If total financial anonymity and complete convenience are what you're after when betting on your favourite sports, then cryptocurrency betting sites are exactly what you're looking for. Cryptocurrencies are a digital currencies, perfectly tailored for the modern Indian punter.
Geo-restrictions apply. You must have a funded account or placed a bet in the last 24 hours.
Top 10 Best Cryptocurrency Betting Sites
Top 5 Cryptocurrency Betting Sites
- Sportsbet.io
- MELbet
- 22Bet
- 1xBet
- 10CRIC
What is Cryptocurrency?
Cryptocurrency is a digital form of payment that uses an online ledger to secure transactions without the need for a third-party banking institution. Once upon a time, this unregulated currency could only be used to trade, but fast forward to today, and any number of the 6,000+ cryptocurrencies can now be used to purchase goods and services.
Nowadays, cryptocurrency can be used at online casinos, much like any other currency. Bitcoin, for example, can be exchanged for chips at land-based casinos, while many crypto betting sites accept cryptocurrency as a viable payment method.
How Cryptocurrency Works
Cryptocurrencies leverage blockchain technology, a decentralised technology that is spread across numerous computers, to both manage and record crypto transactions. This currency uses a peer-to-peer system, and transactions are verified through encryption. Transactions are recorded into blocks and timestamped in a rather complex process.
We won’t dive too far into the technical side, but in layman terms, cryptocurrencies use cryptography to verify transactions and add them to an irrefutable public ledger. Crypto transactions are anonymous, but also completely verifiable.
Is Cryptocurrency Safe and Legal?
When it comes to safety, security, and personal banking privacy when playing at online casinos, cryptocurrency is the ultimate payment method.
Licensed and regulated cryptocurrency betting sites all utilise SSL encryption protocols, and are designed to keep your personal data secure. With no billing information for crypto transactions at cryptocurrency betting sites, your personal data is protected too.
There is currently no legislation against the use of cryptocurrency at cryptocurrency betting sites in India. However, there may be legal restrictions against the use of cryptocurrency in the future, and this is something to keep abreast of if you choose to wager at cryptocurrency betting sites.
How to Buy Cryptocurrency
To reap the benefits of cryptocurrency you will need to purchase some of the latter, and the best way to do this is to sign up to an account at a cryptocurrency exchange website. There are quite a few around, but we recommend the following for Indian users at cryptocurrency betting sites:
- CoinSwitch
- ZebPay
- Unocoin
- WazirX
Signing up to any of these cryptocurrency exchange websites is very simple, and all follow the same basic procedure. Fill in your required details and choose a cryptocurrency from the plethora of currency options available. Pay for your selected cryptocurrency with a payment method such as debit/credit card or online bank transfer.
The cryptocurrency will be instantly available within your crypto wallet. However, this not the only way to purchase cryptocurrency in India. If you really want to avoid using a banking service, for example, cryptocurrency can also be purchased offline.
Offline Cryptocurrency
Making an offline purchase of cryptocurrency in India is rather straightforward. Once again, you’ll need to have an account at a cryptocurrency exchange website, but this time you’ll be using cold, hard rupees!
- With your account set up, find an individual with cryptocurrency who is willing to sell.
- Arrange a quantity and price before meeting.
- The seller will complete the transfer online while you make your payment with cash.
- Simple! You have now exchanged cash for cryptocurrency – a truly decentralised experience.
How to Store Cryptocurrency
Just as you would store rupees in a beautiful leather wallet, cryptocurrency must also be stored in a wallet – a digital wallet, that is. A digital wallet used to store cryptocurrency can either be hardware-based or entirely web-based. Sound confusing? Don’t worry. We'll break it down for you below.
Cryptocurrency storage can be broken down into two types of wallets: ‘hot' or ‘cold'.
Hot Wallets
An online wallet is known as a hot wallet, and operates on devices which can connect to the internet, such as laptops, mobile phones, or tablets. These are the weakest of crypto storage options for Indian players at cryptocurrency betting sites, as private keys are generated on an internet-accessible device. A hot wallet is also the most convenient of crypto storage options, however, and cryptocurrency deposits and cryptocurrency withdrawals can be made incredibly quickly.
As a decentralised currency, exchanges do not provide the same insurance a major bank would, so if your funds are lost or compromised then they are gone for good. Therefore it is recommended that one holds spending money in a hot wallet, but savings should be kept in a cold wallet.
Cold Wallets
Using a cold wallet is the safest way to store your cryptocurrency so it can be used at crypto betting sites. Basically, it is a storage method that is not connected to the internet, meaning it is less likely to be compromised. Also known as a hardware or offline wallet, a cold solution would store your user address and private key on anything that is does not have an online connection.
A commonly used cold wallet is a simple USB drive that securely stores your private key and can be physically secured. The absolute security-conscious individual uses a paper wallet whereby the public and private keys are produced and stored on printed paper. Laminate the paper and store it securely – now, only you can access your bankroll.
Geo-restrictions apply. You must have a funded account or placed a bet in the last 24 hours.
How to Make Cryptocurrency Withdrawals
Thankfully, making cryptocurrency withdrawals is incredibly easy to do at cryptocurrency betting sites.
- Simply navigate to the cashier section and choose withdraw. Don’t forget that cryptocurrency betting sites have minimum and maximum withdrawal amounts.
- Choose your accepted cryptocurrency, select a withdrawal amount, and provide your crypto wallet address.
- Cryptocurrency withdrawals are instant, and should appear in your cryptocurrency wallet immediately.
Cryptocurrency betting sites will require users to complete a basic Know Your Customer (KYC) process before completing the first cryptocurrency withdrawal.
This procedure is simple to compete, and is a requirement of regulated cryptocurrency betting sites to adhere to anti-money laundering legislation. You’ll only have to do this once, and then you are free to make as many cryptocurrency withdrawals as you wish.
Advantage and Disadvantages of Cryptocurrency
Just like any other payment method available to Indian punters, there are advantages and disadvantages to using cryptocurrencies. We’ve outlined all the positives and negatives of using this payment method at cryptocurrency betting sites.
Pros
- Absolute anonymity. You do not have to provide your personal banking information at any stage of using cryptocurrency if you do not want to, and your bank details are never required when making cryptocurrency deposits or withdrawals at cryptocurrency betting sites.
- Cryptocurrency deposits and withdrawals at cryptocurrency betting sites are instant.
- There are very few to no fees at all.
Cons
- As a growing payment method, cryptocurrency is not nearly as widely accepted as other payment methods such as e-wallets, debit/credit cards, or bank transfers.
- It can be a little bit technical to set up and store cryptocurrency for those who are not overly comfortable using technology.
Best Cryptocurrency Betting Sites
There are so many fantastic cryptocurrency betting sites available to Indian punters that the amount choice can be overwhelming. For those who haven’t got the time to fully research the competition, we’ve gone ahead and selected one of the very best cryptocurrency betting sites for Indian punters.
Sportsbet.io
Of all the cryptocurrency betting sites out there, Sportsbet.io are truly pioneers of the modern sports betting platform! Sportsbet.io has, by far, one of the cleanest and most intuitive betting interfaces of all the cryptocurrency betting sites available to Indian punters.
Easily and swiftly navigate to a monstrous offering of the most popular sports to bet on and access in-play betting instantaneously. Sportsbet.io really shines above the rest with a dashboard that can display all the in-play betting options at once. That means every possible option can be taken advantage of as quickly as you choose.
For a bit of extra fun, the Sportsbet.io Sports Guru challenge will put the sporting knowledge of even the most skilled punter to the ultimate test.
Best Cryptocurrency Betting Sites for Cricket
If cricket is your betting sport of choice, then you'll be glad to know that cryptocurrency betting sites have got you covered. There are quite a few cricket-focused cryptocurrency betting sites available to Indian cricket fans and punters. We have gone ahead and selected one of the very best cricket betting sites that accept cryptocurrency below.
10CRIC
For everything IPL and cricket betting, you can’t go wrong with 10CRIC. Absolutely Indian-focused, and dedicated to the great game of cricket, 10CRIC also cater for their cryptocurrency players from India. 10CRIC cover almost every cricket tournament you can think of, from international leagues such as the IPL, Asia Cup and the Big Bash Series, all the way through to the Momentum Cup in South Africa.
Massive cricket markets and great odds make 10CRIC a real winner among cryptocurrency betting sites. Look out for the 10CRIC IPL 2021 section to prepare for the upcoming season, and make sure to reap added benefits from their VIP programme.
Cryptocurrency Alternatives
Cryptocurrency may not be necessarily for everyone; thankfully, the best cryptocurrency betting sites offer many other payment methods too. The best betting payment methods for you should always be based on your needs, be they extra privacy, the most advanced security features, low fees, or perhaps you just want to be accepted at as many cryptocurrency betting sites as possible. We have made it easier for you to choose the best payment method with a quick summary of the best payment alternatives at cryptocurrency betting sites in India.
Prepaid Cards
For punters who still want to retain a good level of anonymity, prepaid cards are an excellent alternative to cryptocurrency for Indian punters at cryptocurrency betting sites. Prepaid cards can be purchased with cash at many retailers across India, and can then be used at cryptocurrency betting sites. While prepaid cards work very similarly to regular debit or credit cards, they offer the added benefit of requiring no personal banking information.
E-Wallets
Owning to a great mixture of features, e-wallets are quickly becoming one of the most popular payment methods for not only millions of Indian punters, but players from all over the world! There are quite a few major e-wallet solutions, each having their own benefits:
- NETELLER offers low fees, lightning-fast deposit speeds, and is very well-established.
- Paytm is growing every day in India, and you’ll find that it is also accepted by quite a few cryptocurrency betting sites.
- Google Pay is another widely accepted e-wallet, and you will find so many Google Pay betting sites available to punters from India. It offers a method of making your debit/credit card easier to use digitally and adds another layer of security to wagering at cryptocurrency betting sites.
- Skrill betting sites are becoming increasingly popular, thanks to Skrill itself being one of the simplest payment solutions available at cryptocurrency betting sites.
- PayPal is arguably the biggest of all the e-wallet services, and the good news is that you’ll find a myriad of PayPal betting sites in India. The only major disadvantage for privacy-conscious punters is that PayPal in India requires users to link to their personal bank account.
As you can see, the above e-wallets are great all-round payment solutions that can be used at cryptocurrency betting sites in India.
UPI
UPI is an Indian-designed and produced payment service that allows punters at cryptocurrency betting sites to safely use their personal bank account to make payments. UPI is a real-time payment system, allowing Indian punters to send and receive money quickly with only a UPI ID required.
UPI users benefit from one-click payments at cryptocurrency betting sites, with government regulation ensuring that UPI is a very safe and secure payment method. What's more, UPI betting sites are everywhere in India, so you’ll always find a place to bet!
FAQs
What is cryptocurrency?
Cryptocurrency is a decentralised form of digital money that can be used at cryptocurrency betting sites in India.
Where can I store my cryptocurrency?
You must keep your cryptocurrency in a crypto wallet, though how you store and secure your wallet is entirely up to you. A hot wallet is convenient and allows for the fastest transaction times possible, while a cold wallet affords the tightest security possible.
Is cryptocurrency safe?
Yes, cryptocurrency is very safe to use. Cryptocurrency betting sites are regulated and feature encryption protocols. All transactions are verified and recorded in an irrefutable blockchain ledger.
Is it legal to bet with cryptocurrency?
Yes. It is perfectly legal to bet at licensed cryptocurrency betting sites using cryptocurrencies.
Why should I use cryptocurrency?
If you want the most private payment method available with excellent high-end security, then cryptocurrency is the best payment option for cryptocurrency betting sites. Cryptocurrency betting sites offer convenience and safe, instant transactions.
What betting sites accept cryptocurrency?
Any one of the bookmakers on our list of the top 10 best cryptocurrency betting sites at the top of this article would be a great choice. That being said, we recommend Sportsbet.io as one of the very best cryptocurrency betting sites in India.
Which are the best cryptocurrency betting sites for cricket?
Cricket is a main feature of several cryptocurrency betting sites in India, but we recommend 10CRIC as the very best.
Are there any alternatives to cryptocurrency?
Yes – there are several. Prepaid and debit/credit cards are a familiar payment method to most, while e-wallets provide excellent security features and offer great privacy when making transactions at cryptocurrency betting sites.
Are there any fees?
Cryptocurrencies benefit from negligible or zero fees.
Geo-restrictions apply. You must have a funded account or placed a bet in the last 24 hours.
CricketBettingAdvice Final Words
The world of online sports betting is always evolving, with more and more betting sites beginning to accept cryptocurrency payments. Cryptocurrency betting sites offer the highest levels of security, as well as the fastest transactions of any payment method. Cryptocurrency punters also benefit from total anonymity with zero personal banking details accessible to third parties.
Cryptocurrency betting sites offer a window into the future of sports betting, offering numerous benefits to Indian punters.
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.