Crypto Betting Sites – What is Cryptocurrency?
Cryptocurrency, also referred to as ‘crypto’ in short, is a digital currency that exists for carrying out transactions that you generally would use actual money. It does not require a central monetary authority, such as the bank or the government.
This type of digital currency can be used for purchasing goods or services. It is also possible to trade your cryptos for profit. Crypto uses cryptographic techniques which allows it to carry out secure transactions while consumers use it to buy, sell or trade cryptos. Did you know that the value of crypto hit an ‘all-time-high’ in the year 2021 and went above $65,000? And people feel safer using cryptos for making daily transactions as it does not require them to enter personal details as banks require you to enter.
However, since digital currency is extremely volatile, you have to be prepared for sudden high’s and low’s affected by regulation. But, some prominent cryptos include – Lite Coin, Bitcoin, and Ethereum, etc.
How does it Work?
Before we delve into crypto sports betting, we need to understand how cryptocurrencies work. You already know that it is a digital currency.
But what you don’t know is that it only takes a couple of minutes to complete transactions that would have otherwise taken longer through physical monetary means. All the cryptos use a central network which is known as the ‘blockchain.’ It is up to this blockchain to determine the number of cryptos that can exist at any given time as there is a limit to it. If we are talking Bitcoin, then the limit is 21 million.
If the limit has been met, then you will only be able to use the crypto for crypto sports betting sites.
History of Cryptocurrency
If you were of the idea that cryptocurrency is relatively new since so many people are still clueless about it, you’re wrong. Cryptocurrency has been here for long enough to be used in crypto sports betting sites today.
In the year 2008, a white paper setting out the system of bitcoin was published by an unidentifiable person named Satoshi Nakamoto. This peer-to-peer cryptocurrency could be used to trade, sell or buy goods. However, the emergence of bitcoin was only the beginning of what was yet to come. Over the years a lot more cryptos have been created for the sole purpose of decentralizing monetary authority from banks and governments.
These cryptos have worked on enhancing the already improved features of Bitcoin for better anonymity as well as safety. But regardless of these improvements, Bitcoin is still the top-most crypto to ever exist. It has taken a while for people to value crypto which is evident from one such incident which took place a couple of years ago, where a man traded 10,000 cryptos for two pizzas.
Payment Provider in the Country
In an article published in 2021, it was mentioned that India has the most crypto owners when compared to the rest of the world as it is valued at 10.7 crores.
As of now, cryptos are widely accepted by crypto betting sites in India. A lot of businesses in India are also accepting cryptos like bitcoins instead of physical monetary transactions. The most use of bitcoins is seen in iGaming websites. You can also use it to pay your utility bills and amazon vouchers.
Currently, there is no ban on cryptos by the government of India. However, they are looking to regulate it as assets in the country.
Advantages of Using Cryptocurrency in Betting
If you are still a little shaky about using crypto for your daily transactions in India, perhaps this list of advantages will be able to change your mind.
So, without further ado, let us dive into the list of the advantages of using Cryptocurrency in India.
This is perhaps one of the best advantages that crypto offers to its users. Unlike bank transactions which require you to provide multiple documentations and identity checks, cryptos keep your profile anonymous.
Whenever you make a transaction using regular banks, it is a given that you will have to tend to third parties who will be in charge of the transaction. This is the same for e-wallets or credit unions since none of these transactions is entirely in your hand. However, if you are using cryptos, the transaction will be completed directly to the wallet of the operator. Moreover, since there is no central monetary authority, there is no interruption created by the bank or the government for that matter.
An anonymous mode of transaction also helps to keep your details safe from prying or malicious third parties. What’s more, is that no one can put a pause on the transactions that are taking place through crypto. Did you know that you do not even have to disclose your name for making the transaction? Think of how safe that is. Everything beginning from your name to address remains safe as you do not enter any of this information anywhere.
If you have been wanting to bet on iGaming platforms but hesitating due to being confused about the right payment options, then we can assure you that crypto is one of the safest options you can have.
Cryptocurrency betting keeps your information intact and follows through secure transactions. This way you never have to worry about the transactions being successful because cryptos guarantee that they will be. Plus, you also get the verification in real-time while the crypto works to keep hackers and authoritative bodies at bay.
We have all been through the pain of standing in queues inside banks to make a single transaction. More often than not, most of these transactions take their own sweet time to be completed due to various third party and authoritative interferences on the way.
So when you compare crypto transactions with any other payment modes that are available for people in India, you will discover that crypto is the fastest option of all. All you have to do is set the command for it and it will be delivered to your given address using the blockchain. Not to mention, transactions made through crypto don’t usually take more than a couple of minutes to be completed!
Like we have already mentioned above, decentralization is one of the perks of using crypto. This means that cryptos are not affected by deflation, recession, inflation and all the other external factors which may affect regular monetary value or flow.
If you are still wondering what decentralization means, it is when a digital currency like crypto is not regulated by authoritative figures like the bank or the government. Another added bonus of crypto being decentralized is that you do not need any sort of verification to start using it. On the other hand, if it were some bank, you would have had to provide a list of personal documents including your passport to prove your identity.
For cryptos, all you really have to do is head to the crypto network you want a wallet from and start using it for Cryptocurrency betting.
Cryptocurrency in Betting
As we have mentioned multiple times above, you can use digital currency for crypto betting sites. With time, a huge number of sportsbooks are slowly starting to allow the option of paying deposits through crypto as it is one of the safest payment modes available in India.
If you take a look at the crypto sports betting sites that we have listed for you, you will see that only the most A-grade sportsbooks in India offer this for its punters throughout the world. Another perk of using Cryptocurrency betting is that it allows you to make both withdrawals and deposits without having to switch from one payment mode to the other.
This is why, while searching for good sportsbooks to bet on, you should take a quick glance at the available options for payment. See if they offer cryptos like bitcoin or Ethereum. In case they do, you are in sheer luck as this will eliminate any issues related to monetary transactions that you may have.
How to Deposit & Withdraw
One thing that you must remember while using crypto betting sites is that the process for both withdrawals and deposits will vary greatly from one betting site to the other. Moreover, the interface for all the cryptos will not be the same. Every crypto-like lite coin, bitcoin or Ethereum will have a different interface.
So, let us now take a look at how deposits and withdrawals work for crypto sports betting-
- The first step is to create a betting account at any of the Cryptocurrency betting
- Next, you have to head to the payment feature to see which cryptos are offered by the crypto sports betting
- Choose your preferred crypto.
- After selection, you will be provided with a unique address.
- You will have to use this address to enter your crypto wallet and make the deposit to the crypto betting site.
- Now you have to wait to see the blockchain get updated. Once it has been updated, you can start Cryptocurrency betting right away!
The withdrawal option is more or less the same as the deposit option.
- The first step you need to complete is to use your login details to enter your crypto betting sites.
- Head to the payment feature and press on withdrawal.
- From the list of withdrawal options available, select the crypto you prefer.
- Once you have selected, open your crypto wallet to use the unique address.
- You have to note that this address will change every time a withdrawal is made.
- The unique address will then have to be entered into your betting site.
- However, at this point, your crypto sports betting site may ask you to offer some identification. But you have to keep in mind that this might be the sportsbook asking you for the documentation and not your crypto operator.
- However, after the identification verification has been completed, the money will be transferred to your crypto wallet right away.
How Secure Is It To Use Cryptocurrency?
Cryptocurrency is one of the safest payment methods out there. It uses state of the art encryption and there is no way that any governmental spies or hackers can penetrate through its security system. Since the transactions are made in real-time with the help of the blockchain, transactions are completed within minutes.
What’s more, operators are always trying their best to enhance the security of every blockchain of Cryptocurrency.
How to Open an Account?
Here is how you can open a crypto account for Cryptocurrency betting in India –
- For the first step, you will have to head to the official website of your choice of crypto network. Since bitcoin is the best of them all, we would suggest you opt for bitcoin.
- Then the next step is to create an account with an active email address.
- After you have created an account, you will be asked plenty of questions like the type of wallet you will be using, the device you will be using it from, and the number of transactions being made.
- Once completed, the app can be installed on your phone or computer to get started.
Cryptocurrency Betting Sites Fees
Unlike banking transactions or some e-wallets which charge money, Cryptocurrency betting does not require any fees from its users. No matter how many transactions you make, it is always free when you are using it for betting sites in India.
Note that when trading for fiat with crypto you will incur a charge. Thus, if you are only worried about sports betting fees, you need not worry as cryptos will not charge you additional fees for it.
Alternatives to Crypto Betting Sites
In case you do not want to use crypto, you can opt for other payment modes like e-wallets, banks, credit cards, debit cards etc.
Crypto Betting Sites – Frequently Asked Questions
Yes, it uses top-notch encryption and does not require personal details, which keeps your profile safe from third parties, including government bodies.
Cryptos are great options for sports betting in India. Which is why you can opt for any of the Cryptocurrencies available in India. This includes Lite coin, Bitcoin as well as Ethereum.
You do not need any sort of verification for creating a crypto wallet. All you need is an email address to get started. However, you may be asked for verification while making withdrawals due to the rules of the sportsbook.
You won’t be charged any additional fees for using Cryptocurrency betting.
Only the best sportsbooks offer the option of making payments through crypto.
The only tip that you will need for crypto betting sites is to double-check whether the site has provisions for the specific crypto network that you want to use.
Another issue which you may want to look into is whether you will be charged additional fees for the transactions you make.
Although cryptos do not charge fees for betting sites, you should still take a look into the terms and conditions of both the iGaming website, along those of the crypto network. This will give you a chance to see whether they will charge fees or not.
Summary - Crypto Betting Sites
With time, crypto is getting more popular for punters in India. The list of vendors offering crypto as a payment mode is also influencing its popularity and making it more accessible for people.
Thus, if you want to use crypto betting sites in India, we would recommend you to do so as it will keep your transactions safe. What’s more, you will not have to enter personal details every time you want to make a deposit or withdrawal from the iGaming site.