Last Updated on 03-10-2022
Fact checked by: Ella Miller
Bitcoins are the most well-known form of cryptocurrency worldwide, and are now being used for online gambling as well. An e-wallet alternative for online transactions, Bitcoin has undergone a huge surge in popularity among those exploring online betting, and so you can expect quite a few Best Betting Sites with Bitcoins in India in the current age, including Sports Betting Sites with Bitcoins. If you are interested in putting your cryptocurrency on stake, then you will find ample Bookmakers with Bitcoins on the net.
Before you look for an Online Bookmaker with Bitcoin, it is crucial that you are acquainted with the necessary steps of paying with Bitcoin. Most Bitcoin wallets follow a simple process payment process described below:
Bitcoins have no physical existence and are limited to the virtual realm; each transaction has to be verified on cryptically secure public ledgers called “blockchains.” Each Bitcoin transaction (BTC) has to go through a set of six standardized confirmations before it is complete. The transaction time is influenced by the load on the Bitcoin network and the transaction fees; a higher pressure on the system means more transaction time, and payment of higher transaction fees puts your transaction on the priority list of miners.
As a result, BTCs do not occur instantaneously. If your transaction is slated as a priority, miners will take an average of 10 minutes to mine a block, and your transaction will be confirmed in an hour on average on the Best Betting Sites with Bitcoins in India However, transaction confirmations can take anywhere between 30 minutes to more than 16 hours on few Sports Betting Sites with Bitcoins.
In light of the fact that the confirmation of BTCs is factor dependent, a minimum of 60 minutes or longer will be needed to transfer Bitcoins to a wallet. It is best to consult your bookmaker to know the precise time of a BTC since the processing time of the transaction is bound to vary with each Online Bookmaker with Bitcoin. Payouts can take anywhere from a few minutes to 24 hours. If it takes longer than that, you should contact the customer support of the operator.
To create a Bitcoin account there is a hassle-free verification process that you have to go through.
The Bitcoin journey has been a turbulent one throughout its timeline.
Despite all the shortcomings and initial dealings in illegal activities, Bitcoin has been continuously growing and is resilient to the present day. Neither is it a monetary unit issued by any country, nor does it have any tangible value. Although Bitcoin’s current price may be in bubble territory, it has been on a continuous rise and is widely used by merchants and individuals across the globe.
Bookmakers with Bitcoins are not the only players on stage. A number of other e-wallet options are available with online sportsbooks. So what sets Bitcoin wallets apart? Here are some of its unique benefits:
Whether you are a regular user or a newbie, an obvious question that will come to your mind is: is Bitcoin a secure and legitimate payment method? The answer is yes. Even though security has been a fundamental issue since the establishment of Bitcoin, thanks to the blockchain technology that supports it, Bitcoin is quite challenging to hack. As Bitcoin users regularly review the blockchain, it is very unlikely that hackers will gain access to it. Being a decentralized digital currency, it is not overseen by any government or bank.
Bitcoin secures transactions by employing cryptography, and these transactions are recorded in the blockchain, which is nothing but a digital ledger. Bitcoins are stored in e-wallets and are exchanged via digital currency exchanges. During the transaction process, two-factor authentication is employed as a security check. Bitcoin uses public key cryptography to ensure authorization; private keys are assigned to the Bitcoin users, which can be used to make transactions. The private keys are incredibly complicated that essentially keep them beyond the scope of hackers and thus making Bitcoin a safe and secure transaction gateway, especially for online gambling.
Answer: It is up to the operators whether they will require you to use the same payment method for deposits and withdrawals. However, most of the operators do make it necessary to use the same deposit and withdrawal method in order to avoid hassles of double verification.
Answer: There could be several legitimate reasons why an operator blocks your account. Most often, the payment operators will ban or block an account if they find that the account is used for fraudulent or suspicious activities. Your account may also be blocked if you do not complete the verification process within the stipulated time limit, or the details you provide during the verification procedure are not authentic or if you are a minor.
Answer: It is entirely dependent on the operator and their bonus policies on which payment modes will get you a bonus. Many operators exclude e-wallet payments from being eligible for bonuses. However, if you go through the various operators, you will find that a good number of Sports Betting Sites with Bitcoins offer bonuses on payments made with cryptocurrencies. This differs with each betting site, and it is best that you consult your respective operator before claiming any bonus.
Answer: Yes, of course! If your gambling winnings are getting collected in Bitcoin, it will be transferred to your wallet. In case you are using a crypto-wallet service provider, you can exchange your Bitcoins into a currency they support.
There are many payment methods available for online gambling, such as depositing with an Skrill, Paypal, Ecopayz, Bank transfer and Neteller, however, bitcoin supporters can always go for Best Betting Sites with Bitcoins in India. Cryptocurrency has changed the landscape of online gambling. More and more online gambling operators are including Bitcoin into their payment platform, and why not?
Bitcoin’s decentralized nature, lower transaction fees, and super secure payment interface using blockchain technology have made it popular among gamblers worldwide. There is no bank, government, or any other authority to serve as middlemen, and what you get is a seamless transaction while keeping your identity safe and private. Bitcoins are governed and operated by coders and a large global computer network, making it a safe alternative to most other digital payment methods. Despite being labeled as a “financial bubble” by many critics in the global financial industry, Bitcoin has been and will continue to be a widely accepted and reliable payment method for many Best Betting Sites with Bitcoins in India.