Updated August 5th, 2021 at 12:35 IST
What is Bitcoin Casino & Bitcoin Casino Sites? How it works, is it legal? All details here
Bitcoin is the world's most expensive and popular cryptocurrency. Bitcoins can now be used by players to fund their games on a Bitcoin casino.
- 3 min read
Online casinos have grown in popularity over the last decade. Countries including India now has access to online casino websites. Now, most online casinos accept cryptocurrency as payment and have also kicked off the culture of crypto casinos. With the emergence of Bitcoins as digital money, the online casino culture has also grown. Considering the ease of carrying and transferring Bitcoins, the cryptocurrency gambling sector looks promising for many.
What is Bitcoin?
Bitcoin is the world's most expensive and popular cryptocurrency. Bitcoin is the first-ever cryptocurrency that was ever created and it created the whole industry of cryptocurrency on its own. Today, millions of people around the world are using cryptocurrencies as an investment and trading tool. Bitcoin was started by an unnamed developer who went by the internet name, 'Satoshi Nakamoto', who has become a Godlike figure in the crypto industry. Basically, Bitcoin is a virtual peer to peer currency that people can send to each other without the need for a third-party authority. The coin was created as an alternative to government currencies after the 2008 housing crash in the US, which wiped out billions from their economy.
What is a Bitcoin casino?
The Bitcoin casinos are casinos where cryptocurrencies can be used. Bitcoins are used here by gamblers to fund their games on the websites. Providing the user total control and anonymity, digital currency is being considered the safest form for gambling by many. Most online casinos have similar rules and terms to a regular casino, except the fact that the gambler can bet and win Bitcoins on it.
How does bitcoin casino work?
There are two major types of online Bitcoin casinos namely the Bitcoin-exclusive casinos and the hybrid casinos. As the name suggests, the first one will deal with only cryptocurrencies, that is Bitcoin, while the second one allows traditional currencies as well as digital currencies. In such online casinos, the player can pay and receive his/her payments in Bitcoins. Playing games like poker, roulette, video poker, blackjack and more, the prize won or lost will be paid off online using the cryptocurrency.
For using an online Bitcoin casino, players must first purchase Bitcoins using a regular currency and then create a crypto wallet. Following this, anyone with valid ids can open a gambling account in one of the many online sites. Players can make payments from their digital wallets and start playing any game. While, anonymity remains a great advantage for many online gamblers in such sites, have access to a chance to win extra using the crypto market fluctuations remains attractive. The online crypto casinos also offer exciting bonuses and promotional offers including welcome bonuses to players paving chances to earn big using the sites.
Is Bitcoin casino legal in India?
Currently, there are no laws against Bitcoin in India. As it is a publicly owned and traded currency in most parts of the world, Indians can use various Bitcoin wallets to use Bitcoin casino sites. India had earlier hinted at a potential ban of cryptocurrencies; however, it hasn’t been announced yet. Moreover, the Centre is in plans to present a brand-new crypto bill this year-end. India does not have any laws against online casinos as long as it is regulated and licensed offshore, which most of the popular sites are. Along with popular betting games, Bitcoin casino sites also have a huge presence in India.
Published August 5th, 2021 at 12:35 IST