What the heck is a bitcoin? And how do you use these bitcoins to gamble online from India, or anywhere else in the world?
With this article we intend to teach you what bitcoin is, how you can buy bitcoin and how to use them to bet and gamble online.
What is Bitcoin?
Bitcoin is a digital currency – also referred to as virtual or cryptocurrency. They’re created as a reward for payment processing work. Whenever a (bitcoin) transaction takes place, it’s recorded in a public ledger. People use sophisticated computers and software to do this – and for every transaction they’re rewarded with
25 12 new bitcoins (it was reduced after the halving).
There are 12 bitcoins to a ‘block.’ A new block is made every 10 minutes, and it’s estimated that bitcoins will be ‘mined’ until halfway through the next century (2150 – about 21 million bitcoins).
That’s the gist of it. The ‘mining’ rabbit hole goes much deeper than that, too.
Are Bitcoins Anything Like The Dollar?
A little bit.
They’re like the dollar in that their value increases and decreases based on supply and demand. Just a couple of years ago they weren’t worth more than $30. Then there was a short period where the value skyrocketed to more than $1,000. By the time the dust settled, each bitcoin was worth between $500 and $600.
And like the dollar you can send or receive them, and use them to pay for services and products. You can use bitcoins to pay for things like web hosting, pizza and gambling.
Bitcoins aren’t backed by any tangible asset either – just like the dollar today.
But bitcoins are different than the dollar in a few ways, too.
For one, they’re not backed or supported by any state or government. So no one has to accept bitcoins as payment. That’s one element that creates a supply/demand scenario for the dollar.
Bitcoin transactions are also anonymous. This creates a problem for the government as they’d like you to pay taxes on money earned buying, selling or investing in them.
And transactions are final too – you can’t reverse them. This creates a winning scenario for businesses that accept them. They don’t have to worry about charge backs.
Getting Your Hands on Bitcoin
Getting bitcoin is done much the same way that you would acquire any other currency: you buy bitcoin using rupee, dollar, franc, peso, etc. All you need to get started is a bitcoin wallet. This is no different than an e-wallet, like PayPal, Neteller or Skrill.
One example of a wallet is Blockchain. You can create an account and now you can use your wallet to hold or make payments with your bitcoin. Blockchain has recently opened up the possibility for you to purchase bitcoin directly through their wallet. This is in partnership with Coinify.
If you prefer to handle the buying and selling of bitcoin yourself there are many different places that you can go visit to acquire bitcoin.
If you want to swiftly buy bitcoin that you can fund your account with, we recommend Indacoin. Here you don't even need to create an account. Simply fill in how many bitcoin (BTC) you want to pay, your payment details and the bitcoin address you want the money sent to. That is it!
Note you will not be able to buy high amounts the first time you do this. There is a grace period for your credit card, but the limits will increase as time passes. Also be aware that the margins on buying bitcoins here are very high, so only use this as a last resort to buying bitcoins in our opinion.
An alternative you can use to buy bitcoins is LocalBitcoins.com. Here you will often find better prices, local buyers and sellers, and you can deal with those you prefer, usually with less fees as well.
To make purchases you’ll have a bitcoin address. This is a combination of numbers and lower/uppercase letters unique to each coin. You can either punch these numbers in, or scan them using a QR code.
Because each transaction is non-reversible and recorded manually, it can take a few minutes up to a couple of hours for a payment to go through.
One way you can get your hands on bitcoins is to mine them. I briefly described that process above. But it’s far too complicated and outside the scope of this page to explain it further. If that’s something you’re interested in, I recommend reading this PDF: https://bitcoin.org/bitcoin.pdf
Using Bitcoin to Gamble Online
There are several online betting sites that allows you to deposit to them using bitcoin, and in the table below you will find which sites we would recommend you use.
Best Betting Sites That Accept Bitcoin
There are plenty of benefits to using Bitcoin to gamble online:
- It gives you another deposit option. For some countries, like America, there are few options that players can use. And most of those are a pain.
- It gives you more site options.
- It gives you a legal workaround. Using the US as an example – what makes online gambling hard is that processing transactions is illegal. So even if (online) gambling isn’t illegal in a specific state, it’s too hard to make a deposit. Bitcoins don’t fall under those laws (to our understanding), so you’re not technically doing anything illegal.
- Withdrawals are fast. You can expect to see your winnings in no more than a couple of days, and they can be in your wallet in as soon as 20 minutes.
And even if you’re not in a country that makes gambling online a pain in the butt, you can still benefit from the fast withdrawals and low fees.
Getting started is simple too.
From my experience many rooms will not ask for any personal information. All you’ll have to do is create a username and password.
From here you’ll want to make a deposit. Just head to the cashier, enter your bitcoin address and click submit. Or scan the QR code.
Everything else will be pretty much the same.
- You can play or bet on all the same games – cricket, basketball, blackjack, poker and slots.
- Many bitcoin sites offer match deposit bonuses, VIP programs and cash back.
One thing I did notice that’s different is that your bitcoin will often be converted into ‘chips.’ Then each tournament, game or sport you bet on will require ‘x’ chips.
Other than that, everything will be the same. It’s just the currency you’re banking with – and it’s benefits – that are different.