Cryptocurrencies have come a long way since their first inception. What started as a niche concept in a small community has since expanded into a global market! While we would not yet call these virtual currencies mainstream, they are rising in popularity incredibly quickly. It has gotten to the point where many online casinos have begun accepting deposits and withdrawals with cryptocurrencies.
For Indian players, there are numerous advantages to using these funds. They offer you a lot more privacy than other available payment methods. Another great thing about cryptocurrencies is that they allow you to get around government gambling transaction restrictions. We will go through a few of the most popular currencies used by casinos and players.
As far as cryptocurrencies go, you do not beat Bitcoin. It was the first to arrive on the market and existed as an idea all the way back in 1998. However, the concept would not turn into reality all the way until 2009. This is when Bitcoin software first saw the light of day. It was designed to be a virtual currency with no central oversight. Instead, all Bitcoin users keep each other honest through a public ledger.
The ledger contains information on every transaction ever processed using Bitcoin. All Bitcoin users can check this ledger, which allows computers to validate each transaction. All payments are protected using digital signatures, which verifies that the right people are sending and receiving money. All of this is done in the background, so for standard users, it is incredibly easy to use!
Fundamentally, Bitcoin serves the role of transferring payments. It has no greater ambitions than this, and such an approach works for it. However, other people look at cryptocurrencies and see a much bigger potential. That was the idea behind Ethereum: to build different digital assets and create a marketplace. Apps, games and financial services, all using the same blockchain technology that powers Bitcoin.
Ethereum clearly succeeded in their goal. Their innovative vision makes them the second-largest cryptocurrency in the world! For this reason, almost any online casino that supports Bitcoin also allows Ethereum deposits and withdrawals.
Litecoin first appeared as a response to Bitcoin’s incredibly high price. As the first cryptocurrency, Bitcoin enjoyed a fair amount of attention. The attention that translated to many interested buyers and miners! This meant that the price of Bitcoin was quite high at one point. It got to the point it was out of reach of the everyday person on the internet. Litecoin arose to fill that void.
Unlike Ethereum, this cryptocurrency does not have any grand plans. Instead, it styles itself as an improved version of Bitcoin. Their blockchain technology is capable of handling higher transaction volumes than its counterpart. It has also become a community darling thanks to its open-source software, which allows independent verification of the code.
Another ambitious cryptocurrency undertaking is Tron. Like its predecessors, it was built around the idea of being a decentralized blockchain platform. It supports many of the same ideas Ethereum has built into itself. Unlike our previously mentioned cryptocurrencies, Tron uses Super Representatives as bookkeepers on their network. Super Representatives are elected by the community and co-govern the network alongside the Tron community and Tron Foundation.
Tron offers three different tokens. TRX or TRONIX is the primary token. It is the backbone that connects the entire Tron ecosystem. It also gives you voting rights, allowing you to elect Super Representatives. Other coins include BitTorrent Token (BTT) and USDT. USDT is pegged to the US dollar, which gives it a more or less fixed value.
For most of the cryptocurrencies we mentioned, you have to purchase the coins from sellers. Some e-wallet services will allow you to buy these coins through them. However, we advise buying directly from trusted international websites like Coinbase. Once you purchase your cryptocurrency of choice, it will be stored on your digital wallet.
When you sign up to an online casino and want to make a deposit, you use that wallet. Thanks to the blockchain technology used by all cryptocurrencies, the transaction is secure and private! It has quite a few advantages for Indian players. Do you plan to spice up your world of Online Casino, Online Gambling & Variations with crypto? If so, any of the aforementioned currencies will do the trick.