Best Bitcoin Wallet For Sports Betting

These days many sports bettors have already acknowledged the benefits of using crypto for betting. Advanced anonymity, cheap and fast transactions, and commission-free international payments help crypto to hold strong supremacy over fiat. But, switching from fiat to crypto might give you a harsh time if you are a complete newbie in the industry.  

In this article,  I will shed light on the crypto wallets. Let’s explore together how crypto wallets differentiate by types and how to select the best Bitcoin wallet for sports betting. 

Criteria Of The Best Crypto Wallet For Sports Betting

In order to create a safe and universal crypto wallet that you’ll be using for years to come, pay close attention to its features. In my opinion, there are three most important criteria for the best crypto wallet for sports betting. Let’s discuss all of them:

Supported Cryptocurrencies

Always check if the selected wallet covers the currency you wish to use. Even such a popular token as Bitcoin might not be compatible with wallets built on Ethereum infrastructure and vice versa. Even if you’re considering universal wallets, which claim to host all well-known cryptocurrencies, take a look at the current list of supported coins. When it comes to smaller coins such as Stellar, Monero, or DAI, the range of wallets and sportsbooks supporting them is much smaller. So, I recommend you select both popular cryptocurrencies and search for a trustworthy wallet that hosts these coins.

Security Features

Thanks to their decentralized nature, the usage of cryptocurrencies is much safer than any fiat currency. Unlike banks or other financial institutions, blockchains do not gather any information that can lead to you. Yet, a crypto wallet with poor security protocol is an easy target for hackers. Hence, in order to avoid losing your funds, use only wallets with additional security features:

• Two-factor authentication (2FA);
• Backup and restore functions;
• Anti-phishing code;
• Regular software updates;
• Advanced Encryption Standard (AES), etc.

Also, do not forget about what you can do to make a wallet safer. For example, never use passwords that are easily guessable, such as important dates or names. Instead, those should be a random mix of numbers and letters.  

Accessibility

Along with strong security and multi-currency features, the selected wallet should also be relatively easy to access for you. Otherwise, your crypto gambling experience will not be nearly as fun as you will have it with fiat. Imagine that each time you are going to make a deposit, you have to spend half an hour passing through the locks on your wallet. Of course, it does not mean that you should quit 2AF or use a 6-character password to make access faster. Yet, if the provider offers too troublesome access with numerous password checks, it really has nothing to do with safety, in my opinion.

Types of Crypto Wallets

Now that you know about the most important criteria when selecting the crypto wallet, it is time to introduce the difference between the types of wallets. First of all, all crypto wallets can be split into 2 categories: “hot” and “cold.” Cloud-based, mobile, and desktop wallets are hot, while hardware and paper wallets are cold. Let’s discover the difference between them and find out which are the best crypto wallets for betting:

Mobile Wallet

Probably the most popular type of a “hot” wallet is a mobile-based wallet. Generally, when we say mobile wallet, we mean mobile software (application) that allows you to access your assets using a smartphone. So, with mobile wallets, the coins are actually not stored within your mobile device but within the blockchain. Therefore, the smartphone is only the tool you use to access them. 

The vulnerable places of mobile wallets are viruses. So, to mitigate the risks of losing the funds, you should encrypt your mobile wallet with a password and back up your private key. Among the biggest advantages of mobile wallets are convenience, flexibility, and portability. Mobile wallets allow you to exchange, buy, sell, or spend crypto anywhere you are. It does not require technical experience but only a mobile device connected to the internet. Hence, mobile wallets are the best Bitcoin wallets for sports betting when it comes to bettors who prefer mobile betting. 

Cloud-Based Wallet

Cloud-based or web wallets are another popular type of “hot” wallets. To access your crypto assets, you just need to enter any internet browser and type the name of the crypto wallet there. So, there is no need to download any kind of software, as with mobile wallets. Cloud-based wallets are created within the providers’ websites and will only require you to create a personal unique key, so only you can access your assets. 

Yet, in some cases, providers hold and manage the private keys for you by default. This might be a convenient practice for newcomers, as you can buy, swap, and sell your coins in a few seconds using both mobile and desktop devices. At the same time, the main drawback of cloud-based wallets is possible malware attacks, for example, due to the lack of a secure connection. 

Desktop Wallet

Desktop wallets are similar to mobile wallets, but in this case, you download software to your computer and run it locally. Remember that the coins themselves are not actually stored within your computer but on the blockchain. However, unlike web wallets, desktop versions provide you with enhanced control over your funds. After creating a desktop wallet, you will get the file containing the private key. You will need to download this file and store it on the hard drive of your PC.

Experienced crypto users prefer desktop wallets because they can bear full responsibility for safeguarding their private keys and not share them with third parties. Also, this is the best type of crypto wallet for sports betting for those who bet using a PC or laptop. Yet, be aware that if your computer stops working for some reason, you will probably lose access to the wallet. Also, make sure that your computer is free of any malware or viruses before you start setting up a desktop wallet.

Hardware Wallet

It is evident that “hot” wallets are more suitable for daily crypto transactions but vulnerable to malware, whereas “cold” alternatives are safer for long-term storage. The most popular type of “cold” wallet is a hardware wallet. This is a separate electronic device (a physical piece of hardware) that contains an encrypted private key to the cryptocurrencies you possess. Many of them resemble an offline USB thumb drive, which you can plug into your PC. Such isolation from the online world makes hardware wallets resistant to malware or hacking attacks. 

However, hardware wallets are not very convenient for daily transactions. But if you are willing to hold a large crypto budget for a long time, then hardware wallets are perfect. Also, note that the hardware itself costs $30-200 and can easily be lost or damaged if not stored properly. 

Paper Wallet

Finally, the last type of crypto wallet is an actual physical piece of paper with a printed private key and the crypto address. Usually, except for alphanumeric strings, there is also a printed-out QR code. So, to access and operate your funds, you will need to either scan it or go to the provider’s website and manually input the address and the key. 

Thanks to its 100% analog nature, paper wallets cannot be digitally hacked or stolen. When the cryptocurrencies were launched, such wallets were quite popular, but these days, I do not encourage using them. Even though paper is digitally immune, its physical fragility makes it highly exposed to all the damage, and it can be easily lost. Hence, a paper wallet is not the best Bitcoin wallet for sports betting.  

Pros And Cons of Every Method

All mentioned types of crypto wallets have their benefits and drawbacks. The same as with fiat money, there is no 100% secure type of wallet. Therefore, when selecting the type of wallet, you should rely only on your own needs and preferences. Below, I have gathered all the pros and cons that crypto wallets offer. So, go through it and make a final choice.  

Pros/cons	Mobile wallet	Desktop wallet	Cloud-based wallet	Hardware wallet	Paper wallet
Payments on the go	✔	❌	❌	❌	✔
No technical experience is needed	✔	✔	✔	❌	❌
Enhanced resistance to malware and hacking	❌	❌	❌	✔	✔
Perfect for everyday use	✔	✔	✔	❌	❌
Free to use	✔	✔	✔	❌	✔
The users hold their private keys	✔	✔	❌	✔	✔
Suitable for long-term storage	❌	❌	❌	✔	✔
Can be lost easily	❌	❌	❌	❌	✔
Easy to make transactions	✔	✔	✔	❌	❌
Easy to make deposits at sportsbooks	✔	✔	✔	❌	❌

The Best Crypto Wallet For Betting

As I’ve already mentioned, not all types of crypto wallets are equally suitable for sports betting. However, it is still unclear where to get the desired crypto wallet. Hence, I have outlined the providers that offer the best crypto wallets for betting below:

Blockstream Green

One of the best Bitcoin wallets on the market is offered by Blockstream. Founded in 2014, Blockstream has been creating a global crypto financial infrastructure of the future. As for crypto wallets, the company provides easy-to-use mobile wallets that are compatible with both iOS and Android-based smartphones.

Moreover, while using a mobile wallet Blockstream Green, you can also integrate it with hardware wallets Blockstream Jade, Ledger, and Trezor. This way, you can combine the security of hardware solutions and the convenience of mobile wallets. Finally, while creating a Blockstream Green wallet, you will not be asked for any personal information, so you will remain anonymous.

Edge

Another great mobile wallet I can recommend is provided by the Edge company. Formerly famous as AirBlitz, it also started its history back in 2014 and now offers not only a mobile wallet but a portable multi-tool with different features. By getting an Edge wallet, you will be able to operate with over 30 digital assets, including Bitcoin, Ethereum, Monero, Litecoin, etc.

The mobile app allows you to swap all mentioned cryptocurrencies on the go or even buy and sell them for fiat. However, the lack of desktop optimization might be a serious drawback for some users. 

MetaMask

For those who are more into Ethereum rather than Bitcoin, MetaMask is definitely the best crypto wallet for betting. Founded in 2016, MetaMask is now trusted by over 100 million users worldwide. Wallets by MetaMask are simultaneously available as a browser extension and a straightforward mobile app. It supports all the Ethereum-based cryptocurrencies, such as Tether, BNB, and Ethereum itself.

Within the wallet, there is also a built-in exchanger and the possibility to connect with dApps like Uniswap. Moreover, when creating a MetaMask wallet, you will stay in control of your funds, as private keys and passwords stay on your devices.

Electrum

One of the first very few wallets on the market was offered by Electrum. Established in 2011, Electrum offers a solution for effectively storing and managing Bitcoin. The Electrum wallet can be run on both mobile and desktop as a hot wallet. However, you can also put some coins into the cold storage as well.

It is one of the safest wallets on the market, with two-factor authentication, an additional multi-signature security layer, and a phrase-based backup password. However, Electrum is compatible with BTC only and does not provide customer support, which might be a major drawback for beginners. 

Exodus

One of the best crypto wallets for sports betting I know is provided by Exodus, as its 9-year history speaks for itself. The wallet is available through a mobile app, desktop software, or as a browser extension. You can store, swap, buy, or sell over a thousand different assets, including fiat and cryptocurrencies.

Furthermore, Exodus does not hold your private key. You just store it in a safe place within your smartphone or PC. Also, it is possible to connect this “hot” wallet to the Trezor hardware wallet. 

Ledger Nano S Plus

Finally, I cannot overlook probably the most popular hardware “cold” wallet on the market. Appeared in 2016, Ledger Nano S Plus is a pocket-sized device that is compatible with more than 5,000 cryptocurrencies, including BTC, ETH, XRP, DOGE, and many others. The gadget itself can also host many internal apps thanks to its internal memory.

If you are looking for long-term storage, Ledger Nano S Plus is perfect, as it is an offline piece of hardware. If you lose it, you will still be able to access your crypto using a secret phrase. The only drawback is the price – you will need around $60 to buy the device. 

Crypto Exchange vs. Crypto Wallet: What Is The Difference?

The crypto exchange is an online platform that allows for buying, selling, and trading crypto. Some swapping platforms also allow you to operate stablecoins and fiat currency. The exchange platform serves as an intermediate between the buyer and the seller for a certain fee. There are two types of exchangers – centralized and decentralized. However, to perform any type of transaction within a crypto exchange, you need to have a crypto wallet. 

At the same time, a crypto wallet is a digital or physical tool that you utilize to store, receive, and send coins. However, all these transactions are actually happening within the blockchains. So, your crypto wallets are rather the keys that help move the assets. Yet, there are companies that offer a crypto exchange and a wallet within one solution. 

Custodial vs. Non-Custodial Crypto Wallets

Custodial crypto wallets are managed by a third party (wallet provider). The whole responsibility of keeping your funds lies with the provider, so you do not need to worry about the technical details. Sounds like a perfect starting crypto wallet! However, it comes with disadvantages, as you cannot control the private key. Hence, theoretically, the provider can block you from accessing crypto by changing the private key. 

Non-custodial crypto wallets are not responsible for the safety of your funds. This means that the user is responsible for it. When creating a non-custodial wallet, you will receive a randomly generated sequence of digits and letters – a private key. Also, you will be offered a recovery password or a backup phrase, which will help you to restore access to the funds if they are lost. However, the responsibility of keeping a key in a safe place is totally on you. In my opinion, the non-custodial type is the best Bitcoin wallet for sports betting if you understand how to cope with safety responsibilities.

What to Do First & How Crypto Wallets Work On Sports Betting?

If you are a complete newcomer in crypto betting, I advise you to learn what the types and providers of wallets are. Then, select the most suitable combination for you and decide which cryptocurrency you want to use for betting. Next, proceed to the wallet provider’s website and follow the instructions. In case you want to use a mobile or desktop wallet, download the app. Sign up and complete the registration process. 

Once you have created a wallet, go to any reputable crypto exchanger and buy the first coins. From this point, you will be able to use your newly created wallet almost as a regular debit or credit card when depositing at the sportsbook or paying elsewhere. 

Making A Sportsbook Deposit Using Cryptocurrency

Once you have already created the wallet and purchased crypto, proceed to the website of the desired sportsbook. Make sure the website is reputable by checking professional reviews and see if it accepts the cryptocurrency you use. Next, create an account there. Most crypto bookmakers ask for a few personal details like email and date of birth.

The last step will be logging into your betting account and making the deposit. Go to the cashier section and select BTC/ETH/BNB or any other coin you possess as a payment method. You’ll get a QR code that you need to scan and send the desired amount of crypto from your wallet. Otherwise, copy the bookmaker’s wallet address, which you will see on the screen, and use it to send coins there. After the sportsbook receives it, you will be able to use the crypto for wagers.

How To Keep Your Crypto Wallet Secure? Top 5 Tips

Losing funds in the digital world is just as unpleasant as in the real world. So, I have prepared a top 5 tips that will help you to keep your decentralized assets safe:

• Do not disclose private information. Never disclose your private keys to anyone. Never store the seed phrase on your PC, smartphone, or tablet. Keep it away from data clouds. 
• Triple-check links. Always pay attention to the software you download to your computer or any other device. 
• Use 2FA. If possible, always use two-factor authentication by default. This complicates access but adds another layer of security.
• Avoid public Wi-Fi. If you are going to pay using crypto, I strongly advise you not to do it using public internet networks like in restaurants or hotels. 
• Do not delay the updates. Always keep your digital wallet software updated with all the new security patches. Responsible providers always release new updates once there are new vulnerabilities discovered.

Conclusion

Even though cryptocurrencies are relatively new types of payments in the betting world, they are rapidly gaining popularity. Enhanced level of anonymity, payment beyond borders, and faster and cheaper transactions are only the top perks of cryptocurrencies. However, finding a secure crypto wallet with no hidden fees can be challenging for bettors. So, in this article, I have guided you through each aspect of selecting the best Bitcoin wallet for sports betting. Therefore, if you are looking for seamless crypto betting, you are at the right place.