REASONS WHY I USE SEPARATE WALLETS FOR GAMBLING & SAVINGS

[Bitco55]

For a little period of casually using crypto, I barely ever saw the point of separating my funds into different wallets. It was complicated and unnecessary. A wallet, a seed phrase, everything in one place, that felt better. But after a little bit of interactions with online casinos, random promotions floating around, airdrops, fast-paced transactions, and so on, I realized that the convenience of your entire balance sitting in one wallet connected to the internet 24/7 is extremely risky. At that point, you're gambling with not just the casino, but with your funds too.

I remember a particular incidence that quite changed how I saw wallet security. Relax, It wasn't a dramatic hack. My wallet wasn't drained or my funds stolen. But the fear of that got to me. I apparently clicked on a link on Twitter that looked like a wallet checker tool. It was a recommendation, and the moment the site loaded, something felt off. Although, I didn't connect my wallet or sign anything, just the fact that my gambling funds and long term savings was on the same device made me uneasy. I immediately transferred everything to another wallet. Though nothing happened, but that 'almost' situation made me carefully think, ' I might be doing this wrong'.

So, I went on to create a hot wallet account for just gambling, only. This account holds only the amount I need for games, deposits, & bonuses. My main savings went into another account. This account can under no circumstances be connected to random site, apps or casinos. By just doing this, I high-key gained peace of mind. Worst case scenario, if I'm to lose anything it'll be the small amount set aside in the hot wallet.

Separating my gambling funds and savings into different wallets also helped me become disciplined in spending it. Alot of gamblers don't realize this but, having too much money at your disposal aids/ encourages impulsive decisions. Keeping everything in one wallet makes one to gamble more, probably losing more.

Anyways, with all that has been said, I'm curious to know how many of us here use separate wallets for gambling and savings & Do you believe it's necessary or unnecessary to have different wallets for gambling and holding.

I personally think this is something every beginner should know before making their first deposit.

[Free Market Capitalist]

... I realized that the convenience of your entire balance sitting in one wallet connected to the internet 24/7 is extremely risky. At that point, you're gambling with not just the casino, but with your funds too.

That's your main problem. You've actually gotten yourself into trouble, and now you've come up with a supposedly brilliant idea to solve it. With your funds stored in a hardware wallet (well, rather managed with your keys), you wouldn't have had that problem, and therefore you wouldn't have had to come up with that solution.

[Charles-Tim]

For the addresses of the gambling account not to be connected with your holding address is very important, because you can be holding huge amount of coins. If you can not do coin control, better to use separate wallets.

To be disciplined, I am very sure of myself that more than 1% of my weekly income is not going into gambling, regardless of where I have the money. Only what can make me separate the money will be because of privacy.

[Cointxz]

Separating funds gambling funds to holding funds is the lesson I learned the hard way. I lose a lot in past just because I have an easy access to money that I can use as bankroll.

It’s very easy to commit everything on gambling if your emotion was already affected by gambling especially if you suffer a losing streak.

I’m doing the same way of holding my savings on hardware wallet which the seed phrase is not physically accessible to me most of the time because it was located to a secured location.

[Hatchy]

Well it would have been a case of sorry if your wallet had been drained.. most times we are the cause of our problems. There should be a separate wallet for your spendings while major potion of your crypto holdings should be kept away from your online devices. You were very lucky, at least you realised your ill act before something bad happened.. most of the casinos I play on, I simply use my local currency to deposit. though it might not be same for all as majority uses crypto deposits, which is much easier for them. What ever means you wish to use for gambling deposit, it shouldn't complicate your savings in general..

[Sandra_hakeem]

... I realized that the convenience of your entire balance sitting in one wallet connected to the internet 24/7 is extremely risky. At that point, you're gambling with not just the casino, but with your funds too.

That's your main problem. You've actually gotten yourself into trouble, and now you've come up with a supposedly brilliant idea to solve it. With your funds stored in a hardware wallet (well, rather managed with your keys), you wouldn't have had that problem, and therefore you wouldn't have had to come up with that solution.

You see, this is why it's important that we don't just HODL coins and brag about how much we must have accumulated in a year or two? we also need to learn everyday on how to protect that same stock. Decentralizing is self explicable and if you don't own the responsibility to protect your "own", grifters are on their way. This is also not just about gamblers alone; you should know too well to safeguard your crypto. Not your keys...?

And by the way, for the new adopters, hardware wallets are a bit expensive. But remember, if your expense guarantees safety, it's a necessity!

[Oshosondy]

Separating funds gambling funds to holding funds is the lesson I learned the hard way. I lose a lot in past just because I have an easy access to money that I can use as bankroll.

It’s very easy to commit everything on gambling if your emotion was already affected by gambling especially if you suffer a losing streak.

I’m doing the same way of holding my savings on hardware wallet which the seed phrase is not physically accessible to me most of the time because it was located to a secured location.

So how do you manage to not to have easy access to your coins on the hardware wallet?

I still think that so far you have the coins on a hardware wallet, it still easy to transfer it to your gambling account if the coins you have on your gambling account has been lost and if you have used the coins on your gambling wallet.

What I think more about this is for someone to remain disciplined and gamble responsibly.

[Botnake]

TLDR, the main reason I use a separate wallet for gambling is so my long-term hodl wallet won’t be associated with it. You never know, if some investigation happens, a wallet can suddenly be tagged as “dirty,” especially since some casinos are used by others for money laundering. At least this way, my main wallet stays clean and safe.

It’s not just about minimizing the risk of getting hacked and losing everything. It’s more about the serious stuff, like possible legal issues.
Using a separate wallet gives me peace of mind.

[Synchronice]

For a little period of casually using crypto, I barely ever saw the point of separating my funds into different wallets. It was complicated and unnecessary. A wallet, a seed phrase, everything in one place, that felt better. But after a little bit of interactions with online casinos, random promotions floating around, airdrops, fast-paced transactions, and so on, I realized that the convenience of your entire balance sitting in one wallet connected to the internet 24/7 is extremely risky. At that point, you're gambling with not just the casino, but with your funds too.

I remember a particular incidence that quite changed how I saw wallet security. Relax, It wasn't a dramatic hack. My wallet wasn't drained or my funds stolen. But the fear of that got to me. I apparently clicked on a link on Twitter that looked like a wallet checker tool. It was a recommendation, and the moment the site loaded, something felt off. Although, I didn't connect my wallet or sign anything, just the fact that my gambling funds and long term savings was on the same device made me uneasy. I immediately transferred everything to another wallet. Though nothing happened, but that 'almost' situation made me carefully think, ' I might be doing this wrong'.

So, I went on to create a hot wallet account for just gambling, only. This account holds only the amount I need for games, deposits, & bonuses. My main savings went into another account. This account can under no circumstances be connected to random site, apps or casinos. By just doing this, I high-key gained peace of mind. Worst case scenario, if I'm to lose anything it'll be the small amount set aside in the hot wallet.

Separating my gambling funds and savings into different wallets also helped me become disciplined in spending it. Alot of gamblers don't realize this but, having too much money at your disposal aids/ encourages impulsive decisions. Keeping everything in one wallet makes one to gamble more, probably losing more.

Anyways, with all that has been said, I'm curious to know how many of us here use separate wallets for gambling and savings & Do you believe it's necessary or unnecessary to have different wallets for gambling and holding.

I personally think this is something every beginner should know before making their first deposit.

To my mind, when you gamble and you have savings and gambling money in one wallet, one of your biggest fear should be what if I decide to deposit my savings to a casino a account? If you have never touched your savings despite the fact that you had gambling money on that wallet too, then you have a very good self-control.
By the way, your long-term savings should definitely be separately stored because they are long-term, not short-term. That's what we use cold wallet for (airgapped in the best case).
Since you mentioned connecting a wallet to different websites, I want to ask, do you use a Web3 wallet? I don't know much about the security of Web3 wallet but for your long-term savings, you should use a hardware wallet like Passport or ColdCard (these two are only for Bitcoin) or Trezor if you also want to store altcoins.
Can Web3 used offline like a cold wallet? I don't know.

[Dr.Osh]

It is indeed very important to separate gambling wallets and savings, the flow of money originating from gambling is prohibited in several exchanges when you want to cash out large amounts into the exchange, the funds may be frozen because they come from a prohibited zone, although currently it is not considered too serious in the future it may be investigated and now it is better to reduce transfer activities from gambling wallets & savings to be safer

[rdluffy]

It is good practice to have a few different wallets
If you have a hardware wallet, even better, but you can organize your assets well and securely even without one

If you already separate your betting wallet from your hodl wallet, that's already a good security practice

Ideally, your HODL wallet should be a cold wallet
If you can, have one wallet just for use in casinos and betting
And another wallet for other uses you may have

[Gozie51]

Usually it is suppose to be more than two separate accounts, one for savings, another for expenditure and then gambling account for a gambler.

Your savings account is where deposit from third parties and other businesses go into and that's where you disburse money for expenses and gambling into. So it is nice to separate gambling wallet so that it will help you not to miss up your money and then you can control your gambling activities properly. For example, if I have some balance in my gambling account, I should know to what limit I have to bet and how much I'm losing or winning. It is important to have separate accounts for gambling because most times we wrongfully chase our loses and keep income or savings together with casino balance can really be cause challenge of over spending.

[joeperry]

That's actually true, I personally have different wallets for savings, gambling and for micro transactions (for some services like paying online subscription using crypto). Actually there's one more tips that I want to share regarding gambling accounts. When I first started gambling I am using my main email account and didn't know that it's really a dumb thing to do, and I've been exploring different gambling sites before out of curiousity and ended up receiving a lot of promotions and ads on my personal email and it floods my account even from the site that I didn't know (I assume it was sold by the some gambling site I signed up to).

Anyway another good thing to do is not only to have a separate wallet to control your funds and secure it but also using different email account on signing up or use a specific email that you'll only be using for gambling purposes.

[Findingnemo]

You need to have separate wallets not for gambling purposes but asa  wallet security feature. Keep one cold storage or HW or some kind of wallet that you often don't expose to the internet in a safe storage where al your long term funds will go into and then you have one hot wallet like where all your funds that you might need for short term purpose for trading, gambling or to purchase anything or to cash it out for fiat.

[Wiwo]

That is the first step to take as a gambler,  infact i dont store my gambling money on any of my hardware wallets,  anytime i want to gamble, what i do is to deposit a certain amount of my weekly income into the casinos wallet, be ot bitcoin or USDT.

If i win, i withdraw all my balance and take a break for that time.

I convert my winnings into naira,, and spend it, i dont keep them on any wallets, i have a proper wallet separation and holds my keys stored safe.

[Patikno]

It is true that we should separate wallets for saving and for gambling, even wallets for daily activities. The main goal is to avoid any negligence we might make, whether intentional or unintentional.

I always separate every wallet I use. Personally, I differentiate them in three ways. First, I will use wallets that I actively use with a small amount, because they are more vulnerable to errors, whether it is experiencing a drain on the wallet, or theft. Second, I will use a savings wallet with tight security, and try to keep it off the internet, so the chance of an untoward incident is minimal. Third, I use a gambling wallet only temporarily, meaning I will top it up when I need it for gambling activities, so this helps me avoid any unwanted incidents with that wallet, or I can limit myself to that method. I feel it would be dangerous to combine them in one wallet, as it is too risky, as I mentioned.

So, I hope you also differentiate between each wallet as they serve different purposes. Essentially, separating wallets has many advantages over keeping them together.

[Pandu Geddon]

I personally think this is something every beginner should know before making their first deposit.

You have learned how to manage your finances. That is good, and most gamblers should know that. You need to protect the investments you have made from being affected by your other needs, including gambling. It is better to save separately and allocate a certain amount of money according to your limits. And more importantly, you have to be able to control yourself when gambling. You have managed your finances, but if you cannot control your gambling activities, then all that you have saved could also be lost at the gambling table.

[Mr. Magkaisa]

I totally agree to you guys, Having a separate wallet for savings and gambling is another wll to protect your money.
Control is a must have, and separating the 2 is giving another layer of security and control.

so yes, its a must have, everyone should also  protect their address wallet for being expose to gambling.

[X-ray]

It's necessary. If your wallet gets compromised, you won't lose all of your money.

If you put it all in the same account. The risk to get lose is very high.

I know sometimes there is someone who feel more confident to put all of their money in the same stash due to the complexity of keeping so many wallet, but the better to never follow him.

[Ruttoshi]

It doesn't only apply to gamblers. Those that aren't gambling should not keep all their funds in one walet to avoid losing of all their asset is their wallets are being compromised.

Keep your long-term savings in a hardware wallet and store little part in a hot wallet. I do store very little amount that I can afford to lose in an exchange for trading.