Deposit with Cryptocurrency
Deposit with Cryptocurrency in Indian Betting Site: Is it Safe?
Cryptocurrency has turned out to be an asset for the online gambling industry. It is one of the latest technological advancements that have made online money transfers safer and easier. Cryptocurrency has revolutionized the way the world knows and thinks about finance. It is anonymous to use and incredibly fast. So, it is taken to be the ideal solution when it comes to depositing money on a betting site.
In case you are a little confused about the concept of Cryptocurrency, how you can buy Cryptocurrency, how to use it on a betting site, etc. then you have landed in the right place. This is an extensive guide on how to deposit Cryptocurrency on an online casino.
How to Buy Cryptocurrency in an Online Casino?
Prior to depositing money in an online casino, you have to make sure that you have Cryptocurrency to invest. So, before you move on to how to deposit Cryptocurrency in an online casino, let’s find out how you can buy them.
But in case you already have some Cryptocurrency, just skip this section and move over to the next one. Nevertheless, in case you do not already have Cryptocurrency, you will find this section quite helpful.
There are two different ways to buy Cryptocurrency. The first one is purchasing it online and the second is buying it through a physical meetup.
The online platform is where people purchase and sell Cryptocurrency in exchange for conventional currencies such as US Dollars, Euros, or Indian Rupees. In case of a physical meetup, you meet a person where you will be exchanging Cryptocurrency for real cash.
No method is easier than the other as long as they are achieving their overall goal that is purchase Cryptocurrency.
- Buying Cryptocurrency Online: To buy Cryptocurrency over the internet, you have to have an account on the Cryptocurrency exchange website. No matter which site you choose, the registration and exchange processes are almost the same. Create an account at the site and select the Cryptocurrency that you would like to buy. Now, it is time to pay for it. For this, you will have to choose one of the available payment methods such as MasterCard, Visa, or Bank Transfers.
As soon as the payment is done, the Cryptocurrency is available instantly in your crypto wallet. You can use this to deposit on the betting site.
- Buying Cryptocurrency Online: In case you do not want to purchase it online, you can buy Cryptocurrency offline. For this, you don’t need a bank card. You just need to have some hard cash.
The process to buy Cryptocurrency offline is quite simple and straightforward. The first thing that you need to do is to set up a wallet in a crypto exchange you prefer. This is necessary because you need a wallet where you will be able to deposit the Cryptocurrency you purchase.
Find a Cryptocurrency Seller
When you are done setting up your account, look for a person selling Cryptocurrency. Consider the quantity you would like to buy, arrange the money, and then meet each other. After meeting the seller, show him the prearranged amount and he will transfer the Cryptocurrency to your wallet. As soon as the transfer is confirmed, hand him the money.
When you are buying Cryptocurrency, there is one thing that you need to take into account and that there might be thousands of different cryptocurrencies but online casinos only accept a few of the popular ones. Hence, it is better to buy the most common cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and others.
Now that you know how to buy Cryptocurrency, let’s move on to depositing them in an online casino.
How to Deposit Cryptocurrency in an Online Casino?
Cryptocurrencies can be purchased and sold just like other currencies in the foreign exchange market. Its price fluctuates just like other currencies. However, the good thing about Cryptocurrency is that they can be sent without even taking permission from the bank. You can send it directly from the wallet to the online casino. This makes it one of the easiest transaction methods available at an online gambling site.
Since you have some Cryptocurrency on your hands, it is time to transfer it to an online casino so that you can start placing your stake. But before you deposit, you have to check which betting sites accept Cryptocurrency. Cryptocurrency is still a new concept.
Make a Deposit
You are finding a site suitable enough, click on the Cryptocurrency option in the payment section to make the deposit. Here you will have to choose the specific Cryptocurrency that you would like to use. The site will share a link with you. Copy this link in your crypto wallet and specify the amount that you would like to transfer. After this, confirm the transactions.
How to Withdraw Cryptocurrency from an Online Casino?
If you are lucky and win some money in the online casino, you can easily withdraw it using Cryptocurrency. Here are the steps that you have to follow when you do so.
- Request a Withdrawal: Go over to the withdrawal page of the online gambling site and select the amount that you would like to withdraw. Now, choose the Cryptocurrency option as your preferred method.
- Generate a Crypto Wallet Address: Check the Cryptocurrency wallet address, confirm it, and then send over the address to the casino.
- Process the Withdrawal to Receive the Fund: Complete the transaction process and receive the Bitcoin instantly to your Cryptocurrency wallet.
Types of Cryptocurrency Online Casinos
After you decide to gamble with Cryptocurrency, you have to figure out the kind of site that is right for your requirements. There are primarily two different types of Cryptocurrency gambling sites, Cryptocurrency-only and established sites which have added Cryptocurrency as one of payment options.
Your requirements and wants dictate which the right choice is for you. However, before you make a decision, it is better to know about each in detail.
As the name suggests, these sites accept deposits only in Cryptocurrency. They do not accept deposits using conventional currencies and the wins are paid out in cryptos, too.
Sites of this type are generally new and do not have a proven track record. The biggest problem with this kind of site is that they would be there one day and the next fine day they might be gone. So, if you plan to use a Cryptocurrency-only site, you need to be willing and ready to go the extra mile in regards to double-checking and research for ensuring the safety of your money.
Scam sites are developed to take your money and vanish into thin air. At times, the differences between a scam site and reputable site aren’t always clear. So, you need to take extra precaution.
Cryptocurrency-only sites are a good option for people who are well-versed in the process of online gambling.
- Established Sites With Cryptocurrency Choices
These are sites that you know and love and might have played on already which have added Cryptocurrency as they accept the payment method. Here are a few of them.
Casino Sites That Accept Cryptocurrency
- Bitstarz: When you are in doubt, you should go for Bitstarz. The site hosts more than 2000 quality games. Bitstarz is compatible with a wide range of cryptocurrencies.
- Casino Days: It is a rather new online gambling site that gets its license from the Government of Curacao. Apart from the many payment methods, it also offers Cryptocurrency.
- 10Cric: The site is committed to offering a casino, as well as sports betting experience to the Indian punters and caters to the Indian audience and is licensed by Curacao e-Gaming.
These types of sites are good for anyone who likes to gamble using Cryptocurrency. This is because they are historically dependable. Establishes sites have a cache of happy and satisfied customers that spans over a minimum of 1 year.
The option might not have as many Cryptocurrency choices as compared to the crypto-only sites. Hence, if you own a more obscure or smaller type of currency or coin, you might have to purchase mainstream crypto to use on these kinds of sites. However, there is no guarantee that the site is going to go bust or crash but when you opt for this, there is at least a little more assurance than a crypto-only site. You still should do your due diligence with proper research and cautious selection of the gambling site that you would like to play on.
Reasons to Use Cryptocurrency to Gamble Online
While Cryptocurrency was only used by tech-savvy enthusiasts, in the beginning, they have become widespread these days. It is used by many people who wish to test the newest types of digital currencies such as Bitcoins.
In case you are wondering why you should use Cryptocurrency to gamble online, take a look at the benefits it offers.
- Anonymity: Many players make the common mistake of thinking that gambling with cryptocurrencies makes them completely anonymous but it is far away from the truth.
Any transaction made using Cryptocurrency is validated by miners. The transactions are implemented permanently on the blockchain. Due to the blockchain’s design, it is almost impossible to tamper with the details.
So, How Does it Really Benefit You?
Cryptocurrencies are decentralized and this means it isn’t regulated by jurisdiction or a country. Hence, you will not have to go through many identity verifications when you are creating a payment account at an online casino. It is possible to register just with your email address and the wallet address. In return, it is going to protect your online identity. This is because you will not have to provide as much information as you usually have to in a gambling site for making transactions.
- Transaction Fees: Most of the online casinos do not charge a fee when they process the transactions but there are a few that still do. In fact, sometimes the banking method that you choose will levy a fee when you make a withdrawal.
When it comes to Cryptocurrency, you will have to pay little or no fee to the miners for validating the transaction.
- Transaction Speed: Cryptocurrencies aren’t regulated. So, you don’t have to go through a process of identity verification when you are playing online. crypto exchanges do not really conform to the usual laws and you can skip the arduous bank procedures.
The transaction speed is going to depend on the coin you are using and the respective algorithm. However, it generally takes 15-30 minutes to process the transaction. This is definitely better than waiting for several days to start spending the money that you have earned.
- Bonus, Promotions, and Games: For many players, the welcome bonus serves as a deciding factor when it comes to choosing a gambling site. In a Cryptocurrency casino, the signup offers are usually quite generous. At times, the bonus value might go as high as 1 BTC. This is significantly larger than any other bonus that a regular casino offers.
Moreover, it is much easier for a casino software operator to integrate their products in a crypto-currency driven gambling site. Hence, you are going to have a greater number of games to play.
- Optimized for Online Gambling: Credit cards and bank transfers weren’t meant to be used on the internet as they are these days. Their idleness, efficiencies, and overall costs speak of it more than anything else. Thus, it is just perfect for online gambling. It is affordable, fast, and anonymous when the conventional methods are not.
Using Cryptocurrency for Online Gambling
Even though Cryptocurrency provides an additional layer of protection, it is crucial that you still remain careful and aware of yourself while engaging in online gambling.
In case you end up choosing a scam site, do not panic. Withdraw your wins if you can and then move on to another that you know is reputable and trustworthy. Even if you do not run into any issue, you should be cautious and withdraw your win every day prior to leaving the site.
Remember, the ease of betting on your preferred sport on your favourite casino game means nothing if you choose an unreliable site.