Updated: June 30, 2022
Looking to bet with Bitcoin? You need a secure wallet to keep your crypto. But how do you even choose one? We are here to guide you.
In this article, we’ll help you choose the best Bitcoin wallet for online gambling – whether you’re a rookie or a seasoned gambler. Read on to learn about:
What types of Bitcoin wallets are there?The features to look for in a BTC walletHow to get started with a Bitcoin wallet?Our top picks of 2022 (including advanced and beginner-friendly options)
Let’s jump right in:
Best Bitcoin Gambling Wallet: Quick Picks
In a time crunch? We won’t keep you waiting. These are the top gamblers’ wallet options for 2022:
Best Overall: Blockstream
Best for Beginners: Blockstream
Best for Privacy: Electrum
Best for Mobile: BRD
All of these wallets are safe, user-friendly, and allow betting. And where do you go with your Bitcoin gambling wallet? Here are our favorite crypto casinos to spend your BTC:
How to Choose the Best Gamblers’ Wallet?
Now that we had a quick look at our favorite BTC wallets for gambling, we can talk about why they made the list. What should you look for when choosing a Bitcoin gambling wallet? How did we make our picks?
Let’s break it down in more detail:
What Is a Bitcoin Wallet?
First things first – what even is a Bitcoin wallet?
IN THE MOST BASIC TERMS
A Bitcoin wallet is a digital storage space for your Bitcoin.
It’s like your bank account, where you can keep, receive, and send your Bitcoin.
But unlike a bank account, a Bitcoin wallet can be decentralized – meaning there is no central authority or middleman controlling your Bitcoin. Even when a central authority (like a Coinbase gambling wallet,) there are fewer restrictions – but also fewer safety measures.
Every Bitcoin wallet has private keys (kind of like your bank account number or credit card number) that correspond to your blockchain address.
You use the keys to sign transactions, which is why it’s so important to keep them safe. If an attacker gets hold of your private key, they can control your Bitcoin, sending them wherever they’d want.
Even though all wallets use this basic principle, there are still different types of BTC storage – some better for casinos than others. Here’s what you should know before choosing your Bitcoin gambling wallet:
Types of Bitcoin Wallets
Here are the four main types of Bitcoin wallets:
Desktop wallets live (you guessed it) on your desktop computer.
You install the wallet on your PC or laptop and you can use it to send and receive Bitcoin. Of course, to process transactions, you’ll need a connection to the Internet. This means desktop wallets are “hot” storage – a type of wallet, which is inherently less secure.
The main advantages of desktop wallets include:
You have full control over your private keys.You can receive and send Bitcoin with ease.It’s easy to install and use.
But, there are still some downsides:
❌ You need to keep your computer safe from malware, viruses and hacking.
❌ If your computer crashes or your hard drive is corrupted, you can lose your Bitcoin.
Mobile wallets are just like desktop ones – except on your phone. These apps are convenient because they can be used anywhere, and you can spend your Bitcoin to pay for goods and services just like you would with physical currency.
The chief perks of mobile wallets are:
They are always with you.Mobile apps are usually easier to use than desktop ones.You can use Bitcoin to pay for things just like you would with regular cash.
However, don’t forget about the disadvantages:
❌ If you lose your phone, you lose your Bitcoin.
❌ It’s still hot storage (your phone is connected to the Internet), so hacking is a danger.
Here’s the catch:
A web wallet might not be a wallet at all.
Most online wallets are services that store your crypto for you. On the plus side, this means they’re very accessible and usually the most beginner-friendly. It’s like Google Drive for your Bitcoin.
Sadly, this is also the least secure option.
Web wallets attract hundreds of hackers every day – because criminals know where the money is at. Not unlike a bank safe, except your money isn’t insured against robbery.
To complicate things even more, a web wallet might not work for casinos since many of the services prohibit gambling.
The pros of web wallets include:
Super easy and intuitive.You can access your Bitcoin anywhere, anytime.
The cons, on the other hand, are:
❌ You don’t control your private keys.
❌ You’re at the mercy of the service provider.
❌ Hackers love to target web wallets.
❌ Gambling might be prohibited.
Finally, a “cold” storage option.
Reminder: this means your private key (and your Bitcoin) is on a device that is not connected to the Internet.
Hardware wallets are the most expensive and complicated option on this list. But they’re also the most secure, since you only plug in the device when you want to make a transaction. Otherwise, you’re away from hackers – and away from viruses.
The hardware wallet advantages you should know about are:
You control your private keys.It’s the highest level of security possible.
❌ Hardware wallets are more expensive than other types.
❌ They’re more complicated and time-consuming to use.
So, what type of wallet do we recommend?
Well, if it were your life savings, definitely go for a hardware wallet. However, if you’ll be betting with your BTC (or even trading them through a strategy like spread betting), a complicated (and pricey) option doesn’t make sense.
Choose a convenient Bitcoin gambling wallet
For online betting, go for a desktop or mobile wallet.
You can always buy a hardware wallet for your main stash of coins.
What Makes a Good Bitcoin Wallet for Online Gambling?
Not all BTC wallets are casino-friendly. So how do you pick an option to bet with? There are three main things to look out for:
The wallet should be safe.
You are trusting this casino wallet with your coins, after all. Look for a well-known and well-reviewed option. Up-and-coming wallets might be nice, but we’ll always prefer the ones with a longer track record.
For security reasons, we also recommend that you don’t use online wallets. Desktop and mobile ones can be just as convenient – but they’re definitely safer.It should be easy to use.
You don’t want to spend hours trying to figure out how to send or receive payments. The best Bitcoin casino wallet should have a simple and straightforward interface that you can navigate with ease.The Terms & Conditions should allow gambling.
Not all wallets allow gambling-related transactions. Before you choose a gamblers’ wallet, make sure that it won’t block your payments to and from online casinos.
Just FYI, the Bitcoin wallets we recommend in this article check all of these boxes – and more. We still recommend you do your own research before choosing one, though.
What Is the Best Bitcoin Wallet for Online Gambling?
You already know our top picks (we started with them, after all). But we haven’t broken them down one by one just yet. Now, lets recap the best Bitcoin wallet for online gambling in 2022 and take a deeper dive into each of them:
Where to Use Your Wallet?
Psst! Wondering where to use your BTC? Here are our favorite Bitcoin-friendly casinos – juicy bonuses and thousands of fun games ahead:
Best Overall: Blockstream
Blockstream is our # 1 pick for a gambling-friendly wallet.
It’s a user-friendly app available for all major desktop and mobile OS. With simple wallet creation and a smooth transaction process, it’s perfect even for BTC newbies.
Plus, the app has been translated to 11 different languages!
Blockstream also offers stellar security features to keep your coins safe. If you have a hardware wallet, you can rest assured Blockstream will get along with it. The wallet supports all major cold storage options, including Ledger and Trezor.
On the downside, you can’t buy BTC within Blockstream (other beginner-friendly services have that option) and the customer support could be more responsive.
Still, this is a secure and user-friendly wallet that’s perfect for those looking to store their gambling winnings in BTC.
Best for Beginners: Blockstream
Creating a wallet with Blockstream is very simple
Not only is Blockstream our favorite BTC wallet overall, it’s also our best choice for newbies.
The app strikes the perfect balance between being straightforward and feature-rich, while also providing top-notch security. And, the support for both Android and iOS devices makes it widely accessible.
What sets it apart from other beginner-friendly options?
Well, the biggest one that comes to mind is Coinbase. And, sure thing, it is popular. However, if you want to gamble with Coinbase, you’re in for a disappointment – it doesn’t allow casinos.
Blockstream, on the other hand, has everything you need to get started with BTC gambling, and then some.
Our favorite, beginner-friendly casino for Blockstream users is BC.Game:
Best for Privacy: Electrum
The Electrum wallet has a very bare-bones design, but it’s extremely secure.
Worried about security? You’re not alone. Electrum can give you some extra peace of mind.
So why is this our favorite safe wallet?
For starters, Electrum’s history goes way back. It has been around since 2011 and had very few security issues.
Plus, it’s open-source and decentralized. That means that anyone can audit the code to make sure that there are no hidden backdoors. And, since no single entity controls the network, you can use it as a free, yet super secure wallet.
Best of all, even though it boasts iron-clad protection, Electrum isn’t clunky at all. Because it uses servers that index the Bitcoin blockchain, it’s able to synchronize quickly and give you lighting-fast transactions.
The big downside? The wallet design leaves much to be desired, with its overly simple look.
Even so, if you’re looking for a great Bitcoin wallet that doesn’t compromise neither security, nor ease-of-use, then Electrum is the way to go.
Best for Mobile: BRD
BRD is the most comprehensive mobile wallet we’ve seen – and that’s saying something!
All the wallets we mentioned so far have a mobile version. So why did we pick BRD as our top mobile-friendly Bitcoin wallet?
Well, the answer is simple: no other option supports the same functionality.
The BRD app is available in 170+ countries and 14 different languages, it allows you to buy and sell right on the platform, and you can even earn BRD rewards.
And, with $20B+ under protection and eight years on the market, it’s one of the most trusted wallets available today.
Speaking of mobile-friendly, here’s our favorite mobile casino:
How to Get Started with Your Bitcoin Wallet
Ready to start betting? We’ve got your back – even if you’re a complete BTC beginner.
Here is the exact, step-by-step process to get started wagering with Bitcoin.
Step 0: Do You Even Need a Wallet?
First things first, you might not need a wallet to begin with.
How come? Well, some casinos also have exchanges.
You can just:
Deposit fiat money (USD, CAD, EUR, or whatever your local currency is).Buy BTC with it on the casino exchange.Play and (hopefully) win more Bitcoin.Exchange back into fiat and withdraw to your bank account.
It’s that simple! No need for a third-party BTC wallet.
Of course, this only works if the casino you’re playing at also operates as a BTC exchange. Not all of them do – and not all that do are safe. Still, we can recommend some reliable and user-friendly ones like BC.Game (just go to Wallet > Buy Crypto).
Play wallet-free at these gambling sites:
Step 1: Choose and Set Up a Wallet
Looking for more control over your crypto? Getting a Bitcoin wallet is the way to go.
Your first step would be picking the right one. We already covered our top choices – and the setup process is similar for all of them.
You start out by downloading the program and installing it on your computer or mobile. Then, you want to create a new wallet. When making a new wallet, you’ll be assigned a private key – a unique string of numbers and letters that you use to access your wallet.
These keys are usually long and complex to remember. That’s why most programs also use seed phrases. Seeds are usually random words that you can use to access your wallet in case you lose your private key.Write down the seed phrase in multiple locations. This is the only way to recover your crypto if your device has any problem.Next, you will be asked to setup authentication methods.
These could include a PIN code, Two-Factor Authentication (2FA), or biometrics. These are used for extra security and are highly recommended.
Finally, you get access to your new account.
Right now, there is no Bitcoin in there. Time to change that with step two:
Step 2: Buy Your Bitcoin
If you picked BRD, this step is a piece of cake.
The app has the option to buy or trade BTC built-in. Just deposit in fiat (35 currencies available) and swap to Bitcoin. Ta-daa!
But what if you chose one of the other options? In that case, you have to go to an exchange.
An exchange is a website where you can buy or trade cryptocurrencies.
The most popular ones for buying Bitcoin are Coinbase, Binance, and Kraken. However, there are over 200 exchanges out there – so we can’t go over all of them here.
Instead, let’s focus on the process of buying Bitcoin on one of these websites. For that, we’re going to use Binance as an example.
The first thing you need to do is create an account on the site. You give them your email, create a username and password, and go through the verification process.
You can then purchase Bitcoin by:
Buying BTC with a credit or debit card – Binance supports both Visa and MasterCard.Wiring cash to a stablecoin provider. Then, using the stablecoins to buy BTC.Purchasing Bitcoin directly on the P2P exchange.Exchanging other cryptocurrencies you own for Bitcoin.
From there, you can transfer your BTC to your wallet of choice – and send it to a casino to gamble with. Here is how to do that:
Step 3: Transfer to the Wallet
Once you’ve exchanged your fiat for Bitcoin, it’s time to send it to your wallet.
Every wallet has a unique deposit address – you use that to move the BTC. The exact steps vary between exchanges and wallets, but they all work in a similar way.
You go to your wallet and find the deposit address. Copy that. Then, you head over to the exchange and go to the withdrawal page.
You select Bitcoin from the list of assets, paste in the deposit address, and send away your crypto. You can see the estimated time it will take for the transaction to go through and the transaction fee (it’s usually fairly small).
Once it’s confirmed, you should see your BTC in your wallet. Now that the crypto is with you, you can do whatever you want with it. That includes sending it to a gambling site to play with.
Step 4: Move Your Bitcoin to the Casino
The final (and most exciting) step is actually playing. Go to your casino of choice and look for the deposit page.
Copy the address and send over the amount you want to bet with. We highly recommend you keep a close eye on that – bankroll management is essential for safe gambling.
And that’s it – you’re ready to go!
If you want to cash out your winnings, you go through the same process in reverse. Except this time, you go to the cashout page of the casino and send the BTC to your wallet. It should be there within a few minutes.
Where to Use Your Bitcoin Wallet
So where do we spend out Bitcoin? Here are our top three picks for BTC casinos – and why we love them:
BC.Game is a fresh new casino with a huge selection of games and thrilling daily promotions.
Their library includes slots, card games, dice, and more. They also support live dealers and have a pretty significant social aspect. Use the players’ chat to connect with other gamblers, share tips, and brag about your wins.
The casino also has a loyalty program that gives back to regular players. The more you play, the higher up you go in the VIP ladder. You get better promos and more bonuses the higher you go.
Drake loves Stake and we love Stake!
Stake casino is currently one of the biggest crypto gambling sites – and for a good reason. They boast over 3000 games and a sleek website that’s super easy to navigate.
Just like BC.Game, Stake also has a VIP program that rewards loyal customers with cashback, bonuses, and more. Even better – they also have a sportsbook, which BC.Game is yet to develop.
And we weren’t joking about the Drake collab either.
Finally, our third choice is Cloudbet. They are one of the oldest crypto gambling sites and have a very solid reputation in the community.
But don’t let age fool you – the selection of games, bonuses, and promotions is just as impressive. Much like Stake, Cloudbet also has a sports betting product. So if you like to mix things up, they are a great choice.
Now you know everything about Bitcoin wallets and how to use them to gamble online.
You know where to buy your BTC and which casinos to play at. We’ve also given you our recommendations to help you choose the best Bitcoin wallet for online gambling.
What are you waiting for? Start your crypto player journey now!