How crypto wallets work and how to connect them to Bitcasino

Crypto wallets are essential to playing games at online casinos like Bitcasino. They allow easy and fast deposits and withdrawals so that you can experience limitless gambling with crypto. However, how exactly do crypto wallets work and can you connect them to Bitcasino? Find the answers to these questions below.

What are crypto wallets?

A crypto wallet is a program or device that generates private and public keys so users can access their cryptocurrencies stored on the blockchain and make transactions.

Unlike traditional wallets, crypto wallets don’t store assets. They only authorise transactions such as sending and receiving cryptocurrency. 

How do crypto wallets work?

Three things work together in processing transactions via crypto wallets: the wallet address, private keys and public keys. 

Here’s a detailed breakdown of their roles and how they work together:

Private keys

The private key is a unique passcode that serves as proof of ownership and allows you to sign and authorise any transaction in your account or wallet. Therefore, private keys should be kept safe and confidential. Ideally, only you should have access to it.

Public keys

Public keys are generated from the private key through an algorithm called ‘Elliptic Curve Digital Signature’ (ECDS). Once a crypto wallet has a public key, the key can generate wallet addresses used per transaction to receive or view funds.

Public keys appear as long strings of digits and letters. Only the receiver can decrypt the hash using the private key to access the assets.

Wallet address

The wallet address is a shorter and more compressed version of the public keys. It is achieved through hashing and serves as a ‘bank account number’ shared with others to receive funds. It can also come in a QR code, which the sender can scan using their crypto wallet app to push through with the transaction.

Types of crypto wallets

You can choose from several crypto wallets that can serve as your Bitcoin gambling wallet at Bitcasino including:

Hot wallet

Hot wallet crypto storage allows you to store your assets online. It is ideal for users who prioritise the accessibility and liquidity of their funds. Since this type of crypto wallet is always connected to the internet, you can transfer and receive cryptocurrencies more efficiently. 

Here are the types of hot wallets you can choose from: 

1. Desktop wallets

Desktop wallets are on your personal computer or laptop. They don’t require any third-party applications, which leave you in complete control of your private keys and funds. 

In terms of its security, these wallets are password protected. Some desktop wallets also provide a set of recovery phrases in case your computer encounters issues.

However, when someone else gets a hold of these phrases, they can generate an identical private key to access your account. Additionally, desktop wallets are prone to cyber threats since they are connected online, so you should install a credible antivirus to protect your assets.

2. Mobile wallets

Mobile wallets are apps you can install on devices such as smartphones and tablets. They provide unmatched convenience since you can access your assets no matter where you are. Just be sure not to lose your phone along with your passkeys since this can lock you out of your crypto assets for good.

3. Web wallets

As its name suggests, web wallets are accessed on web browsers and don’t require installing an app on your computer or smartphone. They are often built-in features of exchange platform accounts so you can store your funds on the site. This type of wallet is more accessible and preferred by users who transact with their crypto more frequently. 

However, since web wallets are connected to centralised web applications, your passkeys are stored on an online server regulated by a third party. It can be a deal breaker for users who don’t want to rely on another company to hold their cryptocurrencies.

Moreover, exchange platforms are significant targets of hacks and breaches, so make sure to only store a limited amount of crypto for trading purposes in web wallets. 

Cold wallet

Meanwhile, cold wallet crypto storage allows you to store your assets offline. This type of wallet offers utmost privacy and safety since it keeps your crypto assets away from cyber threats like hacks and malware. Although it’s not as accessible as hot wallets, it’s an excellent choice for safeguarding huge funds and long-term investments.

Should you use multiple wallets?

Each type of wallet has its strengths and weaknesses, so it's wise to use multiple ones depending on their purpose instead of keeping all your assets in one storage. 

It all boils down to risk management. For instance, you can use a web wallet for small trades since it's more convenient and accessible. Then, you can store more significant amounts for trading in desktop wallets for more security.  

Mobile wallets will come in handy if you're a frequent trader on the go. But if you're planning to HODL or store huge funds, you may want to consider a separate cold wallet since they are more secure. 

Why do you need a crypto wallet?

For starters, you can only own cryptocurrencies if you have a crypto wallet where you can safely store them. It is achieved through advanced technology such as a unique identifier (wallet address), secure codes (private keys), and security measures like Two-Factor authentication (2FA).

Additionally, at a crypto gambling site like Bitcasino, you can experience limitless gambling with crypto, fast withdrawals and deposits and more when you connect your crypto wallet. 

Find out the benefits of using crypto wallets at Bitcasino below:  

Fast deposit and withdrawal methods

When you connect your crypto wallet at Bitcasino, you can quickly deposit into your account and withdraw in just a few minutes. The best part is that you won’t be charged substantial transaction fees to gamble with crypto.

With crypto wallets, casino bitcoin deposit and withdrawal methods are more accessible and convenient at Bitcasino.

Seamless crypto gaming

Once you connect your wallet to your Bitcasino account, you can deposit in just a few seconds and immediately start playing the crypto gambling games available on our site. It means that whenever you need to deposit into your account, you no longer have to manually input all your personal information, wallet address and card details. It can be as easy as scanning the QR code to transfer your funds into your Bitcasino balance.

Best crypto wallets to use at Bitcasino

You can enjoy a more seamless, safe and private gambling experience at Bitcasino with the best crypto wallets below:

MetaMask

MetaMask is a DeFi crypto wallet which mainly runs on the Ethereum blockchain. You can either download its mobile app or install the browser extension. For Ether or Tether (USDT), you can connect your MetaMask wallet at Bitcasino for faster and easier transactions.

WalletConnect

If you prefer other cryptocurrencies, you can easily use WalletConnect at Bitcasino. This method lets you connect your crypto wallet app by scanning a QR code.

How to connect your crypto wallet to Bitcasino

Connect your casino crypto wallets to Bitcasino for the ultimate online crypto gambling experience. Find out how you can connect your wallet below:

Using MetaMask

For Tether (USDT) or Ethereum (ETH), you can link your MetaMask wallet by following these simple steps:

Step 1: Click on the Deposit button in the top right corner of the screen.

Step 2: Select Tether or Ethereum as your preferred cryptocurrency.

Step 3: Click on the MetaMask option under the ‘Connect Wallet’ section. Remember that you need to have the MetaMask browser extension installed to continue. If you haven’t yet, you’ll go to the wallet’s official website, where you can download the extension for free.

Step 4: Once the extension has finished downloading, a pop-up window will appear on Bitcasino’s page, asking you to link your MetaMask account.

Alternatively, you can also manually open the browser extension and click on the three dots found on the right side of your account name and wallet address. From the dropdown menu, choose ‘connected sites’ and click on ‘manually connect to current site’.

Step 5: Following either of the two methods in step 4 will lead you to the Connect with MetaMask section of the extension. You can confirm the account you want to connect to Bitcasino by ticking the box and clicking ‘next’.

Step 6: You’ll go to a confirmation page containing your account details and wallet address. Click on ‘Connect’ to authorise the process.

Step 7: Head back to the main page of the extension to find your newly connected MetaMask wallet. You can now use this wallet to deposit ETH and Tether tokens at Bitcasino conveniently.

Other Wallets

With the new and improved cashier, you can connect other crypto wallets such as Binance, Jeton, Paxful and more by following these simple steps:

Step 1: Click on the ‘Deposit’ button in the upper right corner of the homepage.

Step 2: Select your preferred cryptocurrency.

Step 3: Click on ‘WalletConnect’ to connect your crypto wallet.

Step 4: Open the crypto wallet app on your phone and scan the QR code on the Bitcasino page.

Step 5: Head back to Bitcasino to see your newly connected wallet and a unique QR code. When choosing this as an online casino deposit method, you must scan this QR code.

Set up your wallet and gamble with Bitcoin at Bitcasino

The best bitcoin gambling experience starts when you connect your bitcoin wallet to Bitcasino and start betting with Bitcoin. Gamble with cryptocurrency to enjoy exclusive benefits such as fast deposits and withdrawals, seamless gameplay experience and more. Set up your Bitcasino account today and change the way you play with crypto.

Words by: Jericho Paradeza