With the soaring prices, Bitcoins have become a new favorite currency among the Indians. A few years ago, it was quite difficult to buy Bitcoins in India. But currently, the situation has changed. Indians can buy this fiery product easily and use it in their favorite Bitcoin betting site online.
In our Bitcoin India review, we will discuss why Bitcoin is the best payment method for betting in India. The post will help beginners to buy Bitcoins. It also lets them know which websites they can invest in Bitcoins and earn a tremendous amount of money.
Bitcoin is a digital payment system. It is essential to understand that it is like a regular currency but doesn’t exist physically and managed electronically. You can use it to transfer any value instantly to any corner of the world. Each Bitcoin acts as a computer file stored in a digital wallet app on a Smartphone or PC.
Every single transaction done through the Bitcoins is recorded in a public list known as Blockchain. It is an essential list that helps users trace the history of this currency. It also stops people from using the Bitcoins they don’t own, undoing transactions, and making copies of the same.
The best thing about this famous cryptocurrency is that it is the world’s first decentralized digital currency not owned by the financial institution and government. You should know that there is no ban on this cryptocurrency in India yet as there are just recommendations from the government. No law has been formulated to stop you from using the Bitcoins. There are the following advantages of using Bitcoin:
Better Liquidity in Comparison to Other Cryptocurrencies
One of the main reasons why Bitcoin is the most popular cryptocurrency is that it has high liquidity in comparison to other cryptocurrencies. Through these coins, users can get most of its inherent value when converting it into other currencies like Dollar.
Wide Acceptance as Payment Method
There are thousands of merchants accepting Bitcoins as a payment method. Therefore, it is easy to buy any physical item using these coins.
Easy Transaction Across the Globe
When you use Bitcoins as a payment method, you don’t have to pay additional international transaction fees in transferring this cryptocurrency. While when you pay through credit card, debit card, or bank transfer, you have to pay 3% of the transferring value and sometimes more than that.
How to Buy Bitcoins in India?
As we have mentioned above, if it is quite tricky to buy Bitcoins if you belong from India, while nowadays, you can easily buy this cryptocurrency from some trusted Bitcoin applications. To name a few, there is:
- UnoCoin
- Zebpay
- CoinSecure
Currently, a Bitcoin will cost you around 12 lakhs rupees. But you don’t have any need to buy Bitcoin if you want to start using Bitcoin. You can buy a part of the coin, and the minimum amount that you will require to buy it is INR 500 only.
How to Start to Pay with Bitcoin in Betting?
The rapid rise of Bitcoin as a currency has brought changes in many online services, and betting is of them. There are multiple reasons why bettors are adopting the Bitcoin as a payment method, such as anonymity, low fees, and transferring the funds almost instantly, etc.
There are multiple Bitcoin bookmakers currently offering a vast range of betting markets. If you want to place your bets on different sports with Bitcoin, you can easily wager on multiple popular websites available on the internet.
Some of the best operators that allow users to place their bets using Bitcoins are given below. Please continue reading to know about these betting service providers.
10Cric
The 10Cric brand is known for being one of the growing sports betting brands in India. On this site, you will witness more than 60,000 sports betting events. The operator is also famous for providing its customers with 2,000+ betting options.
The homepage of the website is contemporary, but as soon as you see the page, you will get an idea about the offerings of the site. The best thing about this operator is that it provides you with the service of live casino, casino, and sports betting as well. You can use a single account to enjoy these three services offered by the website.
You must have seen that most of the betting service providers offer you a welcome bonus when you deposit cash, but 10Cric offers the same on Bitcoins. You can enjoy a 100% match deposit bonus up to mBTC 30, and get a free bet of mBTC five by using the code ‘BTCRIC’ while signing up on the website.
22Bet
22Bet is owned by Cyprus-based company Marikit Holdings Ltd on which you can place your bets by using fiat and cryptocurrency as well. However, the website is operated by Orakum N.V. that works under the rules and regulations of Curacao license.
Currently, there are more than 400,000 active users who are wagering their money on this reputable website. If you are a beginner, you will not have a hard time while playing on this site as the operator has kept the site in classic-cum contemporary theme on which you can create an account smoothly in a few minutes.
The operator doesn’t only accept Bitcoin as a payment method, but the users can also wager their other cryptocurrencies on this site. It will help them earn a maximum profit every time they play the game.
Bodog
Bodog is serving the bettors and punters for over two decades across the globe. Now, finally, the famous online betting service provider is offering various services to the Indian punters. It includes sports betting, online casino, live dealer casino, and mobile casino.
The operator doesn’t use the popular services Neteller and Skrill, but you can easily place your bets by using your Bitcoin treasure. The website also offers you instant withdrawals when you do betting with Bitcoins. 24×7 customer service is also available for resolving any kind of issue.
Is Bitcoin Safe for Betting in India?
The legality of Bitcoin in India is an uncertain issue. However, the Supreme Court of India and other government authorities have suggested the people not to invest in cryptocurrencies. At the same time, there is no specific law that can define Bitcoin as legal or illegal. Currently, in India, there are more than five million people who are using digital currency for buying physical products and placing their bets on different betting websites.
When you talk about the legality of gambling in India, there is only one law in the Indian Constitution which talks about gambling in the country. Under The Gambling Act of 1867, it is a punishable offense to visit or operate a gambling house. That’s it.
The law doesn’t even talk about online gambling, betting, and betting-websites. Hence, you don’t have any need to worry about being arrested for investing your Bitcoins on a betting website.
On top of that, Bitcoin is one of the safest ways of betting through which you can earn a significant profit every time you place your bets. You can easily make a deposit by using your web wallet or software wallet and withdraw into the same wallet almost instantly.
What Are the Best Bitcoin Wallets?
Well, if you are new to Bitcoins, you must be thinking about the word ‘Bitcoin Wallet.’ Please stick with us as we are going to discuss the same in this section.
There are different sports-betting websites available on the internet that can scam you and pull out all your Bitcoins from your wallet. Therefore, ensure you create an account on the legit and for your convenience; we have provided a list of some best operators; feel free to sign up on these sites. Coming back, what we wanted to discuss – Bitcoin Wallets.
Placing your bets on your favorite sports with Bitcoins isn’t complicated as it sounds. It is a simple method, just like other payment methods used by all Indians. Before you make a deposit, you must have a Bitcoin first, but even before that, you need a secure place to store this fiery product that is known as ‘Bitcoin Wallet.’
You can have your Bitcoin wallet by creating an account on a reputable Bitcoin wallet site. Two types of Bitcoin Wallets exist on the internet.
Web Wallets
As the name says it all, these wallets are web-based wallets that are known for their convenient features through which you can make a deposit easily.
However, if you are placing your bets on a sports betting website, you should go for web wallets as they are easy and smooth. You can create a wallet by entering your e-mail address and completing a few formalities on the following websites.
- Blockchain
- Coinbase
- Xapo
Software Wallets
If you are not into technology, these wallets are tricky for you as you have to download them on your computer and run them to do any transaction. However, these wallets are more secure than web wallets as you will have full control of the software. Popular software wallet providers are given below. You can download the software from their official websites.
- Bitcoin Core
- Armory
- Multibi
Best Betting Sites With Bitcoin Support
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Funding and Withdrawing Money from Bitcoin
If you don’t have an account on a website that allows users to place their bets with Bitcoin, quickly create one today. Creating an account on any sports betting website will not consume more than 5 minutes. All you have to do is:
- Step 1: Enter your necessary details in the blank boxes, and you will be ready to place your bets.
- Step 2: After creating an account, you need to choose the payment option as Bitcoin while depositing in your new account for the first time. When you pick Bitcoin as your payment method, you will get a wallet address, so that you can easily make the payment via Bitcoins.
- Step 3: You can either copy the address of the wallet and save it at a secure place. You can also scan the QR code that you can find in the wallet address.
As you deposit the minimum amount of INR while signing up on any sports betting site, you need to deposit the minimum part of a Bitcoin in your betting account. It is essential to understand that the minimum values may be different on different betting sites. In simpler words, you need to paste the copied link of the wallet address into the Bitcoin wallet to send coins to your betting account.
When it comes to cashing your bitcoins from an online betting site, it hugely depends on your personal preferences. Decide whether you want to cash out bitcoins or not.
For example, if you are an enthusiastic gambler, you may need to have money ready for wagering. Make sure you do not rush into withdrawing bitcoins instantly, mainly if you are planning to exchange them for fiat currency.
How Fast is Transaction with Bitcoin?
You have already learned above to transfer your Bitcoins from Bitcoin Wallet to the betting wallet. Now, you need to know how you can withdraw your winnings from the betting wallet to your Bitcoin Wallet. You can do so by:
- Step 1: Copy the address of the Bitcoin wallet as the betting operator will use it to transfer the funds to your wallet.
- Step 2: When you are done with copying, go to the sportsbook’s cashier and select the withdrawal option.
- Step 3: You need to fill a form that will appear on your screen to withdraw your winning amount.
In this form, you need to fill your Bitcoin India wallet address that you have copied earlier and the amount that you want to cash out.
Step 4: As soon as you click on the cash out button on the betting website, the amount will be credited into your wallet instantly. However, there may be exceptions sometimes. The amount may take less than an hour in reaching your Bitcoin wallet.
When it comes to the speed of getting your winnings in your Bitcoin wallet, the speed can surprise you every time.
Conclusion
Nowadays, many people from India are using their digital currency in Bitcoin betting and earning an incredible amount of profit. There are multiple advantages of using Bitcoin as a payment method, while there is no significant disadvantage of using Bitcoin India for placing bets.
Therefore, if you are thinking about buying Bitcoins or using your Bitcoin treasure for placing bets on your favorite player, you are on the right path.