Bitcoin and Casinos in India
Bitcoin (BTC) is a digital cryptocurrency that allows online casino players to easily and safely deposit and withdraw money from their Bitcoin casino accounts. It is this safety and ease of use that is perhaps the reason why the popularity of Bitcoin casinos is on the rise. Here is a guide to help any casino enthusiast who wants to gamble at a Bitcoin casino.
Casinos that accept Bitcoins
What are Bitcoin Casinos?
Bitcoin Casinos is an umbrella term that refers to all online casinos that have incorporated Bitcoins in their payments methods. One way that makes Bitcoin different from other currencies like euro, pounds sterling and the US dollar is the fact that it operates without any third party. Instead, BTC functions through what is known as a peer-to-peer marketplace, meaning that it (BTCs) can only be transferred between users. To transfer Bitcoins, both the sender and the receiver must have a Bitcoin address, which is typically a code containing 27 to 34 numbers and letters.
Although there are bitcoin casinos that allow players to transact exclusively in Bitcoins, there are those casinos where bitcoin is only but one of a number of currencies listed for use by players. Casinos who support multiple currencies where Bitcoin is one of them are called hybrid casinos. These casinos accept bitcoin deposits and withdrawals, but the deposited funds may be converted into US dollars, pounds sterling, euros, or any other traditional currency, by the casinos.
How to Get bitcoins?
The first step to getting bitcoins is to find the source where bitcoins are sold, and established money exchange platforms like BTC-e, Bitstamp, or Kraken forming some of the easiest choices. In most cases, buyers use bank transfer like wire, ACH, or SEPA to get bitcoins. Although not as common, other payment methods like e-wallets, credit cards, and regional payment vouchers are also used. Typically, bitcoin purchases are made based on the current market rates, and they occur instantly. The buyer has to pay a small commission for the currency exchange.
How to Deposit into Your Casino Account?
To deposit into one’s casino account using bitcoin, the player must have a bitcoin address, which is given after registration. Bitcoin deposits are usually instant, and no fee is charged. For security reasons, all the deposits go through the block-chain confirmation process, which hardly lasts an hour before the funds are reflected in the player’s account. The funds will be ready for use once they appear in the player’s account.
It is important for players to be on red alert about any promotions offered by casinos to players who deposit using bitcoins. Most casinos offer bonuses and other perks, which can be utilized to boost the player’s chances of winning. Thus, it pays to check the casino’s promotion page for any running promotions.
How to Cash out Your Winnings?
Cashing out through bitcoin is a simple, straightforward process. The player is required first to send the coins to their exchange platform. He or she will sell the coins to other traders on the platform before requesting a withdrawal through their preferred method of payment. For those who want to wait for better prices before they can sell their bitcoins, it is advisable to store their money in their own bitcoin wallet, which can be downloaded. The wallet should be well protected with a password.
What Are the Perks of Playing with Bitcoins?
Thanks to the benefits they offer, bitcoin casinos have become so popular today. Unlike many other online casinos out there, these casinos provide free-of-charge payment processing, which is usually safe and easy. While there are non-bitcoin casinos that don’t charge any processing fees, there are those that charge as high as 10% of winnings, especially in unregulated markets. There is no such thing as processing fees at bitcoin casinos.
Bitcoin does not operate with third parties, such as a bank; hence, the funds cannot be withheld as would happen with traditional currencies, which are tied to third parties. Although this may not be an issue for online casino players from regulated countries, it is indeed a big deal for players in unregulated markets like the US, where freezing of funds is not a foreign thing. With Bitcoin allowing players to have full control over their money, freezing cannot occur.
Bitcoin allows users to remain anonymous, which is an important aspect when it comes to online gambling. In most cases, a bitcoin casino will need the player to provide their email address only in the event of password recovery. The player’s name, address, and other personal details are generally not required by the casino.
Games at Bitcoin Casinos
Bitcoin casinos are no different from other online casinos when it comes to game selection. From slots to table games, bitcoin casinos have them all. Each game is fair thanks to the new, trendy concept of provably fair gaming. The game’s fairness can easily be determined by entering bet ID or any other information as may be required by the casino.