Cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more are no longer new to the online space. Bitcoin, in particular, made quite a lot of noise in 2020 when it once again reached another all-time high. Since then, its highest value was $64,800, and today, it is valued at over $42,000. This is why more and more people are starting to show curiosity and purchase Bitcoin and other altcoins popular today.
Now, cryptocurrencies are made for online transactions and this is why it’s perfect for online gaming and gambling. Today, numerous casino sites and bookies allow transactions with cryptocurrencies and it’s proven to be one of the most convenient payment solutions.
Because of that more Bitcoin casinos and bookies in India are gaining popularity. However, it’s understandable that there are still people who are hesitant about Bitcoin gaming and gambling. It’s still a fairly new concept to many. If you want to know more about cryptocurrency casinos, keep on reading!
Understanding Bitcoin and Other Cryptocurrencies
Bitcoin is a type of cryptocurrency which is a decentralized digital payment system. This means that it doesn’t rely on services like banks to verify and process transactions. It’s a peer-to-peer system instead that enables anyone to send and receive money wherever they are.
Other popularly used cryptocurrencies in online gambling are Ethereum, Litecoin, Binance Coin, Bitcoin Cash, Dogecoin, Cardano, and more. It’s become quite popular too that even certain gaming and gambling companies have their cryptocurrencies like FUNToken, CoinPoker, TrueFlip, and more.
Cryptocurrencies are digital currencies, so it’s real money but it’s also considered a digital asset. Another thing that you should know about it is its volatility. Bitcoin’s price alone could fluctuate so much in a single day. Factors like supply and demand, government regulations, and even media hype affect its price and this is why it’s volatile.
Bitcoin and other cryptocurrencies run with the use of blockchain technology. This is the technology that records every transaction by all currency holders. It also ensures that transactions are easy to monitor and impossible to manipulate. You can think of it as a secure digital or online ledger.
Many users see cryptocurrencies as the future of online transactions. After all, it’s safe and private.
Why Use Bitcoin to Gamble?
With cryptocurrencies as one of the most effective payment solutions today, it’s worth giving it a try as a gambler. Especially if you’re someone who values privacy so much. When transacting with a cryptocurrency, you will only need a crypto wallet address, and/or destination tag, or even just a QR code. There’s no need to input any of your personal and banking details when making deposits to your gaming or betting account.
In most Bitcoin casinos and bookies, they will only ask you to input the amount you’d like to deposit in fiat currency (USD, EUR, AUD, etc.). They will automatically convert the amount to the cryptocurrency of your choice. They will then give you a QR code and/or a wallet address to where you can send the crypto to. Note that usually, the address or QR is only valid for a few minutes. This is because the converted value could change so much within that period.
Cryptocurrencies have also made anonymous gambling possible. There are now online casinos that allow you to play without revealing your identity. With an anonymous online gambling site, you’ll only need to set up a username and a password. After that, you can deposit with your crypto wallet which doesn’t give out any of your information. However, if you do win big by playing at an anonymous casino, expect that you may have to show proof of Identity to claim your prize.
How to Get Bitcoin or Other Cryptos?
There are two main ways for you to get Bitcoin or other altcoins but either way, you will need a crypto wallet like Binance, Electrum, Jaxx, Mycelium, Exodus, and more. Your wallet could be either online or offline. It depends on how you want to use your cryptos too but if you’re after crypto gambling, it’s best to use online or hot crypto wallets instead.
The first way to get crypto is P2P or peer-to-peer where you look for people who are selling cryptos for fiat currencies. Note that you have to look for a safe platform for this to avoid getting scammed. Binance has a P2P platform where users can transact safely.
Another way of getting cryptos is by going to cryptocurrency exchanges. Usually, wallets already have this feature. All you need to do is to look for the cryptocurrency of your choice and buy some. Expect that fees might be charged when doing this.