Crypto Wallets in Casinos – How They Work
Crypto wallets in casinos are essential tools for players who want to deposit, withdraw, and store cryptocurrencies securely.”
What Are Crypto Wallets in Casinos?
To deposit or withdraw, you just send crypto between your wallet and the casino’s wallet address. Here are the core basics of how it works:
- You store purchased cryptocurrencies in your wallet.
- When depositing into a casino, you’re given a destination crypto wallet address.
- You send funds from your wallet to that address.
- For payouts, the casino sends crypto back to your wallet.
- For ease of transfer, most casinos and wallets offer a 2D scan.
Custodial vs Non-Custodial Wallets
Now, it’s important to note that there are two main types of crypto wallets:
- Custodial wallets: These are online wallets that work similarly to eWallets. You create an account and are provided with wallet addresses for supported cryptos. However, while custody wallets are easier to use, you don’t control your private key; the company that owns the wallet does. Should the company that owns the wallet go bankrupt, you could lose your balance. Also, you will need to pass a KYC check.
- Non-custodial wallets: Also known as self-custody wallets, you have full control over your cryptocurrencies. That means you also have the responsibility of looking after your private key or a seed phrase. If you lose this information, you will not be able to access your crypto. The good news for players who prefer privacy is that self-custody wallets do not require a KYC check.
Choosing the Right Crypto Casino Wallet
There are a lot of wallets to choose from, but it’s important that the one you pick is able to support the storage of the cryptocurrencies you want to hold. Some only support one specific crypto, while others offer support for multiple coins. To learn how to use a crypto wallet for casino funding, start by setting one up, buying crypto, and then transferring funds.
