Since the advent of Bitcoin, Cryptocurrencies have seen a steady increase in its usage. Since blockchain technology does not include any third parties and is extremely transparent, cryptocurrencies are increasingly becoming a safer mode of payment.
Despite the various hurdles and obstacles which online gambling is facing in India, its popularity can never essentially completely die down. And we assess that in the future, crypto payments can be used for online gambling and betting.
As casino sites, betting platforms, and gambling platforms are always hopping on the bandwagon of trends and the safety factor associated with crypto is always there, cryptocurrencies are the way to move forward in this industry.
In this article, we take a look at 5 reasons why crypto payments can be the future of online gambling in India:
1. Enhanced security
Due to its decentralized nature, using cryptocurrencies is extremely secure and safe. Blockchain technology allows no third-party users or applications to take control of one’s data. This has to be one of the magnetic properties of cryptos that attract users to it.
Crypto transactions that take place on a blockchain are immutable and it means that a transaction cannot be tampered with after it is made. The users remain anonymous and privacy is at its core during these transactions. In all other modes of transactions, the risk of your payment data getting exposed is always there.
Using crypto payments for online gambling activities also eliminates any fraudulent activities that can pertain to your payment.
2. Lower Transaction costs
If we take a look at a few fiat currency competitors, they charge high transactional costs. But crypto payment platforms such as BC.Game & Megapari charge as less as 0.5%, which is quite less. You can save a lot of money which otherwise goes on transactional costs.
Online gambling platforms reduce operational costs too during crypto payments and this can be used to amplify one’s revenue. Even deposits are almost free of charge and this is a huge positive. Players save a lot of money in this process too!
3. Faster processing time
When a user uses crypto methods of payment, the transactions happen almost instantaneously. A lot of casinos are placed abroad and users in India can do cross-border payments quite easily and in a safe manner.
Traditional payment methods charge a lot of money to send and receive money from clients abroad. This naturally saves a lot of money and also reduces the transaction time for the users. With a good internet connection, one can do all these processes quickly and with absolute ease.
4. Regulatory advantages
Since crypto is decentralized, the government or any third party cannot intervene in its functioning. Governments can’t shut down crypto casinos or crypto-based payment modes. Since there are no laws that ban online gambling in India (except a few states that have recently launched a few explicit laws), users can enjoy it without taking a lot of stress.
Despite cryptos being decentralized, a few leading crypto exchanges in India such as Coinbase, FTX, and Binance have adopted a route of centralization to ensure more services are provided to their customers and faster transaction fees.
This is another plus point of crypto payments in online gambling.
5. Global accessibility
As mentioned earlier, fiat currency platforms and other traditional payment methods charge a lot of money if an Indian user has to send money abroad or send money to a foreign online gambling portal.
With cryptocurrencies being accessible in abroad too and no extra transaction fee is needed, users can simply adapt to this new trend. Cross-border payments are safe and need no extra service charge.
The Indian online gambling market is therefore benefitting largely from the global accessibility and users can play games from casinos and platforms that are not in India too.
Challenges and potential solutions
All the plus points being said, there is still a high volatility factor of cryptos. Since it is influenced largely by supply and demand, the prices of cryptos fluctuate a lot and this can affect crypto-based payments too. Media hype and government regulations too play a huge role!
One must always research well about a crypto payment before indulging in it. If you do transactions from a safe and reliable platform, then there is no risk. Users must properly educate themselves before embarking on this new-age trend.
To conclude, crypto payments are increasingly becoming a safer and more reliable payment alternative. There is little to no risk involved in transactions and they happen quite quickly and rapidly.
Cross-border transactions are not a problem and this method of payment is slowly gaining momentum in the Indian online gambling industry. Crypto is now being slowly recognized as something that gives a lot of value, benefits and has a lot of advantages.
Disclaimer: Please be aware that the content provided in this article is for informational purposes only and should not be considered as legal advice or encouragement to engage in online gambling activities. Gambling laws and regulations vary significantly by jurisdiction, and it is the responsibility of the individual to ensure they are in compliance with local laws before participating in any form of online gambling.