Over the last few years, the crypto industry has boomed beyond anyone’s imagination. It’s the thing that everyone is talking about even though not all of them are exactly sure what it is. Interestingly, cryptocurrencies have become a valid method for real money payments in India.
If you’re not aware of the scenario yet but you want to educate yourself and hopefully start using crypto for gambling transactions, you’re in the right place.
Both “crypto” and “cryptocurrency” terms are synonymous all over the world. But let us share a little difference with you. When we say “crypto”, we’re referring to the entire industry and the unique technologies that go into it. And when we say “cryptocurrency”, we’re referring to the tokens you can send, receive, or pay to merchants.
In our post’s context here, cryptocurrency is what we’re talking about. It’s simply a payment method. You may use Bitcoin, Ether, USDT, Dogecoin, XRP (Ripple), and plenty of others. You should find the complete list of offered coins on the banking page of the associated casino.
There’s another paradigm within the same industry and that’s “crypto casinos”. Even a few years ago, when talking about a “crypto casino”, it meant an online casino that accepts cryptocurrencies.
However, a crypto casino now means a casino that runs in a blockchain. Yes, it’s the same blockchain that you hear about all the time from crypto enthusiasts. A blockchain is a decentralized network of users where the users themselves are responsible for executing, validating, and recording a transaction.
No central authority such as the government or any financial institution has any jurisdiction over a blockchain. The reason is simple. Elimination of single point of failures as well as keeping the transactions seamless and quick.
For our guide today, we’re talking about online casinos in India that accept crypto deposits and allow you to withdraw with crypto. The casino may or may not run on a blockchain.
Well, to understand how crypto works, you’ll need to understand how a blockchain works. The first generation of blockchains i.e. the Bitcoin blockchain, for example, was very simple. They generated mathematical problems (blocks) that user nodes solved using processing power from their computers.
When a block is successfully solved, the participant nodes receive Bitcoin as a reward. The coins or tokens are then stored in a special wallet known as the crypto wallet. You can use the keys of the wallet to send Bitcoin to other wallets, receive coins from other people, and pay merchants who accept the coin.
Next-generation blockchains such as Ethereum introduced smart contracts. Instead of blindly trying to solve a block, smart contracts are executed based on pre-set parameters. When the conditions are met by both parties, the contract will only execute then.
Over the years, blockchains have become more efficient and user-friendly. As a result, there are more than 6,500 cryptocurrencies all over the world. While you can’t use all of them for gambling transactions, all major ones are available for this very purpose.
If you’re sold on the idea of using crypto at an online casino, you’ll first need tokens at your fingertips. Where do you get them?
There was a time when you could only “mine” crypto tokens using all the processing power you had. Now, it’s not that hard. There are plenty of reputed crypto exchanges that will sell tokens to you for fiat money.
And to store the coins you buy, you’re going to need a crypto wallet. They are abundant too. All you have to do is download a free crypto wallet from the internet and then visit an exchange to buy as much as you need.
Just make sure that the wallet you’re using supports the crypto token you’re planning to buy. Also, make sure that the casino you’re targeting accepts the crypto you’re buying. It’s more of solving a puzzle than anything.
If you’re not aware yet, the crypto transactions are based on wallet addresses. Each address is unique. Both senders and receivers get unique addresses. Keep it in mind because it’s going to come in handy when you try to deposit.
Just like the deposits, the withdrawals are very seamless at crypto casinos in India. Here are the steps you need to follow.
There are no fees for using cryptocurrencies at online casinos. However, when you buy crypto from an exchange or sell them for fiat money, you’ll need to pay a commission to the exchange. It’s going to vary from exchange to exchange so it’s better if you research a few before deciding.
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Like many aspiring writers, Jarin focuses on bringing life to the text for her readers. She is an avid sports lover, growing up in a family obsessed with bookies. She is an expert in the iGaming niche and has secondary obsessions with Gardening and cooking.