Gamblers in India regularly have problems with casino and sports betting websites due to India’s very strict laws which govern gambling. Payments are especially problematic with ordinary debit and credit cards and bank transfers often refused to such sites. There are ways around this though and a Bitcoin debit card gives players in India the chance to fund their online casino and betting accounts by circumventing the law through a perfectly legal loophole.
What is Bitcoin?
As we move into the future, the world of finance follows. In 2009 a Japanese man, Satoshi Nakamoti, came up with the idea of Bitcoin. It is a digital or cryptocurrency. There are many cryptocurrencies, but Bitcoin holds the largest market share and is popular due to the fact that it is decentralised, which means it is not controlled by any bank or financial institution. As a result of being decentralised it has always been quite difficult to establish a true value of Bitcoin and its rate has fluctuated wildly.
In the beginning one Bitcoin was deemed to be worth $0.003, which is incredibly low and as there can only ever be 21 million in existence at any one time it meant that the combined worth of Bitcoin was somewhere in the region of $63,000 at the time. There was a lot of initial interest in Bitcoin and some people began to trade it quite heavily. There were few places you could use them as an actual currency in the beginning, but eventually many places, including some online casinos began to understand that Bitcoin was possibly the future of currency.
The value of Bitcoins increased and decreased like many other commodities, but it mostly increased. Quite markedly. By December 2017 the value of one Bitcoin (BTC) was at around $18,000.
Bitcoins do not need to be used as a whole unit and there are thousandths of a Bitcoin – millibitcoin – and hundred millionths of a Bitcoin – a Satoshi (named after Bitcoin’s creator).
There are now an estimated 100,000 vendors worldwide who accept Bitcoin as payment and it is thought that around 6 million people trade or use Bitcoin for financial activities.
Bitcoin debit card India
As Bitcoin is a cryptocurrency and doesn’t exist in a physical form, all transactions involving it must be electronic. That is where Bitcoin debit cards come in. It’s not always convenient to transfer funds from your computer, particularly if you are in an actual shop and wishing to pay for goods or services.
Bitcoin debit cards exist as physical and virtual cards. The most well known is Cryptopay, who have issued more than 23,000 of their cards to users all over the world. The cards are easy to use and can be filled with Bitcoins before allowing you to use them in the same way as any other debit card. You can even use Bitcoin debit cards at automated telling machines to take out physical cash – not Bitcoins, obviously, but your withdrawal amount will b adjusted into local currency and exchanged accordingly.
Anyone can have a Bitcoin debit card, although if you wish to have a significant balance on it there are mandatory ID verification checks, which is a level of security you would expect from any bank or financial institution.
Millions of businesses worldwide accept payments from Bitcoin debit cards, not only those who accept regular Bitcoin payments.
Any Bitcoin debit card which bears the Mastercard or Visa logo can be used in exactly the same way as regular debit or credit cards and you will find they are accepted most places in the world, both online and offline.
Using Bitcoin debit card India and other methods
As a Bitcoin debit card works in the same way as a regular debit card, it can be used to pay money into and withdraw money from an online casino or sports betting account. Great news for Indian players is that a Bitcoin debit card is not issued in India and so the gambling laws which see Indian bank cards blocked for payments will not affect your ability to perform transactions with gambling institutions.
Bitcoin debit cards give Indian players the freedom to gamble online or pay for goods and services in the same way as any other debit or credit card.
There are other methods of payment which Indian casino players can also choose in order to be able to pay without complications to online gambling websites. E-wallets such as Neteller or Skrill are a great way to move money around in a way which cannot be tracked by the government. There are also debit cards available with these services so you can even take money out of your account at a cash point without having to transfer it into your regular bank account first.
There are a number of Bitcoin casinos who have understood that cryptocurrency is the future of gambling and if you are wealthy you can claim quite a bonus for joining them. Many casinos give a 100% first deposit bonus to new players and Bitcoin casinos do the same. A 1BTC matched first deposit doesn’t sound like a lot, but given that the value in December 2017 was $18,000 per Bitcoin, it is one of the most generous welcome offers available anywhere online.
With a Bitcoin debit card you can play at Bitcoin casinos or any other casino which we recommend for Indian players. Mansion, Indio, EnergyCasino and 888 Casino are all online casinos we recommend which accept Indian players and payments from a Bitcoin debit card.
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If you like to gamble, and let’s face it that’s why you’re reading this article, then Bitcoin is the currency for you. As well as being accepted worldwide in a multitude of places, the Bitcoin debit card allows you to pay for goods and services in the same way as any debit card issued by a regular bank or financial institution. You can also trade Bitcoins in the same way as stocks for an extra gambling thrill.