There are very few among us who may not have heard or known about cryptocurrency. Thanks to the meteoric rise in the value of cryptocurrency we all know, Bitcoin. Cryptocurrency, for those of you who are hearing about this just now, is a form of internet money. As of writing this article, one Bitcoin is worth about $33k. In just April of 2011, one bitcoin was worth just a dollar. If you had bought it then, yeah! You do the math. Our customers at Baazi247 Casino have made compelling arguments for the site to accept the cryptocurrency.
Therefore, in the article, we will try and look at some pros and cons of Online Cryptocurrency casinos.
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With that out of the way, let’s look at cryptocurrency and online casinos. Baazi247 is the best online bitcoin Casino available online where you can play games like Live Casino, Card Game, Casino Games, Slot Game, Table Game, Arcade Game, Jackpot Game, Scratch Game, and many more. Including different promotions and 24/7 customer support.
How things Stand in Online Casino
First things first, you need to understand that there are numerous best online bitcoin casinos available that accept cryptocurrency. However, they are all overseas-based. In this article, we are specifically talking about the more Indianized or India-based casinos accepting cryptocurrency like us at Baazi247 Casino.
Having said that, crypto-accepting online casinos are still a minority. But one thing is sure, they are rising with rising popularity in Cryptocurrency.
Basics of Online Cryptocurrency Casino
It would be a good idea to start from the basics of cryptocurrency. Don’t worry, this won’t be another course on blockchain that we have heard about so many times.
“Blockchain is a technology with which cryptocurrency is produced and maintained and Bitcoin is one such cryptocurrency.” This is the crux of the matter. How and why the cryptos are produced? That’s for you to research. Know one thing though, it has a very high degree of security and reliability.
As of May 2021, there are 10,115 different cryptocurrencies listed on the New York Stock Exchange, with 60% of the market cap coming from Bitcoin and Ethereum.
With that we move on to the first problem casinos face while accepting cryptos in India.
Online Cryptocurrency Casino Laws India
When the bitcoin price started soaring, it generated a lot of interest in the cryptocurrency worldwide and India was no exception. Overnight you began hearing about the ads for apps on your mobile phone that would manage your crypto wallet. Things were looking good for Indian Crypto enthusiasts. Then suddenly with an executive order, the Indian government halted all crypto trades and dealing. This was a major blow for the apps that were based on trading cryptos and online casinos that were just warming up to accept this currency.
Things still don’t look very clear about the fate of cryptocurrency in India. The private sector and India’s thriving IT sector thinks it’s the future.
Too Many Cryptos
Yes, there are too many cryptos. If and when online casinos as a whole begin to accept it, they are sure to run into the dilemma of which crypto to accept and which to refuse. Sure, Bitcoin and Ethereum are everyone’s favorites but there are others too that are gaining traction with each passing day.
Say your favorite online casino place begins accepting crypto but it isn’t the crypto of your choice. You get the idea of how that could go wrong.
Casinos, since the days of their inception, have worked with hard cash. Hard cash in, Hard cash out. Even in online casinos, they make sure the money is loaded right into their account before you are credited to your casino account. This means the volatility in the prices of cryptocurrency is detrimental to online casino services.
So accepting bitcoin will be a complete overhaul of financial of the casino.
So, call it institutional inertia for change, these institutions seldom want to change their set ways.
The other factor that rubs people the wrong way about cryptocurrency is its effect on climate change. The Bitcoin operation consumes more electricity than the entire nation of Argentina. Think about it? The effect it has on global climate change. This too in the era when governments worldwide are thinking seriously about their respective country’s carbon emissions. This is the stuff though the bitcoin nerds should worry about to make them more palatable to the general public.
Without any doubt, crypto is an exciting avenue. It is surely the future. However, with the way things stand for casinos in the Indian subcontinent, due to the restrictive nature of the Indian government, it is still a long time before crypto gets normalized soon.
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