Bitcoin Casinos Legalization in India: An Endless Debate
Bitcoin casinos accept payments in bitcoins and make payouts in bitcoins too. Indians have to start looking for bitcoin sites that are open to Indian players.
Overview of Bitcoin casinos in India
Bitcoin trading was not allowed in India. On April 18 2018, RBI had passed a law as per which no dealing was allowed in virtual currencies. This was true for entities under the control of RBI. However, a petition against this order was put up in the Supreme Court of India in 2019. However, despite this, digital currency is heavily used in India, with 5 million users. Those who want to gamble in bitcoin currency can do so on offshore sites.
Is Bitcoin Casinos legal in India?
Well, India has not given any license to online casinos of this country. However, any casino that has obtained a license from any other country and is registered there is open for Indian citizens. So, Indian citizens can gamble in online casinos abroad.
There are, however, many games available in offshore Indian casinos. These games are video poker games with a live dealer such as blackjack and roulette, video poker, and slots. Indian players who use an offshore casino to do bitcoin gambling can also benefit from the feature of Free Play. This allows them to learn the rules of each game before putting any real money at stake.
Bitcoin Casinos in India- Pros and Cons
No tracking: The best advantage of using an offshore bitcoin casino is that your bitcoin transaction cannot be tracked. You don’t have to give out your banking information to the bitcoin casino. All the payments you make are made through your bitcoin wallet address.
Safety of transaction: Bitcoin payments don’t use a third party such as a bank, as in the case of credit card transactions. So, since there is no third party, no one can know what happened between you and the casino.
Unstable value of bitcoin: The value of bitcoin is constantly modifying. There might be a difference in values when you deposited bitcoins and when you withdraw them. This might affect your amount of winnings.
Best Casino BTC Bonuses in India
There are bitcoin casinos that offer a lot of incentives for the players to play for them.
- Fortunejack casino: Once you register with this casino, you get a bitcoin bonus of up to 5 coins. You can also get 250 free spins.
- CloudBet – It offers you 150% of the initial deposit as a match bonus.
Bitcoin Gambling Safety
Gambling with bitcoin has its risks. Its because bitcoin wallet addresses can be hacked, and someone can steal your bitcoins. However, it has faster withdrawal rates. You can withdraw your bitcoin amounts within minutes from a casino. This is because the transactions don’t need the authorization of a third party. Transfer fees are also low in the case of bitcoins.
How to Pick Legit Casinos in India?
A legit casino in India can be picked through a site that has surveyed such sites. Such a casino takes payments in Indian rupees, and they pay bonuses in this currency only. And on top of that, they are accessible throughout the week in India. You must also know that every bitcoin casino taking in Indian players is not legal. So check any online bitcoin casino before reaching it for playing games.
Deposits and Withdrawals at Indian Bitcoin Casinos
Since bitcoin has no connection with a third party, the funds cannot be stopped from withdrawal by a bank. You have to wait 24 hours to make a withdrawal from a bitcoin casino. Some casinos keep your amount in bitcoin or real money. It depends on the bitcoin casino site chosen by you.
The Most Popular Sites in India
- Pure Casino
One thing more, before playing on an Indian bitcoin casino site, make sure that it is secured by an SSL encryption certificate. These certificates make sure that your bitcoin wallet address given to the casino site is completely safe because it’s encoded while transmitting to the casino site computer and then decoded by it.