How Cryptocurrency Enables Online Gambling in India?
Online gambling (or the act of using an online casino) used to be a very complicated thing to do in India, as well as in many parts throughout the world.
The unclear legal situation of online gambling meant that banks were unwilling to process gambling-related transactions, leaving players unable to deposit and withdraw money from their favorite gambling sites.
It wasn’t because online gambling was illegal per se. It was more the fact that the whole legal landscape of online gambling in India was so hard to decipher, that banks simply didn’t wanna deal with it, for fear of running into judicial problems with the government of India.
However, since then, the invention and the more recent propagation of cryptocurrencies has enabled Indians far and wide to start gambling online without involving the banks at all. So how does it work?
Cryptocurrency cuts out the middleman
One of the most revolutionary aspects of crypto is that it enables users to send and receive value (read: crypto) without involving any middleman, such as a bank.
If you and I both have a cryptocurrency wallet, I can send you funds from my wallet, and the blockchain will validate and approve the transaction sans human interaction. It is both fast, secure, and reliable.
This means that as a gambling-curious crypto user, all I have to do is find an online casino that accepts cryptocurrency deposits, set up an account and then send my crypto to the casino. No banking necessary.
A word of caution: it’s important to remember that there are both legitimate and fake crypto online casinos floating around on the internet. To ensure that you join a legit casino, make sure you consult the list of trusted real money online casinos on MyCasino.in.
After joining an online crypto casino, your next step is to send some crypto to your new casino account. If you’re not already a crypto user, the main question on your mind is probably how to get started?
How to Get Started
Before you can deposit money into your favorite online casino, you need to get your hands on some of that crypto.
There’s so much information out there, so here we will just give you a simple guide to sum up the best practises on how to get started.
The first thing to do is download a crypto wallet. This is where you store your crypto. We recommend opening up the app store and downloading Trust Wallet. It’s a good and reliable crypto wallet.
Next up, you need to buy some crypto. But don’t buy it directly from the wallet. It will be too expensive.
Instead, you’re better off using an exchange such as WazirX if you’re in India.
Send money to your WazirX account using UPI or bank transfer for example. Then buy your crypto and send it to your Trust Wallet.
When that is done, open up your casino account and get the wallet address of the casino in question. Then head back to your Trust Wallet and make a transfer to that same wallet address.
Then your crypto funds should arrive in your casino account, usually within a couple of minutes, all without the use of any middleman.
Using cryptocurrency is, therefore, the fastest, most secure, and most anonymous way of depositing and withdrawing funds to an online casino site.