Best wallet for Crypto Sportbooks deposits/withdrawals?

jrrsparkles

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Quote from: chaser15 on August 25, 2021, 11:06:37 AM

Quote from: jrrsparkles on August 25, 2021, 10:09:35 AM

Better if it goes like this

exchange<=>Electrum<=>Mixer<=>Electrum<=>Casino

Because casinos also can freeze our account if it comes from mixing website due to AML policy.

Not questioning your way but are you guys really serious that mixer should also be included in the process.

Just take your betting simple and easy. Use an exchange that doesn't have terms on gambling like Binance. They won't freeze your account because of gambling. If there's a change of policy they will make an announcement about it. If still worried, then take some extra steps by using Electrum. No need for any mixing service. It's too much for a step on me especially if you are just an average gambler.

I guess we are talking about someone who is from a place where gambling is restricted or am I wrong?

You no need to do all such process when you are ready to give your tracking records and paid taxes even for your gambling rewards.

pinggoki

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Accessibility and ease-of-process, digital wallets, especially exchange wallets like Binance works best because you can easily route them to your gambling account and basically start from there. Although these options aren't as safe as personal wallets and physical wallets that are more focused on security of your coins above anything else. Personally what I do is I have a personal wallet where I collectively save all of my cryptocurrencies and I just fund my Binance wallet whenever necessary. This allows me to ensure that worse comes to worst, I wouldn't lose all of my hard-earned assets at once.

Quote from: fullhdpixel on August 25, 2021, 12:24:08 PM

Quote from: seoski on July 26, 2021, 07:49:42 AM

What is best/safest/easiest wallet to use for crypto gambling?

Currently I am using Binance wallet, but I heard that they can lock account and ask about these transactions.

The best wallet would depend on the type of coins you use. I use trustwallet and it almost covers all the bases, it provides multiple coins support and has a good security system and on top of everything, it's easy to access on the mobile and scan to send coins quickly.

I don't like the fact that OP is using Binance as a wallet for gambling because of 3 reasons

1- High fees on withdrawal that Binance charges
2- It takes some 5-10 mins usually to get your coins which isn't ideal always
3- It's evident from the past, using an exchange as wallet is risky

Coinbase and trustwallet top my list for their vast array of coins that are listed, although I am a bit wary with these wallet exchanges since these are the ones that gets hacked the most, apart from Binance. Then again the benefits outweigh the detriments for me which so rarely happen anyway that I can just shrug it off. Although of course as stated above I have a personal wallet where I store most of my assets.

fullhdpixel

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Quote from: seoski on July 26, 2021, 07:49:42 AM

What is best/safest/easiest wallet to use for crypto gambling?

Currently I am using Binance wallet, but I heard that they can lock account and ask about these transactions.

The best wallet would depend on the type of coins you use. I use trustwallet and it almost covers all the bases, it provides multiple coins support and has a good security system and on top of everything, it's easy to access on the mobile and scan to send coins quickly.

I don't like the fact that OP is using Binance as a wallet for gambling because of 3 reasons

1- High fees on withdrawal that Binance charges
2- It takes some 5-10 mins usually to get your coins which isn't ideal always
3- It's evident from the past, using an exchange as wallet is risky

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Quote from: jrrsparkles on August 25, 2021, 10:09:35 AM

Quote from: blue Snow on August 25, 2021, 06:27:12 AM

Quote from: jrrsparkles on August 24, 2021, 11:32:39 AM

OP can simply use an electrum wallet but even if he uses exchange<=>Electrum<=>Casino still the exchanges will find the transaction based on tracking and will freeze the account especially the coinbase.

Seems yes, maybe the user may set the table like this : exchange<=>Electrum<=>Mixer<=>Casino, vice versa

Better if it goes like this

exchange<=>Electrum<=>Mixer<=>Electrum<=>Casino

Because casinos also can freeze our account if it comes from mixing website due to AML policy.

Why we should do such complicated process just for gambling?
Above complicated process may cost some money and wont really worth for small amount of money.
Simply choose any exchanges that does not against gambling, this way we do not need to spend more money for several transactions.

chaser15

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Quote from: jrrsparkles on August 25, 2021, 10:09:35 AM

Better if it goes like this

exchange<=>Electrum<=>Mixer<=>Electrum<=>Casino

Because casinos also can freeze our account if it comes from mixing website due to AML policy.

Not questioning your way but are you guys really serious that mixer should also be included in the process.

Just take your betting simple and easy. Use an exchange that doesn't have terms on gambling like Binance. They won't freeze your account because of gambling. If there's a change of policy they will make an announcement about it. If still worried, then take some extra steps by using Electrum. No need for any mixing service. It's too much for a step on me especially if you are just an average gambler.

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Quote from: jrrsparkles on August 25, 2021, 02:43:57 AM

By using Electrum you can avoid taxes even if you do then its evading not avoiding there is a hige difference between that. Using Electrum can avoid the account getting frozen but if the casinos also against the country where you are living and the prohibited users then its don't gamble at all.

That's still the same in the eyes of the law, remember that evasion of taxes is going to be bad and it's not a good time to do that when the government can seize your asset, penalize you for evasion and at the same time a jail time although with a possibility of bail. Another thing that you can do is hire a treasure man if you really want to avoid paying taxes, it's a new but risky method of turning crypto into fiat.

jrrsparkles

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Quote from: blue Snow on August 25, 2021, 06:27:12 AM

Quote from: jrrsparkles on August 24, 2021, 11:32:39 AM

OP can simply use an electrum wallet but even if he uses exchange<=>Electrum<=>Casino still the exchanges will find the transaction based on tracking and will freeze the account especially the coinbase.

Seems yes, maybe the user may set the table like this : exchange<=>Electrum<=>Mixer<=>Casino, vice versa

Better if it goes like this

exchange<=>Electrum<=>Mixer<=>Electrum<=>Casino

Because casinos also can freeze our account if it comes from mixing website due to AML policy.

TheGreatPython

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Quote from: Rengga Jati on August 24, 2021, 05:21:46 PM

from this image, I will prefer to use a non-exchange wallet at first and then if going to sell the coin, it can be sent from the wallet itself.
I know that it will spend more money or fee on the transaction. But at least, it will be safer enough. Moreover, many exchanges will also probably delay or deny our deposit if it is considered from strange platforms or gambling site (moreover if the funds are quite big). there will be several steps that we should follow to recover or to return our funds.
But, if there are some reputable exchanges that don't mind about this, maybe this can be a way if we are directly going to sell the coin.

I would highly recommend the Exodus wallet. It's a wallet which also has an in-built exchange hence is very useful and doesn't charge very high fees for exchanges and they have desktop and mobile versions.

Any wallet that provides you the private keys is a trusted wallet and this is also the reason why centralized exchanges can never serve as good wallets. Blockchain(.)com's wallet is a good one but it does not accept too many coins.

Sometimes I use gambling sites as wallet for small amounts like if I have money in Bitsler I can send to stake and vice versa.

ipanks

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Quote from: newwest on August 25, 2021, 01:09:49 AM

Quote from: Vaskiy on August 14, 2021, 05:37:37 PM

Gambling sites have inbuilt wallet and vault. It helps with the unwanted spending on different bets in terms of transaction fee. There is a talk that gambling sites will cheat the users which is true. But, the same won't be done by the reputed platforms. Whether it is an exchange or a gambling site, it is good to enable all the security features available, in specific 2FA. This will add more security to the Holdings.

Having the 2fa is really helpful and must as well. Also if the balance is not much and gambling site is a trustworthy then we can keep in it as user will require the crypto to play the games in coming time. Depositing and withdrawing at times could have higher fees. Also, one thing can be done is take EOD screenshot daily and check the next day if balance should not be less can be more or same.

But if you want to withdraw your win money, you need to use the other wallets, especially if you want to convert your coin into fiat money. So far, the exchange will accept the sources of the funds from the gambling but we do not know if the exchange will allow us to withdraw in the future. Keeping your funds in the gambling site will not be a problem if that is about a trustworthy gambling site.

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Quote from: jrrsparkles on August 24, 2021, 11:32:39 AM

OP can simply use an electrum wallet but even if he uses exchange<=>Electrum<=>Casino still the exchanges will find the transaction based on tracking and will freeze the account especially the coinbase.

Seems yes, maybe the user may set the table like this : exchange<=>Electrum<=>Mixer<=>Casino, vice versa

Quote from: traderethereum on August 24, 2021, 10:42:10 PM

Using a private wallet can solve the problem of tracking by the government so they do not have to worry if the government will know what they do with their coins.
Using electrum can be another solution for people who want to keep their coin without any tracking from the others.

idk the means of private wallet, but when using electrum all can be tracking furthermore when send fund to centralization exchange (KYC).

Quote from: jrrsparkles on August 25, 2021, 02:43:57 AM

By using Electrum you can avoid taxes even if you do then its evading not avoiding there is a hige difference between that. Using Electrum can avoid the account getting frozen but if the casinos also against the country where you are living and the prohibited users then its don't gamble at all.

the government can track it from an exchange. so, the user with a restricted country must be thinking first about how to. when using Electrum wallet is not necessarily untraceable, they can do that by seeing from previous transactions, I'm not scaring you but trying to make you be careful.

jrrsparkles

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Quote from: traderethereum on August 24, 2021, 10:42:10 PM

That is why the government can know what their people did with their money.
If some people use their money to gamble on the online casino, they will investigate and maybe apply tax to them or do something.
Using a private wallet can solve the problem of tracking by the government so they do not have to worry if the government will know what they do with their coins.
Using electrum can be another solution for people who want to keep their coin without any tracking from the others.

By using Electrum you can avoid taxes even if you do then its evading not avoiding there is a hige difference between that. Using Electrum can avoid the account getting frozen but if the casinos also against the country where you are living and the prohibited users then its don't gamble at all.

newwest

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Quote from: Vaskiy on August 14, 2021, 05:37:37 PM

Gambling sites have inbuilt wallet and vault. It helps with the unwanted spending on different bets in terms of transaction fee. There is a talk that gambling sites will cheat the users which is true. But, the same won't be done by the reputed platforms. Whether it is an exchange or a gambling site, it is good to enable all the security features available, in specific 2FA. This will add more security to the Holdings.

Having the 2fa is really helpful and must as well. Also if the balance is not much and gambling site is a trustworthy then we can keep in it as user will require the crypto to play the games in coming time. Depositing and withdrawing at times could have higher fees. Also, one thing can be done is take EOD screenshot daily and check the next day if balance should not be less can be more or same.

Fundamentals Of

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Whatever your cryptos are for, whether they are for gambling or for something else, just use the safest wallet available. Binance is not the one. In the first place, it is a centralized exchange wallet which means they are in custody of your funds and you have no control over it. They could freeze it any time. And also, you cannot control your preferred fees.

If I were you, I'd use wallets which are non-custodial and open-source. I wouldn't go as far as to recommend a hardware wallet because of the assumption that your gambling cryptos are not that huge. A hot yet safe wallet is enough.

traderethereum

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Quote from: jrrsparkles on August 24, 2021, 11:32:39 AM

Quote from: shasan on August 14, 2021, 11:11:02 PM

Quote from: agustina2 on August 12, 2021, 03:50:49 AM

Can anyone tell me how will centralized know that the funds came from a gambling site? I'm only seeing threads before that someone claimed their account got frozen because funds came from a gambling site but no proof that the site itself tells their users that's the exact reason. Coinbase for example but not seeing cases like that in Binance. I think there is another reason why their account got frozen and not because the money was coming from a gambling site.

Furthermore, if OP is really worried, then an extra step of using a non-custodial wallet is necessary.

If funds came from any gambling site then there might have mentioned the sites name as several exchanges name also shown. If few sites, or few times it cant show the name of the site then there is a probable number of the wallets of a gambling site they may count.It might be something like the provided image below:

Exchanges and gambling sites will report their customer information to IRS that is why most casinos and exchanges which accepts people from US has mandatory KYC policy. OP can simply use an electrum wallet but even if he uses exchange<=>Electrum<=>Casino still the exchanges will find the transaction based on tracking and will freeze the account especially the coinbase.

That is why the government can know what their people did with their money.
If some people use their money to gamble on the online casino, they will investigate and maybe apply tax to them or do something.
Using a private wallet can solve the problem of tracking by the government so they do not have to worry if the government will know what they do with their coins.
Using electrum can be another solution for people who want to keep their coin without any tracking from the others.

Rengga Jati

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Quote from: shasan on August 14, 2021, 11:11:02 PM

-snip-

Well, from this image, I will prefer to use a non-exchange wallet at first and then if going to sell the coin, it can be sent from the wallet itself.
I know that it will spend more money or fee on the transaction. But at least, it will be safer enough. Moreover, many exchanges will also probably delay or deny our deposit if it is considered from strange platforms or gambling site (moreover if the funds are quite big). there will be several steps that we should follow to recover or to return our funds.
But, if there are some reputable exchanges that don't mind about this, maybe this can be a way if we are directly going to sell the coin.

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Quote from: Lanatsa on August 14, 2021, 04:59:13 PM

Quote from: crzy on August 14, 2021, 04:56:21 PM

I’m using an exchange wallet without experiencing any problem here, maybe its because the amount of money is just small. Well, to be more safe I have to think for other options as well and many here suggested Electrum, I’m not sure though if it will work. How about if you’re going to withdraw and deposit thru LTC? Any good wallet to use for?

Litecoin wallet you've been seeking?

Aside from exchangers then you can make use of HW like Trezor and Ledger nano.

For Desktop wallets then make use of Exodus,Atomic,Jaxx,Litecoin core and Electrum LTC. It doesn't matter which one and find out what suits out your needs.

I personally use Exodus and Electrum LTC for all my LTC gambling.

As long as you don't go out and use hosted wallets/custodial wallets, you're okay.

There is very little difference between the individual wallets apart from the UI. Electrum LTC is probably the simplest to set up but the tradeoff is that their interface is quite basic, while Exodus supports multiple coins which could be good if you're looking at playing with ETH, LTC, and BTC which seems to be the norm these days.

jrrsparkles

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Quote from: shasan on August 14, 2021, 11:11:02 PM

Quote from: agustina2 on August 12, 2021, 03:50:49 AM

Can anyone tell me how will centralized know that the funds came from a gambling site? I'm only seeing threads before that someone claimed their account got frozen because funds came from a gambling site but no proof that the site itself tells their users that's the exact reason. Coinbase for example but not seeing cases like that in Binance. I think there is another reason why their account got frozen and not because the money was coming from a gambling site.

Furthermore, if OP is really worried, then an extra step of using a non-custodial wallet is necessary.

If funds came from any gambling site then there might have mentioned the sites name as several exchanges name also shown. If few sites, or few times it cant show the name of the site then there is a probable number of the wallets of a gambling site they may count.It might be something like the provided image below:

Exchanges and gambling sites will report their customer information to IRS that is why most casinos and exchanges which accepts people from US has mandatory KYC policy. OP can simply use an electrum wallet but even if he uses exchange<=>Electrum<=>Casino still the exchanges will find the transaction based on tracking and will freeze the account especially the coinbase.

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Quote from: shasan on August 14, 2021, 11:11:02 PM

Quote from: agustina2 on August 12, 2021, 03:50:49 AM

Can anyone tell me how will centralized know that the funds came from a gambling site? I'm only seeing threads before that someone claimed their account got frozen because funds came from a gambling site but no proof that the site itself tells their users that's the exact reason. Coinbase for example but not seeing cases like that in Binance. I think there is another reason why their account got frozen and not because the money was coming from a gambling site.

Furthermore, if OP is really worried, then an extra step of using a non-custodial wallet is necessary.

If funds came from any gambling site then there might have mentioned the sites name as several exchanges name also shown. If few sites, or few times it cant show the name of the site then there is a probable number of the wallets of a gambling site they may count.It might be something like the provided image below:

From your image, we can see that some providers, whether it is gambling sites or exchanges, still allow their users to deposit or withdraw the funds. But we do not know what will happen in the future as when the government knows about that, they can force the exchanges in their jurisdictions to give the reports about their members and check the account.

If their country prohibits gambling, the government will warn the user not to play gambling or use the exchange to deposit or withdraw from the exchange to the gambling or vice versa.

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Quote from: agustina2 on August 12, 2021, 03:50:49 AM

Can anyone tell me how will centralized know that the funds came from a gambling site? I'm only seeing threads before that someone claimed their account got frozen because funds came from a gambling site but no proof that the site itself tells their users that's the exact reason. Coinbase for example but not seeing cases like that in Binance. I think there is another reason why their account got frozen and not because the money was coming from a gambling site.

Furthermore, if OP is really worried, then an extra step of using a non-custodial wallet is necessary.

If funds came from any gambling site then there might have mentioned the sites name as several exchanges name also shown. If few sites, or few times it cant show the name of the site then there is a probable number of the wallets of a gambling site they may count.It might be something like the provided image below:

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Quote from: Eureka_07 on August 14, 2021, 06:35:46 PM

There are some wallets that deposits and withdrawals from/to casino are against to their TOS. So you might want to read them, or you will got the chance of your balance being frozen, that's inconvenient.

I've been using Mycelium wallet, until now, everything is going really well.

Those type of wallets are usually the custodial ones so it's best to avoid using them directly as a hot wallet. Mycelium on the other hand is a non custodial wallet meaning you have full control over every address you make and it doesn't matter if the funds came from casinos or other services.

Quote from: Vaskiy on August 14, 2021, 05:37:37 PM

Gambling sites have inbuilt wallet and vault. It helps with the unwanted spending on different bets in terms of transaction fee. There is a talk that gambling sites will cheat the users which is true. But, the same won't be done by the reputed platforms. Whether it is an exchange or a gambling site, it is good to enable all the security features available, in specific 2FA. This will add more security to the Holdings.

The vault is only good if you're a gambling on a regular basis but not everyone is that type of gambler. In general, using gambling sites to store funds isn't the best idea as it's similar to using exchanges in terms of security there's still a risk of losing funds.

Topic: Best wallet for Crypto Sportbooks deposits/withdrawals? (Read 645 times)