There are not many betting sites in India that accept Bitcoin deposits for online cricket betting. However, this virtual cryptocurrency is becoming more mainstream so this review will show you where to find the best bitcoin betting sites for cricket as they come along.
Get a Bitcoin Wallet to Deposit at the Best Bitcoin Betting Sites
A bitcoin wallet is exactly like your digital bank account. You use it to receive and send all of your bitcoins. It works like this:
- You can buy bitcoin from BTC Direct, and they are sent straight to your wallet.
- If you then want to make a purchase using your bitcoin, you click the “Send” option and enter the email address of the recipient.
- The coins will then be sent from your wallet to their wallet.
What Are the Best Bitcoin Wallets?
There are so many different wallets that you can choose from. Below you can find eight bitcoin wallets that are widely regarded as being some of the best around.
N.B. Take the time to read up on all the above wallets before selecting which one you would like to use. Your final choice should depend on how experienced you are when it comes to using bitcoins. Furthermore, you should ask yourself whether you would like to purchase a small amount or take a risk and invest in a large sum.
How Do You Make a Bitcoin Wallet?
All of the above apps can be downloaded pretty easily from the Apple or Google Play store. You simply need to search for the one you want to download and follow the clear instructions that will be provided.
If you are a beginner, we would highly recommend that you download the free wallet BRD. This is what you will need to do.
- Visit the Google Play or Apple store and make a search for BRD.
- Download it and, once you have opened it, create a six-digit pin. You will need to insert this pin every time you want to open the app.
- 12 words will then be generated by the app. You should write these words down and store them somewhere safe as these act as a backup. To make sure that you have written down the correct words, you will be asked to enter two of the words.
- Once you have done this successfully, you now have access to your first bitcoin wallet.
N.B. Please do not store your random words on your computer or mobile as this leaves you open to hacking. Write them down using a pen and paper and keep it somewhere safe.
Is There Any Verification Process?
As there is no such thing as a bitcoin account, there is no such thing as a bitcoin verification process. Furthermore, you do not need to go through a verification process when you download and create a bitcoin e-Wallet.
Do Bitcoin Deposits charge Fees?
You do not actually have to pay any fees when making deposits with bitcoin, but, if you don’t, then your transaction will likely not be processed by the bitcoin miners.
These miners are computer geniuses who are responsible for maintaining the bitcoin blockchain. When a miner manages to add a new block, they are given a set number of bitcoins as a reward, alongside the transaction fees. Miners don’t need to process a transaction in order, they can pick and choose what transactions they want to include in each block (which can only hold 1MB of data). Since the miners get to keep the transaction fees in each new block they add, they often pick the transactions that have higher fees instead of those with low or non-existent ones.
What is the Average Bitcoin Fee?
At the time of writing this review, the average bitcoin fee is $0.30. However, like we just mentioned, you can set your own transaction fees to ensure that it is processed. So, if you need your transaction to be processed quickly, we recommend that you set your fee above the average $0.30.
A congested network occurs when there are loads of people trying to submit transactions at the same time. When this is the case, you will be required to pay a much higher fee for your transaction to get processed at all. At one stage in 2017, bitcoin transactions were very popular, meaning that the average fee needed to get your transaction processed was $40.00
On average though, bitcoin fees are a lot cheaper than those which are charged by your bank. Furthermore, on average, bitcoin payments arrive a lot faster than ones that are paid using your bank.
How Can I See My Transaction Fee?
Thankfully, the majority of bitcoin wallets are able to examine the current activity levels in the blockchain and give you a recommended figure. Alternatively, if you are making a transaction that you want to be sure will be included in one of the next blocks, you can go to the options in your wallet and set it to higher-than-average.
If the bitcoin wallet that you are using does not calculate the fees automatically for you, then there are a number of sites that you can use which will suggest what fee you should add. You can find these by simply searching for “bitcoin fees” on Google and clicking on the first or second link.
We know that bitcoin fees can seem quite complicated to begin with, but once you get used to the process, it all becomes very straightforward. Anyway, if you stick with what your wallet recommends, you will be okay 99% of the time.
What Are the Pros and Cons of Making a Bitcoin Deposit at a Betting Site?
|Advantages of depositing with Bitcoin at betting sites in India||Disadvantages of depositing with Bitcoin at betting sites in India|
|✅ Fast: A bank deposit will usually take a couple of working days to be processed. Bitcoin deposits are completed in as little as ten minutes||❌ Attractive to hackers: Many authorities do not prioritize investigating bitcoin theft. Cybercriminals are fully aware of this, which means that bitcoin wallet hacking is a present danger|
|✅ Low fees: Even if you do pay a fee to ensure that your payment is processed, you will still be paying a lot less than you would with any other payment method||❌ The value fluctuates all the time: The value of bitcoin is forever changing, so one day you could be rich and then the following day you could lose it all. This is why we recommend that you only convert to bitcoins the amount of Indian rupees that you can afford to potentially lose|
|✅ Access to previously inaccessible markets: There are over two billion people in the world that have mobile phones and Internet access, but do not have access to the common exchange systems. These people can make use of the bitcoin market||❌ Not every betting site accepts Bitcoin deposits: If you come across a sportsbook that you would like to create an account with, there is a good chance that they do not accept bitcoin as a method of payment.|
Start depositing with Bitcoin for Cricket Betting in India
Bitcoin has come a long way since 2008, and although we have highlighted the potential risks of this cryptocurrency, it is still a good way to make a deposit at the best bitcoin betting sites in India. To be honest, the other cryptocurrencies out there don’t come close to bitcoin.
However, having said that, we would recommend that you choose a more stable deposit method such as PayPal deposits, Skrill deposits, or Neteller deposits. With these, you do not run the risk of waking up one morning to find out that the value of your winnings have decreased dramatically overnight and the bitcoins that you have in your bitcoin wallet are now worthless.
This is just our opinion, you are, of course, free to use whatever banking method you like. If you do decide to start making bitcoin deposits, please do a bit of research first.