Bitcoin Betting Sites in India

The 2nd decade of the 21st century has been the decade of cryptocurrencies. It gained worldwide popularity and even established itself as a mainstream form of payment and investment! While the Indian government doesn’t regulate the crypto industry just yet, the users are many.

The topic of our discussion in this guide is how to bet with Bitcoin in India. We’re isolating Bitcoin from the other cryptos simply because it’s the first of its kind and all other blockchains have been forked from the Bitcoin blockchain. If you’re not familiar with what a blockchain is, we have detailed discussions coming up.

Without any further ado, let’s find out which betting sites accept Bitcoin and how they work.

Before we get into the details of Bitcoin accepted websites in India, we believe it’s only fair that we cover the basics of what it is. By no means is Bitcoin a traditional payment channel as it doesn’t even qualify as a fiat currency.

A “fiat” currency simply refers to the money we use regularly. In this case, Indian Rupee. These currencies are regulated by the government and financial institutions are controlled by it. As a result, fiat currencies are very stable. They’re still susceptible to inflation and political instability across the world but at manageable levels.

Bitcoin, on the other hand, is a “crypto” currency. The fundamental difference between a fiat currency and a cryptocurrency is centralization. Cryptocurrencies are decentralized, meaning there are no central bodies controlling their liquidity or circulation.

While decentralization was necessary to form a true global mode of transactions, it comes with its drawbacks. The primary one is undoubtedly volatility. There’s no way to predict the price fluctuations, known as pump (increase in value) and dump (decrease in value) in the industry.

Drawbacks aside, cryptocurrencies like Bitcoin open new doors for merchants and end users all over the world. Although it took a while for Bitcoin to take off, you can now use it for shopping, online payments, fund transfers, and even as an investment instrument.

If coins flash before your eyes when you hear the term, know that there is no physical existence of Bitcoin or any other crypto tokens. Hence, it’s classified as a “digital” or “virtual” currency.

We know you’re curious about how a cricket betting app Bitcoin works in India. But to know that, you need to know how Bitcoin works in the first place. Remember blockchain? Think of it as a network of independent nodes all over the world.

A blockchain also works as a distributed ledger for all the transactions that take place involving a token. Both the blockchain and the token for Bitcoin is Bitcoin, often stylized as BTC. The Bitcoin blockchain is fairly straightforward. You can only record transactions and mine the tokens.

By “mining”, we’re referring to solving complicated mathematical problems using processing power. The result of solving a “block” or a particular problem is the generation of Bitcoin. The creators of the network capped the total number of Bitcoins to 21 million before it was even functional. Right now, there are over 18 million Bitcoins in circulation.

The thing with blocks is that they keep getting more complex as more tokens are mined. It means the first block and the 21 millionth block will not be the same. Added complexity means more processing power is needed.

As the blockchain uses a “proof of work” consensus method, we’ve seen massive mining firms all over the world. It's simply because the BTC is rewarded to whichever node solves the block first.

If we go by feasibility, you can’t mine any more Bitcoin so the best bet is to buy it with fiat currency. We’ll get to that in a moment.

As for the “distributed ledger” characteristic, every transaction you perform with Bitcoin is listed on the ledger. And it’s public. It means no single person is capable of changing the transaction or intercepting it. Multiple nodes work together to validate it on the blockchain.

Thanks to these features of blockchain technology, cryptocurrencies are currently the safest form of online payment.

Coming to the point of our guide today, how do you bet with Bitcoin? Which betting sites accept Bitcoin? Well, we’ve already shared a list of the best Bitcoin deposit betting site in the beginning. You can pick any of them as they’re all vetted by our experts for reliability.

When you go for betting by Bitcoin, you’re getting multiple benefits over a regular online payment method. The most important one in our opinion is anonymity. Sharing your bank details or credit card numbers with an online betting site can be scary. But when you use Bitcoin betting apps, all you provide is the public address for your crypto wallet.

Another benefit is instant withdrawals. Deposits are largely instant in online betting sites regardless of what payment method you use. But fiat currency withdrawals almost always come with 24 to 48 hours of pending time. Going for betting by Bitcoin, you bring the time down to a few minutes!

At the time of writing this guide, the number of cricket betting app Bitcoin enabled, is very limited. Thankfully, crypto awareness is spreading like wildfire all over the world, including India. We can hope to see more betting site Bitcoin in no time!

If you’re not familiar with the crypto industry, it’s completely normal to be intimidated by the thought of getting Bitcoin. Where do you find it? No banks surely deal in those, right?

The simple answer is a crypto exchange. These are platforms that deal with cryptocurrencies all over the world. You can use traditional banking channels to buy and sell crypto according to the current market price.

Follow the steps below to get your hands on some BTC tokens before you can bet on sports with Bitcoin.

1. Choose a crypto wallet first. The internet is literally saturated with wallet options. But as a newcomer, you may stick to Coinbase, Metamask, or Trezor. These are the most reputed ones and offer excellent security for your digital assets.
2. Choose a crypto exchange that you can use from India. All the big players like Binance and Coinbase have huge operations in the country and allow you to use INR. The registration process is similar to registering for any other online platform. You provide your information including the email address and get started.
3. The first thing you need to do after your exchange account is ready is connect the crypto wallet. The option should be on the home interface. Once the wallet is connected, you can visit the marketplace and buy the token you need.
4. In this case, we’re buying Bitcoin. It’s safe to assume that Bitcoin is the first token listed across all exchanges. You should also see the current price in INR. Just buy however much you plan to spend on cricket Bitcoin betting. You can even do wallet to wallet transfer skrill to bitcoin if you don’t wish to buy BTC.
5. The great thing is that you don’t have to buy whole BTC tokens anymore as the price has skyrocketed. You can buy as little as 0.00000001 BTC, known as 1 Satoshi.
6. Once the transaction completes, the BTC should show up in your crypto wallet right away.

After you get the necessary Bitcoin tokens in your wallet, it’s time to deposit them in your cricket Bitcoin site account. While the process follows the same approach, the path is a little different from other payment methods.

Follow the steps below to get the BTC tokens from your crypto wallet to your betting account.

1. Log in to your sportsbook account. If you’re yet to register in one, do that first. Just choose any of the Bitcoin gambling sites we’ve listed.
2. Visit the banking page. It can also be labeled as a cashier or deposit page.
3. Choose Bitcoin from the list.
4. Enter the amount of BTC you want to deposit and click next.
5. Now, for the actual Bitcoin deposit betting site will give you a wallet address. Or, it can automatically trigger the interface from your crypto wallet. It varies from operator to operator.
6. Send the BTC to the sportsbook’s wallet. The transaction shouldn’t take any more than a few minutes.

Once you have the BTC in your Bitcoin cricket betting account, it must feel awesome! You can now wager on real sports outcomes and win even more BTC! When that happens, you’ll want to withdraw them from your betting account.

Let’s learn how to do that.

1. The Bitcoin withdrawal process is more or less the same as the deposit process. Instead of the operator’s wallet address, you’ll need to deal with your crypto wallet address.
2. Log in to your account and visit the banking page just like the deposit phase. Choose Bitcoin from the offered list of withdrawal methods.
3. Enter the amount you want to withdraw.
4. Enter your crypto wallet’s address.
5. The tokens should show up in your crypto wallet within 5 to 10 minutes. It’s the time the independent nodes take to record this transaction on the blockchain and validate it. It means the time can vary based on the blockchain load.