There is no cryptocurrency more well-known or accepted than bitcoin. Some of the best cricket betting sites in India allow for bitcoin payments, and these have taken the world by storm in recent years by offering instant transactions and total anonymity.
Top 10 Bitcoin Betting Sites 2021
Best Bitcoin Betting Sites 2021
- Pinnacle Sports
What is Bitcoin?
Bitcoin is the world’s first cryptocurrency and a unique way to make anonymous transactions at bitcoin betting sites in India. Cryptocurrencies are a digital form of currency that is free from government interference or regulations. The currency is forged on a network of trust built into its leveraging of blockchain technology to securely verify every single transaction, quickly and irrefutably.
You don’t need to know the real technical bits. Bitcoin is essentially an incredibly valuable, virtual currency that is accepted by many bitcoin betting sites in India.
Is Bitcoin Safe?
To begin, bitcoin betting sites encrypt user data with either industry standard, 128-bit SSL encryption, or 256-bit SSL encryption. Security risks and instances of fraud are severely reduced with bitcoin when compared to any other payment method.
Bitcoin transactions themselves are also highly secure. Transactions are recorded on an irrefutable ledger that is permanent and cannot be altered. So, yes, bitcoin is very safe and bitcoin betting sites are highly secure too!
How to Create a Bitcoin Account
Like how you must go into a bank to open a savings account, you need an account to buy, sell, and store cryptocurrencies too. There are several reputable cryptocurrency exchanges that allow you to buy bitcoin with fiat currency and they will offer a secure web-wallet to store your cryptocurrency in.
Registering an account is easy. Simply choose an exchange and enter in some basic information – much like registering for a betting site. You’ll need to complete a KYC (Know Your Customer) procedure too, so keep documents such as your passport, bank statements, and utility bills handy.
Some of the major cryptocurrency exchanges don’t operate in Indian Rupee’s, so may have conversion fees there, but there are a growing number of Indian focused exchanges that allow you to convert INR into bitcoin.
How to Gamble with Bitcoin?
In order to wager at bitcoin betting sites, you’ll need to store your bitcoin in a safe location. No, not under the mattress – you’ll need a bitcoin wallet. Most cryptocurrency exchanges provide a secure web-wallet anyway, but it is highly recommended you do not send bitcoin to a bookie from an exchange wallet.
It is instead best that you select your own wallet from the many different types available to Indian crypto users. Once you have chosen a preferred wallet and registered, you’ll need to wait about 3 days for the verification process to be completed. Once done, you are free to store your cryptocurrency in this wallet. While there are many ways to store bitcoin, a web-wallet is more than secure enough for sending and receiving bitcoin to and from the bookmakers.
The web-wallet is where you will be making all your deposits to bitcoin betting sites. The bookies have a bitcoin address, and you’ll need this when you go to the ‘send’ section of your web-wallet to make bitcoin deposits.
How to Deposit with Bitcoin
Making a bitcoin deposit is a little different than most other payment methods at bitcoin betting sites. Don’t fret too much, it’s still a simple process and we’ve prepared a guide for you to follow ahead of your very first deposit.
- Register or log in to a bookie that accepts bitcoin payments and navigate to the cashier section.
- At the payment selection screen, choose bitcoin or cryptocurrencies, then bitcoin from the options available.
- Once you have done that, a message notification will pop-up. The pop-up will instruct you that the following deposit address will only accept bitcoins, so you cant change your mind halfway through and sent a different crypto to that address.
- Confirm the notification and the bookie will display their bitcoin details, including their wallet address and a QR code. Either copy the wallet address or scan the QR code using your bitcoin wallet. If you choose to enter the wallet address in manually, you can make the payment from your bitcoin wallet using the bookies wallet address.
- Confirm the transaction and you’re done. Most bitcoin deposits are processed instantly. You see, bitcoin deposits are not too dissimilar from using an e-wallet.
How to Make a Bitcoin Betting Site Withdrawal
If you haven’t made a withdrawal at this particular bookie before, then you will need to compete the KYC procedure before you will be allowed to make a bitcoin betting withdrawal.
Once you have completed the KYC procedure, a bitcoin withdrawal is so fast and easy to complete. Simply head to the cashier section of the bookie and choose withdrawal. Select bitcoin, nominate a price and request a withdrawal.
Unlike many other payment methods, bitcoin withdrawals are processed autonomously – meaning the request is processed instantly. You should see your withdrawal in your wallet within minutes!
Bitcoin Betting Best Practices
Despite high levels of security and simplicity, bitcoin can be a bit of head scratcher sometimes. We understand that and have compiled some bitcoin betting best practices to ensure your experience is as smooth as possible.
- Hold large amounts of bitcoin is a safe cold wallet (No Internet Connection) and useable amounts in your regular web-wallet.
- Keep a calculator handy. As bitcoin is so valuable now, you’ll often be working in micro bitcoin amounts (mBTC). You don’t want to do the conversion in your head, in case your math is a little off.
- Bitcoin cannot be taxed under current Indian laws. If you keep your winnings in your bitcoin wallet it will be exempt from taxation. However, when you convert bitcoin to Indian rupees when cashing out to your personal bank account, you will be eligible for tax.
Advantages and Disadvantages of Bitcoin
Anonymous payments, highly secure, and growing in acceptance by the day, there is plenty to love about bitcoin betting sites. However, much like anything in this world, there are both pros and cons to using bitcoin at the bookies.
We firmly believe the good far outweighs the bad when it comes to bitcoin betting, but we’ve gone ahead and identified the important advantages and disadvantages for your consideration.
- Anonymous – you won’t be handing out any personal banking information to third parties.
- Fee Free – most bitcoin betting sites charge no fees for withdrawing in bitcoin since conversion charges are so low for cryptocurrencies.
- Banking Speeds – bitcoin is simply faster than other payment methods. Thanks to blockchain technology, payments can be processed instantly.
- Acceptance – there are over 6,500 cryptocurrencies in the crypto market today, but not all of them can be used at bitcoin betting sites. Bitcoin is the most accepted cryptocurrency in the world and you’ll be able to punt at more bookies with bitcoin.
- Volatile Market – Yes, bitcoin today is worth an insane amount, but the currency is prone to some pretty big drawdowns too. Over the course of 6 months, your bitcoin will probably fluctuate a lot more than your Indian rupees.
- It’s a Bit Technical – while bitcoin is easy to use, we understand it can seem a bit daunting and hard to understand sometimes. For many, bitcoin is simply a frontier to far at this stage.
Best Bitcoin Betting Site for Cricket
We know that the best sport to bet on is cricket. So, naturally, you’ll need to know which bookmaker is the best for bitcoin cricket betting in India. All bitcoin betting sites offer many cricket markets but we believe 10CRIC is the ultimate bitcoin betting platform for Indian punters.
Besides being one of the best INR betting sites in India, 10CRIC is fantastically Indian focused. 10CRIC look after its bitcoin users with a 30mBTC welcome bonus and lets Indian users bet the same way as INR betting. Bitcoin withdrawals are processed instantly at 10CRIC and this bookie offers plenty of assistance for first time users.
There is no better place to bet on cricket online than at 10CRIC. Huge cricket markets and so many tournaments it’s hard to know where to begin. 10CRIC offer everything from IPL, Big Bash and major test matches, through to tournaments in Asia and South Africa. This bookie isn’t a slouch in other sports either, providing a wide range of events and markets including e-sports.
With a responsive and sleek mobile platform, 10CRIC is also one of the very best cricket betting apps available in India.
Alternatives to Bitcoin Betting
Bitcoin might not be quite right for your payment and betting needs. Not to worry, there are plenty of great betting payment methods available to Indian punters and they each are a suitable alternative to bitcoin betting.
E-wallets seem tailor-made for the world of online casinos and sports betting. Highly private payments with industry leading security features, e-wallets are perfect for Indian punters who do not wish to use their personal bank account online. Since e-wallets such as Skrill and NETELLER offer their services in apps and web portals, there are no physical cards to keep track of either.
Punters who have been using e-wallets since the early days will be happy to see PayPal betting sites are still quite popular and the popularity of e-wallets continue to grow every day.
We’ve been going on about bitcoin because it really is the leading cryptocurrency, but there are other digital assets available too. Cryptocurrency betting sites are very prominent in the Indian market now and accept other cryptocurrencies such as Litecoin and Ethereum.
Like bitcoin, other available cryptocurrencies leverage blockchain technology to provide highly encrypted and secure transactions online. Of course, these other cryptocurrencies offer anonymous payments at the bookies and transactions are usually instant.
Visa and Mastercard
Probably the most common payment method for new betting site users in India, Visa & Mastercard betting sites are among the most popular. Visa and Mastercard are the leading payment network in the world and make up the majority of credit and debit cards in India.
These debit cards feature 3D security features and are accepted the world over. At bitcoin betting sites, users only need to input the 16-digit card number to make deposits and withdrawals. Punters sick of long card numbers can opt to use Google Pay. Betting at Google Pay betting sites lets you turn your physical card into a virtual card and make ‘one-click’ payments instead.
If bitcoin isn’t for you, then there are plenty of Indian exclusive options to choose from. The Unified Payments Interface (UPI) merges many banking features into a single application. UPI is regulated by the Reserve Bank of India and payments can be made with a single click. Best of all, UPI betting sites are incredibly common in India.
UPI services have been integrated into many apps, thereby increasing it’s availability online. Look out for PhonePe betting sites and Paytm betting sites if you need to find more bookies that accept UPI payments.
Net Banking betting sites are perfect for Indians who are happy to just use their personal bank account at the bookies. Using National Electronic Fund Technology (NEFT), Net Banking offers fast and free transfers at betting sites.
What is Bitcoin?
Bitcoin is the world’s most popular cryptocurrency and a popular payment method at online bookies in India. This virtual currency can be used for instant payments at bitcoin betting sites.
What Are the Best Bitcoin Betting Sites in India?
Are There Any Taxes Imposed?
Since bitcoin is a decentralised form of currency, free from government jurisdiction and taxation, your winnings cannot be taxed under current Indian tax legislation. Of course, keep your eyes peeled as laws are subject to change.
Remember though, when you transfer your bitcoins back to your personal bank account, you will convert bitcoin into Indian rupees and you will be eligible to pay taxes.
Where is it Safe to Store my Bitcoin?
You must store your bitcoin is a bitcoin wallet. There are many different types of bitcoin wallets available and many of them are web-based for convenience. We recommend a cold wallet for main storage and a web-based wallet for transactions at bitcoin betting sites.
CricketBettingAdvice Final Words
The future of finance may very well be cryptocurrencies and bitcoin are the most popular of the lot. Bitcoin betting sites offer instant deposits and withdrawals with high security features. More bookies are adopting cryptocurrencies, like bitcoin, meaning you’ll have even more bookmakers to access as time goes on.
Check out our recommendations for the best bitcoin betting sites in India and enjoy instant transactions with total peace of mind!
The Cricket Betting Advice team of writers are all defined by one goal: to provide you with the best online betting content on the web.