Virtual currencies, or to be precise, cryptocurrencies, had shook away the world considering the evolution of technology through these all years. There are several cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and others. However, Bitcoin is the most approved and used among the all; also, it is the first ever virtual developed in 2008. Though the virtual currencies had faced and are still facing criticism, it has been accepted broadly across the world. And even India doesn’t lag behind. Many top companies have started accepting cryptocurrencies as a payment option. Cryptocurrency is a digital/virtual currency that can be used to make payments approving it. It is decentralized meaning it is not governed by any banking institute or government and is stored in ledger secured by cryptography making it resistant to any manipulation or fraud. It is based on Blockchain technology.
Cryptocurrency and gambling
Gaming/gambling sector has witnessed a booming growth in the recent past. Advancement in technology has entirely transformed the gaming world with more realistic and enhanced experience to users. And now that even gambling is been approved in many part of the world, technology and gaming has to go hand in hand. We can see a number of online casino websites that allow players to play a range of their favorite games from any corner of the world. Having said this, it shouldn’t be a surprise that even casinos approved bitcoin and other cryptocurrencies as a payment mode for its players. And the key reason for this is the anonymity offered by cryptocurrencies to the gamblers. One can deposit bitcoin, play real money games, and also carry out withdrawals—all of this while staying anonymous.
Some well-known Bitcoin Casino in India
- Lucky days
- Pure Casino,
What do you need to start gambling with Bitcoin?
All you need to do is sign-up in a legit Bitcoin casino and go as per their instructions. However, the most common things would be:
- Set up your casino account.
- Create bitcoin wallet and add bitcoins to it.
- Set Payment mode to Bitcoin.
- And just start playing your favorite games.
What games can be played?
- Slots –5-Reels, 3-Reels, 3D, Progressives
- Video Poker
- Table Games –Roulette, Baccarat, Blackjack, Craps, and so on.
- Specialty Games –Bingo, Keno, and so on.
- Live Dealer Games – Mainly table games like blackjack, roulette, and so on.
Is online gambling legal in India?
Yes. However, earlier the situation was bit complex as according to the law dating back to 1867 Public Gambling Act, most of the gambling activities were banned by the government of India. Though, few of the games that needed skills were exempted from this. Though, this has changed over the years. But no specific norms are being provided by the government; the gambling laws differ from state to state.
Is using bitcoin legal in Indian casinos?
In India, the legitimacy of Bitcoin is quite an argumentative thing. A probation order was been released by the central of the country RBI (Reserve Bank of India), in April 2018, on ant kind of dealing in digital currencies, pertinent to entities governed by the RBI. Though in 2019, a petition was filed challenging the cryptocurrencies’ legitimacy to the Supreme Court of India. Nonetheless, at present, there are about 5 million digital currency users in the country. Though debate is still on, there are no legal charges imposed on people for using virtual currencies for gambling in the country.
Considering the fraud and counterfeit activities taking place across the world, it is obvious that one should always do a background check before signing up into any online casino. Check how much authentic and safe it is to step forward and add bitcoins to it. No casino has been officially licensed by the government in India by far. So one needs to ascertain and take necessary steps to avoid any kind of fraud or that can put their confidential data in threat. And renowned and legal casino will always have a license of the particular government it is functioning in. So, always check the licensing credentials that would be presented on the official site before joining it.
What’s the final say
We cannot deny the fact that Bitcoin and other cryptocurrencies are now widely preferred by many Indian gamblers at online casinos. It is basically the benefits offered by this payment method when compared to others. Also, depositing and withdrawing Bitcoin at casinos are simple and quite fast along with the high security level boosting its usage.