What is Bitcoin?
- Bitcoin is the first cryptocurrency to have a monetary value. A cryptocurrency is a form of decentralized currency, usually based on peer-to-peer transactions.
- Bitcoin doesn’t have any regulatory bodies. It’s done to ensure privacy, security, and freedom for the users.
- There is no physical existence of Bitcoins. They are nothing but addresses.
- You’ll still need a wallet where you’ll put all of your coins, but both the coins and the wallet are digital.
- To enjoy the bitcoin betting sites, you need to possess Bitcoin first. Then, you’ll need to find the best Bitcoin sportsbook that’ll suit your needs.
How Does Bitcoin Work?
The fundamental component of Bitcoin is the blockchain. It’s a virtual network powered by thousands of nodes worldwide. A node is essentially a computer that participates in the process of validating the transactions.
The bitcoin blockchain is considered the 1st generation because it’s the simplest one in circulation today. In the blockchain, there are ‘blocks’ or problems that need solving utilizing the processing power of computers. Once a block is solved, Bitcoin is awarded. The process is known as mining.
Over the years, Bitcoin mining has become a very tiresome process. Regular computers often fail to mine any new Bitcoins because the problems get more complex after each block is solved.
Once a Bitcoin has been mined, all of the nodes combinedly validate it and record the transaction on the blockchain. The record will be there forever.
Similarly, when you send Bitcoin to someone, bitcoin betting sites per se, will be validated by the nodes. Also, the only identification for each transaction is based on unique wallet addresses.
The participation of the hundreds of thousands of nodes results in tremendous security. No centralized regulatory body can offer such a level of security or anonymity.
History of Bitcoin
The concept of Bitcoin was first shared by Satoshi Nakamoto, a pseudonymous individual or a group of people. The real identity is still unknown. The white paper for this peer-to-peer payment network was published back in 2008. The first block is known as the ‘Genesis Block’ was solved in 2009.
Satoshi Nakamoto was supposedly involved in the development of Bitcoin till 2010. After that, a new group of individuals took over the operations of the blockchain.
The reason you can use this cryptocurrency at Bitcoin sportsbooks is that someone decided to buy Papa John’s pizza with Bitcoin. Surprisingly, Papa John’s agreed to sell 2 pizzas for 10,000 Bitcoins. It’s the first-ever monetary transaction recorded for this currency. It was back in 2010.
Since then, Bitcoin has only risen in value. In fact, the bubble in 2021 has seen over Bitcoins trade for over $66,000 each! If you compare the value with the pizza transactions, those 2 pizzas were worth over 660 million US dollars!
Bitcoin in India
India is undoubtedly a country of wonders. So, it’s no wonder that Bitcoin has gained massive popularity. It’s mostly thanks to the global nature of the currency. A person in India can use Bitcoin just like someone in the USA.
Following the trend, Bitcoin betting sites have also penetrated the Indian market. It’s wonderful news for the punters because using Crypto can help you bypass any legal restrictions to bet from the country.
Many of you may think, is Bitcoin legal in India? Well, as it’s a decentralized currency, there’s no one regulating the network anywhere in the world. So, the question of legality is invalid when it comes to bitcoin betting sites in India.
However, the currently elected government and the Reserve Bank of India (RBI) had an inconclusive meeting at the time of writing. While RBI is suggesting a complete ban in the country, the government is rooting for regulatory control.
It might trigger a worrying vein in your body, but we suggest you not worry about it. Because banning Bitcoin may have unwanted outcomes for traders. If you’re only using Bitcoin for Bitcoin betting sites, you’re in the clear. At least, according to the current legislation.
Using Bitcoin in India is identical to using it in any other country. First, you need a crypto wallet and have your own account. From there, you can either mine your own Bitcoin or buy them from crypto exchanges. It’s a very convenient process that we’ll cover in this guide. So, stay tuned.
Advantages of Bitcoin
A single Bitcoin didn’t reach the value of $66,000 overnight. There are certain elements that’s driving the value of the crypto. So, what are the advantages of Bitcoin that are making people go crazy over it? Let’s find out.
Liquidity is something not every kind of asset can offer. Only the ones that have no geographical restrictions can achieve the status of reliable liquid assets. Gold is a prime example of such an asset. However, gold is not accessible on demand.
Bitcoin, on the other hand, offers both liquidity and accessibility. As long as you have fiat currency to buy Bitcoin, you can do it at any exchange. Not to mention, there are no geographical borders for this currency. 1 Bitcoin is 1 Bitcoin in both India and the rest of the world.
Sure, the monetary value is different due to the conversion by a centralized authority but the core value of Bitcoin remains the same.
Well, there’s a debate on whether the anonymity offered by cryptos, in general, is an advantage or a disadvantage. During the initial days of Bitcoin, the huge majority of users were traders on the dark web who use the currency to mask their real identity.
At the same time, you get to enjoy the best Bitcoin betting sites in India without exposing sensitive information such as your credit card numbers, bank account numbers, and so on.
The two examples we’ve shared in this section show two different sides of the same coin. If you ask us, we’re going to consider anonymity as an advantage. Because we’re focused simply on BTC betting sites. At the end of the day, it comes down to the users and how they want to use something.
If you think deeply enough, you’ll realize that we’re not truly independent to do anything. Do you want to travel to a foreign country? You need help from airlines. Buying tickets? You need money. Where does the money come from? You’re right, the government.
The Bitcoin concept was initialized to axe the need for a central governing body. It’s a network entirely based on peer-to-peer transactions. This means you send Bitcoins to your friend in exchange for a service or goods or vice versa, without the participation of the government.
It’s equally true for Bitcoin betting. You don’t have to rely on your bank to authenticate the transaction. As long as you have Bitcoins in your wallet, you can send them directly to the bookmaker’s address.
Another major benefit of decentralized currencies. If you think of fiat currency, how much of the process do you actually know? The printing, the distribution, and the regulation, everything is done behind closed doors and by certain professionals of the government.
Bitcoin, however, offers complete transparency. Every Bitcoin transaction that ever took place is recorded and open to the public. These entries have been validated by the users, not any third-party or centralized governing body.
This kind of transparency was unheard of before Bitcoin came into circulation. The term ‘cryptocurrency’ is derived from ‘Cryptography’, the encryption method used to secure the blockchain.
The bottom line is, there are very few transaction methods as secure as cryptocurrency in the current world.
Bitcoin in Betting
We’ve finally reached the section you’ve been waiting for. Bitcoin betting. It essentially means using Bitcoins to deposit into your sportsbook account. A fair warning, Bitcoin betting is still not the norm. Very few operators offer this unique method of payment in India.
However, you shouldn’t worry about it at all because we’ve got you covered. All of the bookmakers you see on our list offer Bitcoin as a payment method. We’ve carried out our research on behalf of you to find the best Bitcoin betting sites in India and gather them all together.
Bitcoin allows you to quickly deposit into your account. Well, you might not be surprised because most deposit methods at online bookmakers offer instant deposits. However, very few can offer instant withdrawal. Bitcoin is one of them.
As we’ve already mentioned, a transaction of Bitcoin is only based on wallet addresses. You send Bitcoins or fractions of it to the bookmaker’s address. The bookmaker does the same for you during withdrawal. So, there are no third-party validating or interrupting the transaction.
Many bookmakers offer certain bonuses or promotions if you use crypto. In fact, you might find a lucrative Bitcoin bonus if you navigate to one of our recommended bookmakers right now!
Bitcoin Betting Sites: How to Deposit and Withdraw
Depositing and withdrawing with Bitcoin is very similar to using any other payment method in India. If you know how to carry out a transaction with your credit card, understanding the method for Bitcoin will be a breeze for you.
Just like you use bank accounts to transfer money, you’ll need a Bitcoin wallet. There are software and hardware wallets. Software wallets are free to use. You can even connect your account to the exchanges to directly purchase Bitcoin for fiat money and store them in the wallet.
Hardware wallets are more secure because they’re disconnected from the internet. You can encrypt the device as well to keep your precious Bitcoins safe. The only drawback is that you may need to pay a hefty amount for a hardware wallet.
So, without further ado, let’s see how you can deposit and withdraw using Bitcoin at Indian BTC betting sites.
How to Deposit
- Select a bookmaker from our list. We recommend checking out the features and bonuses before you sign up. Sure, we’ve done our research to ensure that it offers Bitcoin as a payment method. However, every punter is different and different features might intrigue you to opt into one.
- After your account is up and running, visit the banking page. It might also be labelled as cashier, payments, or have separate deposit and withdrawal pages.
- You should see a dropdown menu to select a deposit method. Choose Bitcoin. You should see the address to send BTC on this page.
- Go to your wallet and send the desired amount of Bitcoin to the bookmaker’s address.
How to Withdraw
- Log into your bookmaker account.
- Go to the cashier page again. Select withdrawal and then select Bitcoin from the dropdown menu.
- Provide your Bitcoin wallet address. Provide your desired withdrawal amount.
- Wait for the Bitcoins to be credited into your account.
How Secure is it to use the Payment Method in Betting?
As we’ve already said, there are very few payment methods as secure as Bitcoin. It’s primarily due to the cryptography algorithm that goes into securing the blockchain. It’s one of the strongest encryptions that exists to this day.
Another huge security advantage at Bitcoin betting sites is the public record-keeping of all transactions. Every transaction that ever took place with Bitcoin has been validated and recorded through the volunteer nodes. So, the possibility of a fraudulent transaction with Bitcoin is next to impossible.
Lastly, the biggest security feature for betting would be anonymity. Exposing your bank credentials is one of the biggest points of a security breach. When you switch to Bitcoin, you’re only giving out your wallet address.
How to Open an Account
If it was a fiat currency payment method, we would’ve shared the entire process of signing up and depositing. However, it’s a cryptocurrency we’re talking about. Bitcoin, to be precise. To buy, send, or receive Bitcoins, you’re going to need a crypto wallet.
Crypto wallets are usually not exclusive to any particular currency. Most modern wallets offer to store more than one type of crypto. The account opening process is going to vary from wallet to wallet.
Generally, you’ll need to download the wallet. You’ll also need to open an account with the wallet provider, either before download or after download. Once your account is ready, you’ll get your unique wallet address.
Modern wallets offer exchange services as well. It means you can navigate to the world’s largest crypto exchanges directly from your wallet and purchase Bitcoin. In fact, you can purchase BTC in Satoshis. 0.00000001 BTC is known as 1 Satoshi.
Fees for Using Bitcoin Betting Sites
Betting sites that accept Bitcoin is usually free. That’s amazing news, right?
However, using Bitcoins is not entirely free. There are certain areas where you’ll need to pay fees. For starters, if you’re buying Bitcoins from an exchange, you’ll need to pay a small commission.
When it comes to wallets, some are completely free while some charge small fees. It’ll vary based on what wallet you’re using. Most wallets have a very minimal and reasonable fee. Usually, the higher amount you spend, the more you have to pay.
Receiving Bitcoins is free. Sending can also be free if you’re receiving the equivalent of fiat currency in return.
So, the bottom line is that Bitcoin betting sites are free. However, you’ll be paying certain fees for certain services revolving around Bitcoin.
Alternatives to Bitcoin
Sure, Bitcoin sounds an amazing currency for betting at Indian bookmakers, doesn’t it? But what if you don’t have access to it? What are your alternatives? Let’s find out.
- Other Cryptos
If you don’t want to use Bitcoin specifically, there are plenty of other cryptocurrencies offered by the bookmakers. Ethereum, Ripple, Litecoin, Dogecoin, etc. would be the most prominent of them.
- Credit/Debit Cards
The classic method for transactions at betting sites that accept Bitcoins. You can use the credit or debit card issued against your bank account.
PayPal, Neteller, Skrill, Paytm, PhonePe, Google Pay, etc. are some of the most popular e-wallets in India that are also supported by the majority of bookmakers.
FAQ: BTC Betting Sites
It is. In fact, Bitcoin or any other crypto is usually the safest method to pay bookmakers.
There are plenty of wallets to choose from. Pick one that you like and start enjoying!
No, you don’t. However, you’ll need to verify your identity at the bookmaker before you can withdraw any of your winnings.
No. Transactions at BTC betting sites are free of charge in general.
Check your wallet to see if you have sufficient Bitcoins or not. If nothing else works, contact customer support at the bookmaker.
Bitcoin deposits are instantly credited. It takes as long as the blockchain needs to validate the transaction, which is usually a couple of minutes.
It should take the same time as the deposit because there’s no third-party processing required for withdrawals.
- Don’t rush when selecting the payment provider at betting sites. Evaluate your options and select the one that makes the most sense to you. Also, don’t forget to double-check the amount you provided.
- Learn about the fees in advance. You may need to contact either your wallet provider or the bookmaker.
- Before you open accounts at the bookmakers, make sure that they accept the payment method of your choice. You’ll find detailed information regarding methods on the banking/payments page.
- Be aware of the limits. Bitcoin betting sites may have certain limits on withdrawals and deposits.
So, what did you learn in our BTC betting sites guide?
To summarize the experience, we can safely say that Bitcoin is one of the finest methods for both deposits and withdrawals at online bookmakers in India. It’s fast, it’s reliable, and it’s mostly free. There might be a fallout between the RBI and the government, but the outcomes will barely impact your playing experience.