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Beyond Traditional Payments: Exploring Cryptocurrencies in Online Gambling

While there is ready access to online casinos and sportsbooks, a big consideration over which of these to use can boil down to the payment methods that are accepted. Players naturally want to use a preferred method that they already have to hand to fund an account, to avoid complications.

The security of making payments to a casino site is also extremely important. The decentralised cryptocurrency is seen by many as the future of online transactions because of the security that it provides. It has become more mainstream since its inception and there are many different crypto coins available.

Сrypto casinos on BSTcasinos.com check the boxes of convenience and security for payments. But what benefits does crypto have for online gambling and what are the other best alternatives in this area?

Benefits of Crypto Casinos

Cryptocurrency has brought numerous benefits to the world of online gambling,  and one of the key advantages is the heightened level of security. Transactions conducted through blockchain networks are encrypted, ensuring that the information in your crypto wallet is safe, as is any transaction that is initiated.

Additionally, cryptocurrency transactions are known for their speed and efficiency. Unlike traditional payment methods that may involve lengthy processing times, crypto transactions can be completed almost instantly.

So those are the two big elements of online gambling transactions checked off – speed and security. Also, it’s common to find more online crypto casinos than online crypto sportsbooks.

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Disadvantages of Cryptocurrency in Gambling 

Cryptocurrencies in gambling come with a few drawbacks. Firstly, their volatile nature means that their prices can fluctuate dramatically, potentially leading to financial risks for users. The unpredictability of cryptocurrency values makes it challenging for bettors to accurately assess the value of their holdings and plan their wagers accordingly.

Additionally, not all gambling platforms accept cryptocurrencies as a regular payment method. While it is relatively easy to find an online gambling site where you have Skrill, Neteller or PayPal accepted, the widespread acceptance of cryptocurrencies is still limited. However, the situation is gradually changing, and more online casinos are starting to embrace cryptocurrencies as a payment option, especially among newer gambling platforms.

How to Use a Crypto Casino

You will need to have a wallet set up for a popular crypto coin, like Bitcoin, Ethereum or Dogecoin. Check with the betting platform you are looking at to see which coins are accepted.

The crypto casino will then give you their wallet address and you use that in your crypto wallet to send funds over to the online casino. Such transactions can be completed immediately and for a withdrawal, you will just give the casino your wallet address to set up the transaction.

Crypto Assets in India

It is legal to trade cryptocurrencies in India. There is a flat tax rate of 30% which is the base rate across all crypto assets. That’s what an individual would pay for example, for trading, selling or swapping cryptocurrency. The Indian government stated that trading in crypto is not illegal, as it’s treated like winnings from a horse racing bet. That indicates that the government likens crypto trading to sports betting.

In the last few years, there has been a massive leap in the number of Indian cryptocurrency users. It’s well over 400 million, a rise of more than 125 million from numbers posted in 2021. So the rise and popularity, boosted of course by more variety and better accessibility has been staggering.

Conclusion

It is important to note that cryptocurrency is not regulated by the Indian government. This is not uncommon, because you can look at other major online gambling sectors like the UK and see the same picture. Crypto coins, in general, have no comprehensive regulations.

But if the steady rise in popularity of crypto continues, then would it be preferable for governments to start taxing individual transactions under regulation as opposed to banning its usage for online gambling? That’s a discussion for the future and likely, not anything that is going to get resolved anytime soon.

At the moment, crypto casino gambling is possible in India through the use of offshore online casino platforms, and with features like bonuses and cheap payment processing, it’s an area that still faces a lot of growth.

Do check out: Top 10 Most Powerful Android Phones in 2023

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Rahul Roy
Rahul Roy
I am a computer guy by profession and a sports fanatic by choice.
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