Gambling in India has always been a complicated subject, especially when it comes to its legality. The 1867 Public Gaming Act is the only general law that applies to gambling in the country. This law bans any form of gambling activity and prohibits anyone from running a gambling house. Another reason for the confusion surrounding the legality of gambling in India is that some provisions within the Gambling Act distinguish between ‘games of luck’ and ‘games of skill.’ Punters in the country are allowed to gamble only on games of skills. However, there is a lot of bias when it comes to determining if a game requires skills or luck.
Today, gambling laws in India are determined by individual states. Certain states such as Sikkim, Goa, and Daman permit the operation of land-based and online casinos, which are heavily prohibited in many other states. Despite the lack of clarity in Indian gambling laws, the rate of online gambling in the country has been on the rise in the past few years. This is because Indian laws only ban gambling activities within the country and do not mention anything about offshore gambling websites. These offshore websites give Indians access to gamble on various casino games from the comfort of their homes using their mobile devices.
Bitcoin gambling is one of the major trends of the gambling sector. It involves using bitcoin as a currency in gambling on your favorite casino games. In this article, we will explore the details of bitcoin gambling and its possibilities.
What is bitcoin gambling?
The last few years have witnessed a massive growth in the advancement of cryptocurrency. You can easily see this as the global market is filled with various digital currencies, with new ones added every day. Bitcoin is crypto’s first and leading digital coin – it was created in 2009 but started gaining ground in the global market in 2017. Bitcoin’s rise in 2017 opened the doors for its exploration by several industries and businesses – one of which is online gambling.
Bitcoin gambling refers to gambling using bitcoin. In the past, online casinos accepted only FIAT currencies as means of payment. However, this has changed entirely as reports show that up to 60% of global bitcoin trades are from online casinos and betting sites. Today, more casino games are being created for the sole purpose of bitcoin gambling. Also, online casinos that accept only bitcoin as their payment option are fast emerging.
How does it work?
Like every other cryptocurrency transaction, bitcoin gambling is found on blockchain technology. Blockchain is a decentralized technology that records and distributes crypto transactions so that they can’t be hacked or altered. Thus, you can be sure that your data is highly secured. This technology also ensures anonymity when transactions are made.
Online casinos that accept only cryptocurrency require that you fund a game with bitcoin directly from an e-wallet. You also get paid with bitcoin in the same wallet when you win.
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Why is it getting more popular?
The popularity of bitcoin gambling is increasing daily because of its numerous advantages. Here are some ways by which bitcoin is fast changing the face of online gambling:
Speed and convenience
Gambling with bitcoin makes withdrawals and deposits extremely simple and hassle-free – this comes in handy in countries that do not support gambling. Since it is a decentralized technology, transactions on bitcoin casinos do not require authentication by any third party; thus, they are extremely fast. Also, these transactions are totally free or almost free, unlike conventional casinos. This is because digital currency transactions do not incur additional charges and costs.
Security
One of the essential factors gamblers consider before choosing an online casino is the safety of their deposits and winnings. Bitcoin seems to be the most secure means of withdrawal and payment in online casinos as it operates on blockchain – a database that cannot be modified or hacked. Every transaction on a bitcoin casino is 100% encrypted and can’t be easily manipulated.
Anonymity
Anonymity is one of the primary reasons why bitcoin gambling is thriving, as many gamblers prefer to keep their identity hidden and secure. Gambling with bitcoin is the ultimate provision for anonymity in the gambling market as it does not require your personal or bank information. All you need to provide for all deposit and withdrawal transactions are a unique wallet address. This serves as an opportunity for people whose countries do not allow online gambling transactions.
Tips for bitcoin gambling
Here are some tips for successful online gambling:
- Find a licensed and reliable betting site
- Understand how Bitcoin works
- Use a secure and trustworthy crypto wallet
- Get familiar with crypto and gambling local laws in your country
- Gamble responsibly always
Parimatch is one of the best online casinos that provide high-quality bitcoin gambling services. With Parimatch, you can be assured of having a fast, secured and easy experience gambling on your favorite casino games with Bitcoin.
Conclusion
Seeing the benefits discussed above, it is glaring that Bitcoin gambling has invaded the online market and has come to stay. Data from experts show that many more casinos will accept Bitcoin as their payment method in the coming years as more punters will prefer it over the conventional gambling method. Visit Parimatch today for the best Bitcoin gambling experience.