How to make the Payment
While crypto can be used to make a payment for a number of different services, we’re going to cover casino payments as an example. This is because in India one of the most popular ways to use crypto is to make a deposit at an online casino.
The first step that is required when making a crypto payment is to have a crypto wallet. There are a lot of quality wallets on the market so it’s important to shop around and find one that has a good reputation. Once you have your crypto wallet you will have to fund it. This can be done in a number of different ways, but normally you will have to convert a fiat currency into your chosen cryptocurrency.
Once you have funded your wallet then you will be able to begin funding your online casino account with crypto. In order to do this you will need to enter your crypto casino account, find the deposit page and then note down the deposit address.
You will then need to enter the deposit address into your crypto wallet. This will then send the crypto to your online casino account. It’s important to remember that these instructions are just generic instructions, there may be some additional steps that some online casinos will require you to carry out. This could include verification steps in order to ensure the site knows how much to credit into your account. There are also some sites that have an integrated crypto wallet which makes the process much easier.
What Happens Next
Online casinos actually have two ways of processing crypto payments. The first way is to credit your account with the amount of crypto you deposited. This will then allow you to use the crypto as a stake on different games. The games that allow crypto staking are sometimes a little bit limited when compared to other games that are available. This is because not all games have been optimised to allow for crypto as a payment method. What most sites do is split crypto friendly games away from other games so that you know right away which games you are able to play.
The second way is to convert your crypto into a fiat currency as soon as the deposit is made. It will take the current exchange rate and then credit your account with the equivalent fiat. It means that you will then have access to the full range of games. You will then be able to convert the fiat currency back into crypto when you have finished playing.
The second way is usually the least desirable way for players as depending on how the market is going, it can mean players can win but still end up with a smaller amount of crypto upon withdrawal. There are other benefits available when making a deposit using this method though, so lots of players are still happy to make deposits this way.
Benefits of Crypto Payments
The main benefit to using crypto payments is that it gives players more freedom. Because crypto is often not linked to a bank account, it means that players have a lot more privacy. A good example of this would be if the player is applying for a mortgage. The bank might not look kindly on making deposits to an online casino when looking over an application. However, by making the deposit to the site using crypto it avoids this issue.
It’s not just online casinos where the privacy is helpful either. There are plenty of other sites out there that people might not want the bank to know they are using. Or, people might just want to have some privacy over how they spend their money.
The security for crypto payments is also higher than people might think. This is because it works as a peer to peer network. So, for a payment to be made it does need both ends of the network to confirm the payment. This means the payment can’t be stolen while it is in transit because both ends of the network have to agree on the payment destination.
Finally, the volatility of cryptocurrency means that the price can significantly increase overnight. So, if you made a deposit of 0.15 BTC and the value of BTC doubled overnight, it would mean without even using the crypto it would be worth more to you. If you had used your crypto at an online casino and increased how much you had then this would mean your winnings would be increased significantly due to both the increase in how much crypto you had and the increase in the value of the crypto.
Drawbacks of Crypto
The main drawback of crypto is generally linked to one of the benefits. The volatility. While the value of crypto is capable of increasing, it’s also capable of decreasing. This means that how much your crypto is worth could significantly fall in the time it takes for you to make your deposit. So, your rupees value for your crypto might be a lot less when you try to make a withdrawal than when you made your deposit.
Another slight drawback is that it isn’t accepted as a payment method everywhere. However, this is something that is changing at a very fast pace as more places begin to allow players to make deposits and withdrawals using crypto.