below you can find the top 11 Bitcoin online casinos. Note, some of them accept other cryptocurrencies besides Bitcoin, such as Bitcoin Cash, Litecoin, Dogecoin and Ethereum.
Why Should You Get a Bitcoin Wallet?
It’s essential to have a Bitcoin Wallet because it adds additional layers of security and makes deposits and withdrawals way more convenient. Note, make sure you transfer your Bitcoins from the Bitcoin Exchange to your Bitcoin Wallet. Bitcoin Exchanges try to discourage their customers from keeping the Bitcoins there for a long time with unnecessary fees. That’s why it’s best to have them transferred as soon as the Bitcoin exchange transaction is completed.
Below you can find an extensive guide how to create a Bitcoin Wallet along some very useful information regarding Bitcoin Wallets in general.
First, let’s take a look at some general facts about Bitcoin Wallets.
Types of Bitcoin and Other Cryptocurrency Wallets
Despite the Bitcoin being an online crypto currency, you’d be surprised to know that there are several different types of Bitcoin Wallets based on their nature and how they work.
- Universal Bitcoin Wallets
Bitcoin Wallets that are available on multiple platforms and can be used both offline and online are called Universal Bitcoin Wallets. They’re versatile, flexible, but they are also exposed the most to a variety of threats. The below mentioned wallets fall into this category as well. The most commonly used Bitcoin Wallets in the online gaming industry are Cubits, Circle, Blockchain, Sparecoins and Coinjar.
- Hardware Bitcoin Wallets
In fact, hardware Bitcoin Wallets are just tiny, compact computers or smart memory cards where you can store your private Bitcoin keys. Their sole purpose is to create private keys on demand. Although they are among the safest, hardware Bitcoin Wallets are inconvenient, especially for making online casino deposits and withdrawals.
- Paper Wallets
Print out the private key. The safest method, yet the most inconvenient one.
- Online Bitcoin Wallets (Web Wallets)
As an online casino player willing to deposit in Bitcoin, you will need an online Bitcoin Wallet or a Web Bitcoin Wallet. Besides desktop devices, they’re also compatible with mobile devices operating on iOS, Android and Windows.
- Mobile Bitcoin Wallets for iOS – Copay, Airbitz, Breadwallet being the favorite.
- Mobile Bitcoin Wallets for Android - Bitcoin Wallet, GreenBits, Mycelium.
- Desktop Wallets – Bitcoin Core (The Official Bitcoin Wallet with highest level of privacy), Armory (most developed), MultBit HD, Electrum.
How to Open a Bitcoin Wallet Account
Note, if you want to have the edge to quickly deposit and withdraw from an online using Bitcoin you will need a Bitcoin Wallet that’s connected to the internet. Later we’ll show you how to maximize the privacy of your Bitcoins, but first, let’s see how the registration of a Bitcoin Wallet looks like.
- Register at an Online Bitcoin Wallet Provider
Opening a Bitcoin Wallet Account is as easy as opening a new email account. In fact, the purpose of the Bitcoin Wallet is exactly the same. In essence, the Bitcoin address you’re going to get has the same role as an email address. The Bitcoin address is the email address, whereas the private key which matches your Bitcoins is your email password. Anybody can send Bitcoins to your Bitcoin address, like anybody can send mail to your email.
At this point, you only need to provide the Bitcoin Wallet provider with a valid email address and a password of your choice. Bitcoin Wallets allow you to buy and sell Bitcoins, they act like Bitcoin Exchanges, however, we strongly discourage this practice due to security reasons.
- Verify your Email
An email will be sent to the email you’ve registered with. Just click on the link in the message to verify your email and to activate your Bitcoin Wallet account.
- Add Bitcoins to Your Bitcoin Wallet
But not all of it. We recommend storing larger amounts of Bitcoins in a different type of Bitcoin Wallet like Hardware Bitcoin Wallets or on a computer device that’s not connected on the internet. For example, you can keep between $200 to $500 of Bitcoins in your Bitcoin Wallet to minimize the risk. Let this be your spending account, whereas the hardware Bitcoin Wallet can be your savings bank account.
In essence, this will look like a copy-paste procedure where you’re copying long chains of letters and numbers.
- Deposit to an Online Casino that accepts Bitcoins
Be careful how you use and to whom you send your private Bitcoin keys. To deposit to an online casino that accept Bitcoins, open your Bitcoin Wallet. Now find the Bitcoin address THAT HAS BEEN GIVEN TO YOU BY THE CASINO, deposits made to this address will be transferred to your player account. If you can’t find it, contact customer support. Usually, this address will be provided in the cashier or once you click on the deposit button. Copy the address and paste it in your Bitcoin Wallet. Insert the amount you wish to deposit. The transaction can take at the very least a few seconds, but it usually takes a couple of minutes.
- Withdraw From an Online Casino
The process is the same, however, this time around, the casino will ask for your Bitcoin Wallet address. Provide them with it accordingly and they will complete the payment as soon as possible.
Why are Cryptocurrency Online Casinos Gaining Popularity?
Bitcoin and other crypto currency online casinos are not that popular amongst EU and UK players. However, they are the only choice of players who are located in regions where online gaming is illegal. Players from the USA, casino players from Australia and so on, join online casinos that accept Bitcoin and other crypto currencies. Now, in the eyes of the authorities, this is illegal, yet the transactions cannot be tracked.
Bitcoin Cash online casinos are the new big thing due to the significantly lower transaction fees. It didn’t take look for Bitcoin online casinos to adopt the recently created twin currency of the popular Bitcoin. Many Bitcoin casino players prefer to play with cryptos because this is how they avoid the scrutinous verification checks, and how they speed up the withdrawals. Basically, that’s it! It’s not rocket science.
A big number of online casino players lost thousands of dollars/euros following the Bitcoin plunge from $20,000 to $8,000. Then again, this is not the casino’s fault. Know the threats of playing with cryptos before you make your deposits. You never know where things will go. The thing is, as a Bitcoin casino player you’re betting on the Bitcoin! However, from what we saw in early 2019, it’s not such a “bet” after all. It has gotten to a point where it’s stable, in spite of the external influences.