About Bitcoin
This particular currency is different from traditional currencies such as the Indian rupee, US dollar, euro and pound sterling since it doesn’t use any third party.
Despite having suffered a rather turbulent period due to its contemporary nature, over the years its popularity, along with its reputation, has been growing in strength. As a result, when the year marked 2014, thousands of online businesses began offering crypto money as a payment option. And now, Bitcoin has also begun to be accepted at many online casinos! Especially casinos in India.
Best Bitcoin Casinos For Indian Players
An additional advantage of online casinos with the eCheck option (and probably one of the main reasons they’re thriving) is the fact that Indian gamblers can make use of it. As we all know, the Indian market remains an untapped area thanks to its relentless and strict legislation on online gambling.
However, because Indian banks tend to block credit and debit card transactions involving online casinos, many smart players use the eCheck method. Of course, this form is not always successful as a bank could block a transaction if they realize that an online gambling company is the transaction recipient. At the moment, there is no guarantee of success or failure in any way. To make sure you avoid any kind of scamming, make sure that you read this article and if you have any further questions, visit the official policy on avoiding scams.
Bitcoin History
Several payment methods are available at an online casino. Over time more and more payment method has evolved due to the advances in the technology world. Before this time, cash transaction was the traditional way of depositing or withdrawing. However, today cash transaction can be carried out without visiting the bank.
Bitcoin India is simply a form of currency that is used over the internet.
Bitcoin happened in 2018. A group of individuals with a name Satoshi Nakamoto invented this cryptocurrency. Bitcoin does not have a central bank. It is decentralized, having no particular administrator. Every transaction through bitcoin is verified by network nodes via cryptography and finally recorded in a blockchain, that is the public ledger.
Interestingly, bitcoin can be exchanged or swapped for other currencies. They can be used to pay for goods and services—several individuals who use bitcoin increase daily. The numbers went from 2.9 million to about 5.8 million in 2017. How about this year? The numbers are way too high.
Bitcoin can be used as an investment. Individuals usually buy bitcoin in bulk quantity, keep it for a long time, watch the market and sell off at a profit. Bitcoin has a rate that it is being sold for in the money market, just like every other currency. It is never rigid, and it keeps fluctuating. Buying at a low price and selling at a high price present great profit if in bulk quantity.
Transactions have one or more input alongside one or more output. When an individual sends bitcoins, he assigns it to an address and indicates the output amount. Every input has to refer to previous unspent output, and this ensures that there is no double funding in the blockchain.
Bitcoin is one of the safest means to carry out an online transaction. It is due to the safe and secured features that the casino industry imbibed it. Also, many individuals love the anonymity it offers. Transactions can be made with the identity of the individual being known.
How To Use Bitcoin On An Online Casino
1) Create A Wallet
The first step toward making a bitcoin payment at an online casino is to open a bitcoin wallet account with which you can carry out your online transactions like buying and selling of bitcoins. There are different Bitcoin wallets, and the hosted wallet is our main concern because it can store bitcoins just like a bank account.
To use bitcoin in online casinos, you must first obtain an online wallet to deposit and withdraw funds. This, of course, can be set up through the site. Basically, there are two types of wallets you can set up: web-based wallet service and desktop wallets.
For convenience, our casino experts recommend that you set up a web-based wallet instead of a desktop wallet that will actually require you to install software on your computer. However, if you prefer to use more secure one, opt for a desktop wallet that does not work through third-party online software.
When opening an online wallet, all you need to do is register by providing your address and setting up a password. You’ll then be asked to provide an address to use while making transactions to and from your wallet. Similar to PayPal, Neteller, and skrill, a wallet will act as your personal digital wallet. The only difference between these e-wallets and bitcoin is that you won’t be asked to disclose any personal addresses.
2) Upload To Your Wallet
After setting up your own Bitcoin account and selecting the type of e-wallet you’d like to have through their official site, you’ll be asked to buy some to use. You can do this through a variety of different ways. Now that you have your account settings, the next step is to deposit bitcoin into it by buying some bitcoin with cash. Also, deposit using a credit or debit card is preferable. Among them are the following options you can choose to use:
- a) Your crypto-currency wallet: You can buy through your own wallet.
- b) Bitcoins Exchanges: Certain exchange services like BTC China or Bitstamp allow you to exchange several currencies or other digital currencies. You can also exchange yours in another currency if you want.
- c) No prescription: You can buy from other users for a prearranged price.
- d) Bitcoin ATMs: You can also find ATMs in some cities that will allow you to load your eWallet.
- e) Mining: You can earn Bitcoins by mining. This involves using special software to solve math problems (mining). In exchange, users receive crypto-currencies.
3) Register At A Casino And Browse The Payment Options Page
Once you have chosen the casino, you will need to set up an account. Once you’ve done that, navigate to the casino’s payment options page and choose Bitcoins as your currency.
4) Deposit Your Budget At One Of The Casinos
Once you’ve completed the steps above, you can make your Bitcoin deposit. Now, your money is present as bitcoin inside your wallet. You can now deposit into your casino or sportsbook and begin playing. Navigate to the deposit page and click on bitcoin option in the payment options section. The transaction takes just a few minutes when initiated.
By doing so, you won’t have to enter any card details, since crypto valuta doesn’t use credit or debit cards. Instead, the funds in a user’s account are transferred between you and the casino via addresses. These are characterized as a series of letters and numbers that generally vary between 27 and 38 characters.
Withdrawals At Bitcoin Online Casinos
1) Log In To Your Casino Account
When it comes to withdrawing your funds after earning a large amount of money, you can withdraw your earnings without much effort. Everyone can make use of a bitcoin wallet to make easy and faster payment at an online casino. The first step is to go to the online casino’s payment options page where you have money.
2) Enter Your Wallet Address
Once you’re on the page, fill in the field that’s marked as the address. Your funds will be transferred from the selected casino to your account.
3) Wait For The Transfer To Occur
When you’re finally done, all you have to do next is wait for your money to be transferred from your Casino account to your online wallet.
Advantages Of Using Bitcoin For Online Casino
- No Third Parties involved in the Transaction
As a digital cryptocurrency, Bitcoin does not use any third parties to assist in transferring funds from one account to another. Therefore, when you use the currency, you can avoid paying third party fees.
- Safer Transactions
As an e-wallet, Bitcoin makes it incredibly easy to transfer funds. As long as it’s used correctly, you’ll notice that this payment method offers excellent security features for its users. However, it would help if you always kept in mind that you have to implement certain practices to protect your information.
- Offers Anonymous Gaming
Bitcoin casinos offer their users complete anonymity when they play online. Most of the information that crypto casinos will regularly request is a player’s email address. This is because, otherwise, the casino would literally have no way of retrieving the user’s forgotten password.
To safeguard your privacy, you should make sure that you don’t share your address and identification details simultaneously. This is because all transactions are permanently stored on a public network.
- No Fees When Using It
The cost of doing a transfer is almost zero. While the cost of transferring Bitcoin is usually free, an online casino may charge a small amount occasionally. So, always make sure you read the fine print beforehand.
- User Autonomy
Autonomy is one feature associated with cryptocurrencies such as bitcoin. A user can have authority over how he spends his money, unlike other payment that has intermediary such as the bank or government.
- Discretion
Every bitcoin transaction is discrete. The only way to know about a bitcoin transaction is when the user publishes it online. There is no association with personal identity on any bitcoin transaction. It is not entirely true that these transactions are untraceable, but they are hardly ever linked to a personal account.
- Banking fees
Bitcoin user is not subject to transactional fees or charges. While it is normal for maker and taker fees to be charged, these charges are bypassed with bitcoin.
- Mobile payments
As long as a user has good internet and a smartphone, they can access their bitcoin wallet and carry out transaction from anywhere in the world. No need of going to the bank, everything can be done effortlessly online.
- Accessibility
As a result of the ease with which bitcoin users can send or receive bitcoin by only a phone or computer, this payment option is accessible to all. No need for the traditional banking method, no need Q. for credit or debit cards. This bitcoin payment option becomes a great choice.
- Security
Many individuals are scared to use their credit cards or any banking information online due to identity theft. Although there is no definite concern for this, this concern should not be ignored. Bitcoin wallets act as an intervention which allows players to make online cash transaction without any splash-back. This protects the players’ information, in today’s world, the bitcoin is a good means of having a safe and secured internet online money transaction.
- Transparency
Bitcoin transactions can be accessed, but the identity of the individual cannot be known. This is a huge plus for users of bitcoin as a banking option. Nothing is hiding from anyone.
Benefits When Using Bitcoin
Benefits of using bitcoin are limitless. They are precious. This value is based on the fact that most people now recognize and accept it as a payment method. Also, it can be used for several online purchases. It is a payment option that comes in very handy because of the several advances in technology. The ease and simplicity it takes to carry out a transaction with bitcoin are mind-blowing.
Bitcoin transactions take place within minutes, and you don’t have to wait for 24 hours. It is accessible, timely and safe. Also, almost every casino has bitcoin as a payment method. These benefits are what makes lots of individual tilt towards the bitcoin payment option.
For most individuals, it is the security and safety that is associated with it. There are hardly bad reviews about the use of bitcoin. Internet fraudsters cannot easily hack the blockchain, and bitcoin cannot suddenly disappear from an account into thin air.
When you try to transfer to an online casino, you’ll see the transfer almost immediately (usually after 10-15 minutes). However, the transfer will still be “unconfirmed” as such. The transfer will usually be ‘confirmed’ within 1-3 hours.
As long as luck is on your side and you have won a good amount of cash while playing online, you will obviously want to withdraw your money from the online casino afterwards. Usually, this will take approximately 24 hours to complete.
How To Set Up Account With Bitcoin
To start using it, you have to follow a series of steps and, above all, choose and take care of your wallet. It’s a virtual currency, but we have to keep it safe.
The price of Bitcoin, both when paying and receiving money, can vary. Always make sure you find pages that offer information on how the change is in real-time.
To set up an account with India bitcoin means creating a bitcoin wallet. It is through the bitcoin wallet that you can manage bitcoin transactions. Before setting a bitcoin account, you would have to pick the kind of wallet. A mobile wallet, hardware wallet and software wallet are options available. Knowing the type of wallet that suits you is vital.
You should consider certain factors before setting up an account include what you intend to use the bitcoins for or your buying needs. However, a bitcoin wallet is a simple and friendly way to handle your bitcoins. Set up an account following the following steps:
- Go to google play store or Apple Store if you are an android or IOS user respectively.
- Search for an app named Coinomi
- open the app, write down the 24 words recovery phrase that you see. This would be of help when you have to recover your account.
- Proceed to set up your password
- Then add bitcoin to your wallet.
With your receiving address, bitcoin can be sent into your wallet.
Bitcoin Frequently Asked Questions
What casinos accept Bitcoin?
On our page, you'll find a list of all the casinos that accept bitcoin as a payment method.
What commission is payable at Bitcoin casinos?
Currently, we can say that you don't need to pay any kind of commission when using Bitcoin as a payment method in casinos with Bitcoin.
Which bitcoin wallet is the best?
All India bitcoin wallets are amazing. They all have their pros and cons. However, it is best you get a reputable and established wallet to avoid errors shortly.
Is bitcoin safe?
Yes. Bitcoin is safe to use as a payment method. The less you put your information on the internet, the farther you are from internet identity theft. You can complete your transaction without submitting your name or any banking information online. This makes it completely safe to use. Almost all casino makes use of bitcoin because it is 100 % safe to use.
How to withdraw at an online casino using bitcoin?
Withdrawing bitcoins into your wallet is quite easy. All that needed is to go to withdrawal on the site and click bitcoin. Type in your address and your winnings would be sent as bitcoins to your wallet. You could also convert your bitcoin to other currency or spend in bitcoin. This transaction takes place within seconds when initiated.
