Bitcoin wallets are mission-critical for storing your coins securely. It’s called self-custody and it’s the entire reason why Bitcoin was invented in the first place — so no third party or intermediary can take what’s rightfully yours. You may have heard the phrase, “not your keys, not your coins” and that’s in reference to self-custody (you use a key to access the wallet).
Bitcoin wallets are plentiful, which is why we had to create this all-encompassing guide for them. Allow us to help you navigate this “wild wild West” of cryptocurrencies.
BITCOIN GUIDE
Read our advanced guides for gambling with Bitcoin
Think of your wallet as where you store your cryptocurrency. After buying your coins on an exchange such as Coinbase or Binance, you can transfer them to your wallet. Wallets store private keys to secure your Bitcoin.
There is more than one kind of wallet to store Bitcoin. These wallets are quite different from one another too. Allow us to explain:
We’d argue hardware wallets are the most secure wallets of all. That’s because the private keys are stored on a physical device that’s offline, thus harder to hack. These are also called “cold” wallets.
These physical devices are typically USB drives. Popular devices are Ledger and Trezor.
Depending on the wallet, the keys can be a random string of 12, 18, or even 24 words. Writing down this key and storing it somewhere secure is an absolute must. Why? Because without these keys, you run the risk of locking yourself out of your wallet forever. Stories of early Bitcoiners who lost their keys are the stuff of legends because their lost coins are worth millions.
If you know cold means offline, then you can guess what hot wallets are. Yes, these are wallets that are connected to the Internet. The benefit of that is it’s easy to transfer money out (and into a bookmaker, for instance). The downside is, well, you’re one bad link or malware infestation away from getting drained to zero.
Most hot wallets are plugins that can be installed on a web browser. For Bitcoin, the most-used hot wallets are Unisat and Xverse, however, there are a lot more.
Finding the best Bitcoin wallet can be a daunting task. Yet, it is important, and worth taking your time to make sure you do what’s best for you.
So what are the main things to consider when you are looking for the best Bitcoin wallet?
Simple enough — do you want to pay money to secure your Bitcoin or not? Cold wallets usually cost money, whereas hot wallets don’t.
We’re not here to give you concrete advice, but if you have a decent stack of Bitcoin, then what’s a $30 or $40 cold wallet going to matter? It’s peanuts if your wallet is carrying anything above five figures. But hey, you do you!
This is a biggie. No matter your portfolio size, you should be concerned about keeping your Bitcoin safe. Some wallets offer more features in this regard than others. Here’s the type of security features to look out for:
Two-factor authentication: this is a trending feature among online accounts. This uses your phone number to verify account sign-ins. For instance, you’ll receive a text message to your phone, which has to be inputted into a wallet to grant access to it. It’s a nift feature, however, it can be foiled by SIM swaps, which are becoming more and more common.
Another important factor is the strength of the private encryption keys they provide. Obviously, more is better here.
Some Bitcoin wallets are more complicated than others, both in their setup and in running them on a daily basis. While ease is something we all value, you may lose out on security as ease increases.
The easiest wallets will be those with apps. Apps are easy to navigate and generally have the few things you need to do with a wallet at your fingertips.
Wallets that are also exchanges are pretty easy too. As you don’t have to pass them onto a new software, you can just make the one account. These tend to be a little less secure.
Online wallets are also a little easier to use. As they are already connected, you just have to sign in and transfer. Offline wallets require the extra steps of connecting to the web to complete transactions.
The most user-friendly option is Coinbase. As an exchange and wallet in one, it saves you the extra step of finding another place. While hardware wallets are probably more secure, this trusted (and regulated) name is still a good option.
The great thing about Coinbase is just how many coins it supports, beyond Bitcoin. We mean, take a look at the screenshot below as a frame of reference:
In order to use Coinbase to send and receive cryptocurrencies to third parties, you will need to provide further ID verification. They call this “level 3” and involves taking a selfie, and a picture of an ID, and sending them in.
This will open up the possibility to use Coinbase to do some Bitcoin gambling.
There are a few key uses for you within your Bitcoin wallet. This is mainly for sending and receiving. Other functions would include checking your balance.
In order to receive money, you’ll need your address key. You can generate a new key every time you receive a payment as a way to increase anonymity. Send someone this address, or put it into an exchange, and you will be able to transfer Bitcoins into your wallet.
To send money, you will need the address or the QR code of the recipient. While the details will vary, it basically involves clicking “send,” determining the amount and copying the recipient’s address code into the corresponding box.
It’s fairly easy! And not very different from making a bank transfer!
We can help you find your Bitcoin wallet address. It is slightly different depending on the app.
A very common form is that it is generated every time you click to “deposit” or “receive” cryptocurrencies. It is fine (even preferred) if you do not recognize the address, as this means they have generated a new address, increasing anonymity.
Others, such as the popular Coinbase, have multiple addresses in the “Addresses” page. You can choose whichever address you want, as long as it works for the digital currency you wish to receive.
Bitcoin is the first-ever form of digital currency that operates without a central bank. That means it’s peer-to-peer banking without a “middle man.” All Bitcoin transactions are verified by network nodes via cryptography (hence the name, cryptocurrency) and recorded on a public ledger called the blockchain.
Unlike real currency, Bitcoin’s supply is fixed. Once it reaches 21 million coins in supply, the cap will be hit forever. Since no one controls Bitcoin, no one has the power to create more. This fixed supply makes it a store of value — especially during inflation-heavy times.
With so many casinos on the market, it can be difficult to find the perfect casino to suit your needs. As such the experts here decided to put together a list of the very best online casino providers, which details information such as payment methods (Bitcoin for example).
Nothing really besides the fact that Bitcoin casinos, well, accept Bitcoin as a payment type. The big thing that Bitcoin coin has over other payment types is the speed. Bettors can transfer money in and out way faster with Bitcoin than, say, a bank wire.
All payment transactions are made on a peer-to-peer basis and are logged in the Bitcoin system so that transactions are tracked and any malpractice will be picked up. Up to this point, the blockchain has never once been “hacked” or falsified. We’re not saying it’s unhackable, but the chances are really, really low.
For some, Bitcoin can be complicated to understand and to wrap your head around the intricacies of how the system works can be complex. For many this is off-putting. But the system is secure and as long as users are happy to trust the system, they’ll reap the many rewards of Bitcoin usage. Plus, no other asset — no stock or piece of real estate — has outperformed Bitcoin on a price-basis since it first hit the market.
No, not at all. Bitcoin was first introduced in 2009 and has seen its ups and downs. However, Bitcoin has continually made new price all-time highs on a long enough time horizon. Plus, Bitcoin ETF were rolled out in 2024, allowing institutions and “old money” to get easier access to Bitcoin. This could spur a new buying frenzy.
Bitcoin is not considered legal tender in many countries, although they are still used in almost every country across the globe. The legality of cryptocurrencies is one which is difficult to address and something most governments tend to avoid, as it causes very little disruption to the staple financial system in each country.
Bitcoin isn’t a stable currency, which is what makes it an exciting investment for many. The stability depends on supply and demand. So if we look at the USD ($), it’s clear there is a level of stability afforded by the fact it’s used in many nations. Bitcoin tends to be deflationary, assuming the current user base continues to grow.
Withdrawing with Bitcoin is much like depositing, it requires users to select the cryptocurrency as a method of withdrawal from their casino provider account. The transaction should be almost instantaneous, allowing users to avoid any complications paying out.
Generally speaking, transaction fees are very low to non-existent. However, it’s impossible to speak for the entirety of the gambling and online casino industry, as each casino sets its own limits. Though cryptocurrencies also command a low rate on transaction fees, moving money both in and out.
