Setting Up Your First Crypto Wallet for Gambling
There are two essentials anyone needs before joining the cryptocurrency gaming scene. Those are a reliable online casino and a crypto wallet for moving coins in and out of your account. The first part is easy, as you’ve already found us at mBitcasino, home to 11,000+ games and support for all the major cryptocurrencies you’ll need for premium gameplay. You’ll never need another crypto casino!
However, the second is a little more complicated, as you’ll need to find a wallet that supports the cryptos you want to use, set it up and then get it loaded with funds. Fortunately, we’ve put this guide together just for that reason, so that you can get set up and on your way into the world of crypto casino gaming.
What Is a Crypto Wallet and Why Do You Need One for Gambling?
The first thing players should note is that a crypto wallet does not store coins the way you might expect. They’re not held like money is in a bank, and instead, they simply store the public and private keys to those assets on the blockchain. Essentially, these keys are your ownership of the currencies, with the private keys acting as a digital signature to send the crypto across the blockchain, and the public keys being the address others use to send crypto to your wallet.
For crypto gambling, your wallet acts as the bridge between you and any sportsbook or casino that accepts digital currencies. While many platforms, such as mBitcasino, allow you to use on-ramp payment solutions to purchase crypto for your gambling account, a wallet becomes a necessity if you ever want to withdraw and store your winnings.
For beginners getting into the crypto scene for the first time, it is important to note how vital it is that you securely store the recovery or seed phrase for your account. This phrase is the only way to regain access to the wallet if your device is lost or damaged. To put it bluntly, without that phrase, your cryptocurrencies are gone for good.
How to Set Up Your First Crypto Wallet for Gambling
All players will need to grab themselves a crypto wallet when they’re serious about making the jump into crypto slots and other games. Following that, they will need to get their chosen wallet set up and ready to hold and transfer their cryptocurrencies. The good news is that none of the above is overly difficult, especially if you follow the steps we’ve provided below.
The first step is to choose a reputable wallet provider that can hold the types of cryptocurrencies you plan to play with. We recommend that beginners start with a hot wallet, simply because they’re the easiest to use and the most convenient for day-to-day use. To clarify, a hot wallet is an app or browser that requires the internet to function.
**Note: If you prefer more security or want a wallet that’s best suited for storing large amounts of crypto, we recommend a cold wallet, which is a physical wallet that stores your private keys offline.
Another consideration to make is whether to go for a custodial or non-custodial ‘hot’ crypto wallet:
Custodial:
- The platform holds your private keys for you.
- Easier to recover access via email, password reset or ID verification.
- You rely on the provider’s security.
Non-custodial:
- You control your private keys or seed phrase yourself.
- No one can restore access if you lose your recovery details.
- Offers more independence but comes with full personal responsibility.
The steps below are for setting up the more commonly used hot wallets:
- Download the wallet and follow the instructions to install it on your device.
- Create an account and a secure password.
- Generate the recovery phrase for your account (keep this secure).
- Store that seed offline somewhere and never share it with anyone.
That’s it. You now have a fully working crypto wallet that you can use to fund and cashout from your chosen online casino.
Funding Your Crypto Wallet Ready for Bitcoin Gaming
Now that you have found your ideal crypto wallet and have it set up so that it's ready to send and receive cryptocurrencies, it’s time to get it loaded up. Typically, you have two options to do this:
- Option 1: If supported, you can purchase crypto using the wallet itself. An integrated on-ramp solution within the wallet allows you to load it directly using a bank card or other fiat payment method. Just note that there may be fees and a higher rate when using this method.
- Option 2: Alternatively, you can use the traditional method, which is buying your cryptocurrency from an online exchange like Binance or Kraken. Once purchased, you can send your digital currencies to your crypto wallet address.
Important: Not just when completing transactions to and from crypto casinos, but whenever you’re moving cryptocurrencies anywhere, always double or triple-check the destination address. There is no dispute process if you get this wrong, meaning your digital assets have disappeared and are unretrievable.
Crypto Wallet FAQ for Gambling Beginners
What happens if I lose my wallet or recovery phrase?
You permanently lose access to your funds. There isn’t a ‘forgot password’ option when using cryptocurrencies, which is why you should have your seed phrase written down or stored somewhere secure.
How can I buy crypto to fund my gambling wallet?
You can use a cryptocurrency exchange to purchase the coins you want before transferring them to your wallet. Alternatively, some wallets allow you to buy your cryptos directly through their platform, but you’ll often pay a higher rate.
What’s the difference between a hot and cold wallet?
Put simply, hot and cold is used to describe whether a crypto wallet is online or offline. Hot wallets are great for everyday use as they’re online, but cold alternatives are the best bet for storing large amounts of cryptocurrency.
How long does a deposit from my crypto wallet to a casino take?
It all depends on the cryptocurrency you use and the traffic on the blockchain they move across. Some transactions can be completed almost instantly, while others could take up to an hour.