While trading in cryptocurrency is definitely risky, there is no reason why you shouldn’t bet or gamble online using cryptocurrency if you’re already dabbling in it.
Did you know that there are online gambling sites that have been accepting cryptocurrencies for payments for years now?
The industry has always been looking for innovative ways to manage payment processing, especially given how expensive the traditional methods have become. Crypto is an excellent solution but is still in its infancy, and many people have only learned about it in the last few months.
Making casino payments in crypto also helps you maintain anonymity online. While online gambling is majorly unregulated in India (and therefore NOT illegal), people hardly want to advertise that they’re doing it online. Well, crypto certainly helps with that.
These are some of the advantages of using cryptocurrencies on online casinos:
- Cryptocurrency is decentralized so no government controls it.
- You can maintain anonymity.
- Has low or no transaction fee.
- Crypto is accepted worldwide.
There are many widely-accepted cryptocurrencies in the market today, with new coins being introduced at a rapid rate. While the online casino industry was one of the earliest adopters of these payment methods, to date, the operators have been focused on adding the most trusted such as Bitcoin, Litecoin, Ethereum, etc.
One of the biggest concerns when making casino payments using crypto is if it’s safe and legal to do so. To this question, we say – yes, it is generally safe (and not illegal) to make crypto payments on online casinos.
But you have to be absolutely sure that the online casino you’ve picked is a trusted brand and operating legally in India (which means it should be owned by a properly licensed offshore company). For this, you can refer to the list of best crypto casinos on MyCasino, a trusted source for online casino reviews for the Indian market.
All in all, we would not recommend using crypto on online casinos if you are not already well-educated about cryptocurrencies in general and are an established crypto investor. For beginners just starting to dabble in cryptocurrencies, we would advise you to stay away from online gambling because you stand double the risk of losing money.
But for people who are crypto enthusiasts and experts, there’s really no reason why you can’t (or shouldn’t) use your crypto money to play some online casino games – as long as you do it on a legit casino site.