In the world of online betting, Bitcoin (BTC) has emerged as a popular payment method due to its decentralisation, security, and global acceptance. But once you've made your winnings in BTC, how do you convert it into Indian Rupees (INR) and withdraw it? Here we walk you through this process.

Get a Bitcoin Wallet

Before you can withdraw BTC, you need a Bitcoin wallet. This is a digital wallet where you can store, send, and receive Bitcoin. There are many types of Bitcoin wallets, including online wallets, mobile wallets, desktop wallets, and hardware wallets. Choose one that suits your needs in terms of security, convenience, and ease of use.

Transfer Your BTC to Your Wallet

The next step is to transfer your BTC from the betting website to your Bitcoin wallet. This usually involves generating a receiving address in your wallet and then entering this address when you request a withdrawal on the betting website. Remember to double-check the address to ensure it's correct.

Find a Bitcoin Exchange

To convert your BTC into INR, you'll need to use a Bitcoin exchange. This is a platform where you can trade BTC for traditional currency like INR. There are many Bitcoin exchanges in India, such as WazirX, CoinDCX, and Unocoin. Choose an exchange that offers a good exchange rate, low fees, and a strong reputation for security.

Transfer Your BTC to the Exchange

Once you've chosen an exchange, you'll need to transfer your BTC from your wallet to the exchange. This is similar to the process of transferring BTC from the betting website to your wallet. You'll generate a receiving address on the exchange and then send your BTC to this address.

Sell Your BTC

After your BTC has been transferred to the exchange, you can sell it for INR. The process for this will vary depending on the exchange, but it usually involves placing a sell order at a certain price. Once someone is willing to buy your BTC at this price, the transaction will be completed.

Withdraw Your INR

The final step is to withdraw your INR from the exchange to your bank account. This usually involves entering your bank account details and the amount you want to withdraw. Once the withdrawal request is processed, the funds should appear in your bank account.

Withdrawing cryptocurrency through authorised channels like CoinDCx or WazirX involves a 1% TDS (tax deduction at source) and 30% tax on cryptocurrency transaction profits, as mandated by the Indian government. The 1% TDS applies before the remaining amount is transferred to your registered bank account.

Conclusion

Remember, while this process is generally straightforward, it's important to be aware of the potential risks. Bitcoin transactions are irreversible, so always double-check the addresses when transferring BTC. Also, be aware of the tax implications of selling BTC, as cryptocurrency gains are taxable in India.

Withdraw Bitcoin winnings in India by setting up a Bitcoin wallet, transferring BTC to an exchange, selling BTC for INR, and withdrawing INR to your bank account.