Bitcoin Betting Sites in India

How to create a Bitcoin account

There are different websites that offer online cricket betting and accept bitcoin deposits but make sure to go only with the legit ones. Remember, there are even fake sports betting sites out there. So, don’t fall into a trap. I have already highlighted some of the best ones in this article, feel free to sign-up with any of those.

Coming back to what I wanted to discuss—bitcoin wallets.

The process of depositing bitcoins for gambling isn’t that complicated as it sounds. It is pretty straightforward just like other traditional payment methods. But before you make a deposit, you need to have a few bitcoins first. And even before that, you’ll need a secure place to store them. This is often called a Bitcoin wallet.

Choose a Bitcoin wallet

You can register your account with different wallets, each of which will be classified into 2 types:

• Software Wallets: These wallets are a little tricky because you’ll have to download the program and run it from your computer. However, they are more secure than web wallets because you have total control, keeping you independent from third party services. Popular software wallets are Armory, Bitcoin Core and Multibit.
• Web Wallets: As the name implies, these are web-based wallets and are the most convenient and easiest ones to use. Coinbase, Blockchain, and Xapo are a few good examples of web wallets. All you have to do is sign up with your email ID and follow the instructions given there to register your wallet and further, use it to place your bitcoins there.

Tip: When it comes to online betting, go with web wallets as they are easy and convenient.

Buy Bitcoin with Coinbase

You will be next taken to the dashboard where you will see a menu option named Buy/Sell. Click on it. Then click on the tab called Buy and choose Bitcoin.

Here, you can either enter the amount in EUR or USD that you want to send from your bank account.

For the amount you enter, the equivalent bitcoins you’ll receive will be shown. Adjust the amount in a way that you match the minimum bitcoins required to bet online. However, if you want to purchase more, that’s completely up to you.

Finally, click the buy button and you’ll have your purchase. But keep in mind that there’s a nominal fee associated with each purchase. Next, Coinbase will give you a time frame as to when your bitcoins will be available in your account.

These estimates are a little conservative. Usually, you’ll have the bitcoins ready before the mentioned deadline. So, don’t worry.

Send Bitcoin with Blockchain

With bitcoins in the wallet, you can then deposit right into your online sports betting account to begin playing. Most betting sites will create a bitcoin holding wallet (temporary) automatically when you register. So, it’s this temporary wallet where you deposit to place your bets. And it’s also the same place where the operator will deposit your winnings.

The code you copy from the website (the betting site provides this) needs to be pasted onto your bitcoin wallet, which has the funds you wish to deposit into your betting account wallet. Do this by clicking the “Send” button from the blockchain.com’s dashboard.

Blockchain will then give you an overview of all the details for the transaction that’s proposed. Check if there are any mistakes. If everything is fine, hit the button “Send Bitcoin.” But if there’s something wrong, click “Go Back” and modify whatever you want to. This way you send the bitcoins to the desired sports betting site’s account.

Once you send the amount to your bitcoin wallet, your money will reflect into your online gambling account within 10 minutes. When this happens, you’re all set to place your bets.

Note: Never transfer bitcoins from any online bitcoin exchange to your betting account directly. Always transfer your bitcoins to a wallet first and then, send it to the bookmaker. If you still do such a transfer, then the online bitcoin exchange will block the account and you definitely don’t want that, right?

Verify your bitcoin account

The verification process of bitcoin wallets in India usually takes from 3 days to 2 weeks. The security and privacy of your digital identity is one of the major concerns, especially in the Digital Era.

It’s even more crucial when it comes to cryptocurrencies. Hence, blockchain technology may just be the right solution to fulfil all your identification details.

Moreover, the details required to prove your identity and other information are truly valuable assets and when in the wrong hands, things can turn out to be catastrophic. That’s why verifying who you are and where you are from (to the platform you’re registered with) prevents identity thefts and fraudulent financial activities.

Just like any other platform, even your crypto wallet needs to be verified. If you fail to do this, not only will you be able to access the complete dashboard but also can sabotage your security.

What documentation is needed?

Verifying your identity prevents fraud and further, ensures that only ‘you’ can use your payment information to make exchanges.

To register in any of the renowned and trustworthy bitcoin wallets in India, you will need these documents handy:

• Government Issued ID
• Bank statements
• Photo proof, which could be any of these