How cryptocurrency is enabling Indians to place bets anonymously
Cryptocurrencies have been a big talk since the last few years and their popularity is growing by the day. But what exactly is cryptocurrency?
A cryptocurrency is a digital currency that is generated and secured using cryptography. Cryptocurrency transactions are recorded on a so-called blockchain, which is a ledger that is backed by nodes located on distributed servers all over the world. This ensures secure financial transactions, especially transactions which are intended to be anonymous.
A cryptocurrency is generated in the form of tokens or coins without any interference of a central body or bank. The transactions cannot be traced and one cannot spend the currency more than once or counterfeit it using any modern technology.
How cryptocurrency has changed online betting in India
The advent of cryptocurrency in India has changed the online betting landscape.
It has done so by allowing Indians to transfer money anonymously. Cryptocurrency can be transferred anonymously to other people around India or elsewhere in the world, and can even be used to deposit on betting sites.
As such, cryptocurrency has added a layer of anonymity when making transactions which was previously not available in India.
Previously, Indians could attempt to make a deposit on a betting site using their credit card, which would often fail due to the bank not wanting to process the transaction.
You could also try to make a transfer using international e-wallets such as Skrill or Neteller, but this payment method also had your name written all over it, and would often be both expensive, time-consuming and complicated to do.
In recent years, making deposits on international betting sites have been made a lot easier for Indians, who can now deposit using a range of common and convenient payment methods in India such as UPI or Paytm.
But now that Indians can use government-backed payment systems such as UPI, the question of privacy has become even more pressing. Any transfers that a player makes to a betting site can be tracked by both the government, as well as his bank.
However, this issue has been solved with the advent of cryptocurrency in India. Now, Indians can make transactions to betting sites (and other merchants or recipients) in total obscurity. No bank or government is able to track any payments you make using crypto.
This is great news for people who value their privacy. It is therefore no surprise that more and more Indian players are engaging in crypto betting instead of using traditional payment methods.
The reasons are obvious. The anonymous nature of cryptocurrency makes them well suited for payments on online betting sites. With cryptocurrency, it is extremely simple to transfer funds between the two parties without the need for a trusted third party.
More and more betting sites allow you to use crypto currencies like Bitcoin, Litecoin, Dogecoin, Ethereum etc. to deposit money.
Apart from the ability to perform anonymous transactions, there are several other advantages of using cryptocurrency. This payment method is extremely simple, quick and efficient.
Cryptocurrency transactions are safe because the site operator will only have the player’s transaction code, which eliminates the possibility of identity theft.
Payments made using cryptocurrency also attract lower transaction fees, which is another primary reason for the popularity of this payment method in India.
Cryptocurrency payment methods are slowly becoming a universal standard as users are becoming less and less worried about the acceptance and validity of this payment option.
Which betting sites accept cryptocurrency?
While many online betting sites accept cryptocurrency, each site has a very different set of games, features, bonuses and promotions.
Players should review and compare the different betting sites before signing up and placing bets. This can be done using various betting comparison sites, such as MyBetting.in.
Disclaimer: The above-mentioned story is for information purpose only and the viewers are requested to look forward accordingly as TheTechOutlook.com does not take any responsibility of the losses that may occur in further activities of traders and/or buyers.
