Bitcoin has come far from its humble roots. It was the world’s first cryptocurrency. And while it went through many highs and lows, it has undoubtedly been successful! It, and several other cryptocurrencies, are becoming more frequent in online casinos. Every day, we see more websites offering support for Bitcoin. And yes, that includes casinos aimed at players from India!
Of course, it’s not all straight-forward. Before you can start playing with Bitcoin, you must meet some requirements. You have to first buy some Bitcoins. You also must check whether the casino supports the cryptocurrency. And finally, there’s also the legal situation of cryptocurrencies in India to consider. All of these aspects play a role in whether or not you’ll adopt Bitcoin as your favourite payment method.
Before you buy Bitcoin, it’s important to be informed about how it works exactly. Bitcoins don’t work like credit cards or cash. The money you have isn’t guaranteed by any government; it’s all digital. In some countries, you can purchase Bitcoin with your account balance. But due to laws currently active in India, you cannot do so.
Instead, punters will have to buy off of international websites, or peer-to-peer sellers. You can do so directly, or through an e-wallet if you’re already registered with one. We recommend going the e-wallet route. If you followed our online casino payment method guide, you’ll know which ones we recommend. Buying Bitcoin yourself means you have to trust the seller. It’s not a big risk. But why risk it in the first place?
Naturally, your next step is to confirm that the casino you’re interested in supports Bitcoin. Not all websites do. Bitcoin, like many other cryptocurrencies, has a tendency to fluctuate in value. As a result, plenty of online casinos usually don’t want the hassle. In fact, support for crypto like Bitcoin to be used for deposits and withdrawals is relatively new.
This is just one more thing you have to keep track of when choosing an online casino. Even if they support Bitcoin, they usually won’t do it in the same manner. Some websites accept Bitcoin deposits but immediately convert it to real funds. Other casinos allow you to deposit, play and withdraw in Bitcoin. It varies from website to website. So make sure to check in detail before registering an account!
Sadly, this is a question without an easy answer. The Reserve Bank of India has, on multiple occasions, warned against investing into crypto. The arguments from the RBI’s side makes sense. With no physical backing to the currency, it is prone to crashing and losing tons of value. These repeated warnings culminated in a government ban on paying for cryptocurrencies like Bitcoin using Indian banks in April 2018.
You’ll notice that the ban applies to banks allowing players to purchase crypto directly. The restriction doesn’t stop people from owning Bitcoin. Nor did we ever see anyone punished for purchasing and owning cryptocurrencies. At the time of us writing this article, the situation remains unchanged. It’s more difficult to buy Bitcoin, but it’s not illegal to play with it.
The whole thing is quite similar to online gambling in India as a whole. Financial institutions aren’t allowed to process such transactions. But there’s no limit on players using their bank funds to fill their e-wallet balance, and then playing that way. This is another reason why we suggest buying Bitcoin via e-wallet. You save yourself a big headache compared to trying to purchasing crypto via a bank.
Once you put it all together, a question naturally arises. Is playing online casinos with Bitcoin worth it? From a convenience standpoint, not really. Transactions via Bitcoin are fast and secure. But so are payment made using trusted e-wallets. For the most casual Indian Casino Club readers, Bitcoin is not worth considering. Not yet, at the very least.
It’s a different story for cryptocurrency enthusiasts, however. Bitcoin has become as popular as it has because people wanted the benefit of anonymous online payments. The privacy and security they offer are worth more than the inconvenience it poses to buy crypto. If you already use Bitcoin, then there’s no reason not to use it to indulge your favourite hobby.