Ready to Wager? Pick the Best Wallet for Gambling First!Aug 23, 2014

Bitcoin Wallet

Bitcoin Wallet

Bitcoin transactions are quick, convenient, and absolutely innovative, which is one of the main reasons that gambling using the cryptocurrency is favored. Instead of needing a credit card or a wire transfer service, all that is needed is a Bitcoin wallet to keep the bankroll up and to collect all the winnings. However, with so many kinds of wallets available, which of them exactly best suits the avid Bitcoin casino gamblers?

A Bitcoin wallet can be categorized into four major types: web, mobile, software, or offline. All these can be used by an average bitcoiner, whether for storing larger sums in Bitcoin hardware wallets or saving some for daily spending. But when it comes to fast-paced online gambling, two from the list actually make the cut.

Web or online wallets are absolutely the best choice.

A web wallet  is user-friendly, it offers quick access, and it is extremely easy to have one. There are several brands that are well-known in this area, namely, Blockchain.info, Coinbase, and StrongCoin. BitGo is also worthy to take note of since it banks on its multisignature wallet that, in essence, adds more security.

The beauty in web wallets is they can be instantly used straight from a web browser while playing Bitcoin slots or dice on any gambling platform. However, such kind comes with the risk of having the private key stolen due to the fact that web wallets rely on a third party. Thus, bitcoin accounts may be compromised should the wallet provider gets hacked or shuts down.

Casino enthusiasts who are already using or still considering Coinbase for gambling purposes, on the other hand, should be warned, though. Recently, a Coinbase user took to Reddit the suspension of his account after it was traced to have made a transaction on SealsWithClubs, the largest Bitcoin-only poker website. The US-based wallet provider and exchange made clear that Coinbase is not to be used for gambling-related activities, and therefore, acts accordingly by suspending certain accounts.

Meanwhile, mobile Bitcoin wallets are the other gambling-friendly wallet type.

The unique feature of mobile wallets is their mobility, and this significantly helps gamblers who wager on a mobile Bitcoin casino. This also allows for the same functions; however, it is reported to take longer periods to synchronize the Blockchain. Nevertheless, using Mycellium, Blockchain.info, and Bitcoin Wallet will provide a desirable experience gambling on the go.

Aside from the distinct benefits of using web and mobile wallets, they are both perfect for controlling the bankroll. Since they both come with risks, loading them with smaller BTC amounts should do the trick, and this largely helps limit wagering behaviors. Therefore, bettors can basically transfer some bitcoins from their software wallet (or even from their offline wallet should they wish) to their mobile or web wallets and conveniently use the latter for unparalleled fun and entertainment.

Online gamblers, however, should note that some gambling platforms are very picky when it comes to the accepted wallets for Bitcoin casinos, so it is important to check whether or not the website supports shared wallets and whatnot. Choose a revolutionary Bitcoin wallet to ensure unparalleled experience. Better yet, make use of the Samourai wallet’s features.