Blockchain technology was touted as a revolutionary technology. One of its biggest applications was the creation of cryptocurrencies with Bitcoin leading the way. Sadly, cryptocurrencies have a lot of issues and Bitcoin has not been taken up as well as most experts predicted. It is not all bad news though, because Bitcoin has found a home in the world of online casinos. This is mainly because it is anonymous and very secure. For these reasons, a lot of casinos in India accept the currency. The question that most people might be asking then is, is it still worth it to use Bitcoin at online casinos?
What Are Bitcoin Casinos?
The term “Bitcoin Casino” is relatively new, but it is a term that is used to describe all casinos that accept Bitcoin as a way to deposit money into and withdraw money from player accounts. They accept this type of payment because it is not tied to any banks or governments and is just governed by market forces. Bitcoin (BTC) operates at a peer-to-peer level meaning that it can only be sent between different users.
Although some casinos accept bitcoin exclusively, there are hybrid casinos that accept bitcoin in addition to other currencies such as Indian rupees, euros and dollars.
Advantages and Disadvantages of Using Bitcoin in India
The biggest advantage of depositing and withdrawing cash using BTC is that it is relatively easy and fast. The only caveat here is that you might have to go through an exchange to exchange your Indian Rupees into BTC. These exchanges will usually take a small cut from the amount you would like to exchange. There are lots of them online and you can find one easily with a simple search.
Casinos such as NetBet also prefer BTC because it is very secure. It is almost impossible to know who is sending money from where since Blockchain, the technology that supports Bitcoin, is decentralised. Because of this, BTC offers unprecedented security and privacy for those who would not like others to know that they play casino games online.
The security and anonymity that BTC offers also comes in very handy for Indian players who would not like to clash with the law. The gambling laws in India are very complex and players might get into trouble without knowing how or why. These players can deposit, withdraw and play games using their money with complete anonymity and privacy.
Even with all the advantages the use of BTC offers, it is not widely accepted by Indian casinos. Casino owners have not yet fully embraced the use of Bitcoin which accounts for its low adoption rate. The other disadvantage is that there are so many online Bitcoin scams going on at any one time. It starts at the exchanges and permeates to the casinos. Some exchanges will take your Indian rupees and will never send you the Bitcoin you requested. Some casinos also run similar scams. It is therefore important that you vet every casino before sending them your BTC.
Keeping Yourself Safe
Every casino website has to be secure. This can be verified by checking their SSL certificate. All you have to do is check to see if they have a green padlock on the address bar. If the padlock is there, click on it to see who the issuing authority of their SSL certificate it. If it is a legitimate issuer, you can rest easy in knowing that the website is safe and secure.
If you cannot do this, you can install a browser that has internal protections. Browsers such as Google Chrome and Firefox have internal checks that let you know if a website is secure and legitimate.
Also, always do your research before settling on a casino. There is a lot of value to be derived from talking to other people who may have played on the casinos you are considering.
Lastly, check their licensing. Legitimate BTC casinos usually display all their registration and license information on their website so that people can see they are genuine. If you cannot find this information on the website easily, it would be best to be cautious and choose another online casino.
Playing at online casinos using Bitcoin in India has its ups and downs. That said, the advantages far outweigh the risks if you take the necessary precautions.