Understanding Cryptocurrency Wallets for Online Gambling – Are They Worth It?
Cryptocurrencies entered our lives in 2009 with the introduction of Bitcoin to the mainstream, and they’ve been changing our world since. However, they are complex assets, so you need to follow a specific process to get them and use them.
You can get cryptocurrencies by working with a brokerage, but you can also use a crypto wallet. The problem with that is not many people know how these wallets work or where to get them. If you are looking forward to getting a crypto wallet for online gambling, you are reading the right page.
Here, we will help you understand more about crypto wallets and how they affect the online gambling markets. Are crypto wallets worth it? Should you invest in one? Dive into this page to get all the answers!
Why Should I Use Crypto-Based Online Gambling Platforms?
Many people wonder why they should use crypto-based online gambling platforms. Here at Bet999.io, you can find all the slots and casino games you’ll need to live the full casino experience.
Those websites offer many benefits you won’t find in regular gambling platforms, and many experts even say they are the future of this industry. Online gambling with crypto, such as Slot PG, gives you transparent, safe, and fast transactions.
In a nutshell, this option is an optimized version of what standard gambling platforms offer.
How Do Crypto Wallets Work?
Crypto wallets are digital wallets, so you won’t get a physical representation of them. When you get a crypto wallet, you get access to all your cryptos. You can also make transactions with them.
Something many people don’t know is crypto wallets come with an access key and a signing key. As its name suggests, you use the signing key to access your wallet and check your funds. However, if you want to make a crypto transaction, you have to use the signing one.
Let’s say you want to send some Bitcoin to one of your friends. You first need to access your account by submitting the access key. Once you follow the process to make the transaction, submit the signing key, and the other person will get a part of it to confirm the money comes from you.
After you do that, you only need to wait a few minutes for the blockchain system to verify the transaction, and you are all set. Keep in mind these transactions are public and irreversible, so you can’t back off if you have second thoughts after sending your crypto to another person.
Some gambling platforms allow you to link your website account to your crypto wallet. Thanks to that, you can instantly withdraw the money you get from the gambling platform.
Apart from that, when you use your wallet to bet on anything through an online gambling platform, you don’t need to involve any third parties as you can handle the process yourself.
What to Do to Get Cryptocurrencies for Gambling Websites
As we mentioned before, the first thing to do to get cryptocurrencies for a gambling website is to sign up for a crypto wallet. The most popular ones on the market are:
- Coinbase wallet
- Binance
- Trezor
- Trust Wallet
- Ledger
Many crypto wallets are available for free, so you don’t need to pay any kind of fee to get them. Regardless of that, free options may not offer as many features as paid ones.
Once you get a crypto wallet, you need to buy the cryptocurrency you want to gamble with. Look for a reliable crypto exchange to get your assets from, as there are many scam websites online. We recommend Coinbase and Binance.
You need to send the cryptos you get to your crypto wallet if you want to gamble with them, but that part of the process will only take a few minutes. Most exchanges have the option to send and receive funds, so click on it and follow the exchange payment process.
If you already have your wallet and some crypto in it, you need to sign up for a crypto casino online and start gambling!
Not all crypto casinos allow you to gamble with the same cryptocurrencies, but most of them support Bitcoin and ETH.
Risks to Watch Out for When Using Crypto-Based Online Gambling Platforms
Cryptocurrencies aren’t all beneficial as there are still some risks to watch out for when using them for gambling. The first is the volatility of the assets you buy. Bitcoin, for example, is one of the most volatile cryptocurrencies you can find on the market.
What does that mean? That its price can – and probably will – randomly change in short spans of time. It’s difficult to predict if its price will go up or down, but it’s something to keep in mind if you don’t want to lose the money you invested in crypto.
Hence, try to use the crypto you buy right after you get it instead of keeping it in your wallet for a long time. You don’t have to do that if you want to trade with it, though.
The only risk of using cryptocurrencies is all the scam websites out there. Nonetheless, you shouldn’t have any problem with that if you use the crypto exchanges we mentioned before.
Conclusion – Are Crypto Wallets the Future of Online Gambling?
Some gamblers say crypto wallets are the future of online gambling since they let you have a safe gambling experience and avoid bank restrictions from other payment methods.
It’s undeniable that cryptocurrencies are the evolution of online gambling markets, so it’s up to gambling platforms to optimize how they use these assets.
Creating an online wallet is not difficult at all, and you can get it done in a few minutes.
Nevertheless, we understand if you are overwhelmed by all the steps you need to follow to get cryptocurrencies. Take things slow and make small moves as you get used to how cryptos work.
