Bitcoin is a mobile currency (digital currency) that has revolutionized online payment systems. The currency is relatively new; the near-mythical Satoshi Nakamoto created it back in 2009. Since then, Bitcoin has evolved to become the most popular cryptocurrency in the market.
The gambling industry was among the first industries to accept Bitcoin transactions. Bitcoin was welcomed into the industry because it proved beneficial in five key areas:
- Transaction speed
- Transaction Fees
- Immune to Restrictive Regulation
Bitcoin is a peer-to-peer transaction system. This means that only the seller and buyer are involved in any given transaction. Peer-to-peer transactions effectively cut out the middleman entities like banks.
Processing time reduces with the removal of third-party involvement. Independent of a processing entity, funds are received by the seller, almost immediately, after the buyer releases them. For online casinos, this means that players don’t have to wait for days before money sent to the casino is updated into their respective profiles.
A low transaction fee is another consequence of cutting out the middle man from a transaction process. A processing entity always charges a fee for the processing service they offer buyers and sellers.
On average, typical transactions incur a fee of about 4% of the value of goods or services. For gamblers, that means that you may lose 4% of your winnings to processing fees.
Bitcoin transactions typically cost you just under ₹285. That’s the same fee usually charged for a ₹7,142 purchase on your credit card.
Bitcoin is entirely paperless. You don’t have to verify your identification, address, or divulge sensitive private information when registering for a Bitcoin wallet. Couple this with the fact that transactions are peer-to-peer, and you have yourself a fully anonymous deal.
For online gamblers, two things top the list of their expectations from their preferred casinos:
- That the casino is transparent and trustworthy
- That their private information is safe
Bitcoin transactions guarantee the privacy of your transactions. No third party has any access to or control over what you do.
The fact that Bitcoin transactions are third-party independent enhances their security. Third-party access provides a gateway through which a hacker may access your details.
Think of a typical bank. A hacker could access your funds and information if they hacked into the bank’s system. There’s no risk of this ever happening where Bitcoin transactions are concerned. Only the buyer and seller have access to a transaction.
Immune to Restrictive Regulation
Bitcoin is a decentralized transaction system. That means that it operates independently of any single economy or regulation. It’s immune to prevailing law.
This is good news for an online gambler. With BTC, there’s no way that a change in gambling regulation could keep you from accessing your winnings.
The All India Gaming Federation (AIGF) has always approached political parties in a bid to pass regulation on online gambling in India. If a law similar to the US Unlawful Internet Gambling Enforcement Act (UIGEA) were to be passed in India, gamblers using Bitcoin would be unaffected.
The UIGEA law is designed to discourage financial institutions from processing winnings. Where winnings are in Bitcoins, the law is effectively circumvented.
That said, you must put four things in order before using Bitcoins on online casinos:
- Buy bitcoins
- Find good storage
- Understand bitcoin’s fluctuations
- Find casinos accepting bitcoin
Buy the cryptocurrency from a credible exchange. While buying Bitcoins, remember that not all financial institutions allow cryptocurrency purchases.
Good storage (BTC) wallet
Bitcoin wallets allow you access to your purchased Bitcoin. You get a public key with which to receive BTC (Bitcoin) and a private key with which to send the BTC.
Bitcoin is highly volatile. BTC value is famous for taking huge swings. Sometimes the swings are as high as 20% in a single day. If the swing increases the value of your coin, you win; otherwise, you lose.
Find casinos accepting bitcoin
Not all casinos accept Bitcoin. The hunt for a Bitcoin casino should be treated like any other hunt for a gambling station, with utmost care.
The best way to do this is to find a trustworthy casino review site that also runs a reputable casino complaint service. This way, you not only learn which casino accepts BTC, but you also get to know what to expect from each option.
Many reputed online casino gaming review sites use automated casino rank algorithms to rank India’s most popular online casinos. Check these sites to ensure that you’re playing on authentic websites.
That said, please do gamble responsibly!