The Paytm Scandal Making Gamblers Switch Over to Bitcoin
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The Paytm Scandal Making Gamblers Switch Over to Bitcoin

October 13, 2020      Cryptoknowmics

Gamblers in India have begun to see the value of using Bitcoin in recent months. This has especially been the case over recent weeks, due to the Paytm scandal involving Google.

This has led to even more gamblers losing faith in traditional payment methods and looking for Bitcoin casinos in India that give them a different option. In order to fully understand the situation let’s take a closer look at what happened with Paytm and why the move towards Bitcoin is happening.

What was the Paytm scandal about?

In September, people looking for the Paytm app in India were shocked to discover that it had disappeared from Google Play. The app was returned to Google Play within a matter of hours but the scandal over its removal continues.

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Google has since stated that the Paytm app was temporarily suspended because the company offered stickers to users who made payments or transferred money using the account. These stickers could then be used to get cashback. Google said that this violated the Play Stores’ policies on gambling. However, it has to be said that Google Pay is in direct competition with Paytm in the Indian payment market and some critics have hinted that this was a factor in what happened.

Why events like the Paytm scandal are leading to gamblers using Bitcoin

Even though the Paytm app is now available in the Play Store, the event has increased gamblers’ frustration with traditional payment methods. They are looking to Bitcoin as a viable alternative.

Recently, Bitcoin has become more widely accepted in many online casinos. This has happened as casino brands have seen retailers increase their use of cryptocurrencies and have seen the value of becoming involved.

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From a gambler’s point of view, there are several advantages to be had from using Bitcoin.

  • Speed of transactions

Anyone who is depositing or withdrawing funds at an online casino wants the process to be fast. This is not a problem with Bitcoin transactions which can normally be completed in a day or two. Often the process is even faster than this.

  • Security of transactions

Speed is not the only concern when it comes to banking options at an online casino. Security also needs to be taken into account. Bitcoin transactions make use of blockchain technology which has become well-known for its high level of security. This means that people who want to gamble online can do so without fear of compromising their personal or financial data.

  • Anonymity

In the case of most payment methods, personal identifiers are used. This includes details such as account details, name, address, and email address. This is not the case with Bitcoin payments; a wallet id is used and nothing else.

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It’s clear that gamblers can get several benefits from using Bitcoin at an online casino. They are also being tempted to opt for different payment options, such as Bitcoin, following events like the Paytm scandal. This means that the future of Bitcoin in online gambling in India, and globally, seems to be bright.

#Gamblers Switch Over to Bitcoin #Paytm Scandal
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