What’s the Best Crypto Wallet for Gambling?
If you’re looking for the best Bitcoin gambling wallet, this article will lay out the advantages and disadvantages of each of the leading options, including Exodus, Ledger, Trezor – and our favorite – Jiggle. You might be thinking that there’s little difference between the main digital wallets you’ll find online, but there are several meaningful differentiators worth knowing about.
These wallets aren’t just for holding your cryptocurrency. There’s a bit more to consider than that. It’s also important to know if the wallet integrates well with any crypto casino activity you have planned. Online gamblers need a wallet that is definitely not going to cause any issues when it comes to making deposits and withdrawals from their casino of choice.
Exodus – a solid beginner wallet
Exodus is great for beginners right off the bat thanks to a user-friendly interface. It supports a wide range of cryptocurrencies and also offers integrated exchange features (which means it is easier to convert your dollars or euros into your crypto of choice).
One thing to note, however, is that Exodus is a “hot wallet,” which means it is connected to the Internet. Many early Bitcoin wallets were set up as “cold wallets,” and were kept offline for greater security. This was considered one of the major benefits of the emergent technology. In the modern era, many investors prefer the convenience of online wallets, though. The tradeoff to note is that they are potentially more vulnerable to hacks.
Exodus also lacks advanced security features like two-factor authentication (2FA), making it less secure in that way than some other wallets.
Ledger – a hardware wallet with enhanced security
Ledger is a highly secure hardware wallet. Unlike an online wallet, Ledger actually comes in the form of a separate device that you can connect and disconnect to online networks. This means that once it is disconnected, your crypto coins are fully secure from any kind of connectivity-based attack. In cybersecurity, this is known as an “air-gapped” device.
Leger is known for its robust security features, including a secure element chip and two-factor authentication (2FA). What is a secure element chip? It’s a chip built for protection against side-channel attacks and other glitch-based hacks. These chips are often used to secure bank cards or passports.
If that explanation still doesn’t make sense to you, don’t worry. Just know that Ledger has some advanced security features.
Ledger supports a vast array of cryptocurrencies and integrates well with various software wallets. The offline storage capability also improves security. However, using Ledger can be a little more annoying for beginners due to the additional steps required for transactions. The cost of purchasing a Ledger device also is a factor to think of when you’re searching for a crypto wallet for gambling.
Trezor – another decent hardware wallet with open-source tech
Trezor, like Ledger, is a hardware wallet that provides security by storing your private keys offline (these keys are needed to access your funds). It supports over a dozen cryptocurrencies and has a straightforward interface that balances security and usability. Trezor’s open-source software also adds a layer of transparency for those interested in how the codebase behind technology is created and maintained.
As for downsides, it shares similar disadvantages with other hardware wallets like Ledger. There’s an initial cost to purchase one, and making transfers requires some extra steps. Also, it kind of goes without saying, but the physical device (the wallet itself) needs to be kept safe from loss or damage.
Coinbase Wallet – a popular hot wallet option
Coinbase is a widely used exchange with an integrated wallet, offering buying, selling, and storing of crypto for those who need a Bitcoin wallet for gambling. It’s easy to use and features strong security measures, including 2FA and insurance for stored assets (this could be a big point for some players).
However, being a hot wallet, it is still exposed to online risks. Additionally, Coinbase maintains control over your private keys, which means you will not have exclusive control over your assets. If the platform becomes compromised, you could face some issues.
Jiggle – our fave
We think that Jiggle is the best Bitcoin wallet for online gambling due to its innovative features and strong emphasis on security. It offers multi-signature support and integrates with several decentralized finance platforms. It’s easy to get started thanks to its intuitive design. Resolving questions is simple with Jiggle’s comprehensive customer support.
We will admit, however, that it is still somewhat new to the market and has a smaller user base. We think this will probably change over time as more and more players come to enjoy the benefits of this solid crypto wallet.
FAQs
Which crypto wallet allows gambling?
Each of the wallets on this list allows users to transfer funds to casinos for gambling as of the time of this writing (although this could be subject to changing regulations in the future).
Can you transfer money from a crypto wallet to a bank account?
Absolutely. Please note, however, that any taxable transfers must still be reported to appropriate taxing authorities in connection with certain “repatriations” of funds into the traditional financial system.
What is the best crypto wallet for online casino deposits and withdrawals?
For us, Jiggle is in the lead, followed by a runner up in the form of one of the hardware wallets described above. For its ease of use and solid security.