As blockchain became a matter of the moment, those who started investing in bitcoin digitally a decade ago know that cryptocurrencies steadily make their way to the forefront of the world of business and finance. Offering anonymity and being transparent and decentralised cryptocurrencies seem to offer a perfect alternative to standard currencies.
The question of whether governments will replace fiat currencies with cryptocurrencies is still far off, but Bitcoin’s place in the iGaming sphere is already undeniable. Cryptocurrencies appeal to people interested in calculated risk. Sounds familiar? It definitely should. As affiliate sites that rank the best bitcoin casinos thrive, there is an obvious overlap between a cryptocurrency enthusiast and an online casino player. If you want to keep up with the news on crypto and gambling, visit the Gamblineers blog.
Starting a crypto casino: what you need to know
Starting a crypto casino is not much different than starting a regular online casino. In simple terms, a crypto casino is an online casino that allows deposits and withdrawals in one or more cryptocurrencies. Any casino that supports cryptocurrency payments can be considered such. There are also some platforms that only accept cryptocurrency payments, but it became more common for online casinos to accept cryptocurrencies along with some fiat currencies.
To start a Bitcoin casino, you need roughly the same elements as the ones necessary for opening a normal casino, namely:
– lots of research on the matter
– a licence: Most players, especially experienced ones, are more likely to stake higher and evidently check for a licence. Additionally, a licence gives the casino a stable operating base and peace of mind that the business will not be blacklisted or shut down. Operating without a licence exposes companies to the risk of blacklisting, fines, or other legal consequences. Licence and registration fees can have a high initial cost, but in the long run it will save money and increase earning potential.
– platform software
– a certain game selection
– payment systems (Crypto included)
– good marketing
Important aspects to consider
Unlike fiat currencies, which are backed by governments, cryptocurrencies are backed by a distributed ledger where all transactions are recorded. Ledgers are spread across large databases with millions of copies. This has several implications. One would be that anyone with access to the network can validate the transaction. Another is that Bitcoin history cannot be manipulated. Trying to forge one of its blocks in the chain will affect all blocks. Players appreciate the transparency and security that comes with decentralised public transaction records. Cryptocurrencies are completely transparent, but also allow a higher level of anonymity. The fact that a cryptocurrency transaction history is embedded on a blockchain is often sufficient proof of identity. This does not guarantee complete anonymity. The owner’s e-wallet address is stored on the blockchain even if the name and email address are not stored on the blockchain.
Provable fairness assures players that the outcome of a game round has not been affected by wagering. As with blockchain, the concept of provable fairness appeals to the players’ trust and interest in transparency.
Another mentionable concern of the players is the withdrawal speed. Players may leave negative reviews on casino forums if banks or other third parties take too long to process payments. However, crypto trading does not require the involvement of a third party. Bitcoin goes directly from the casino to the player’s wallet rather than being processed through banks or other payment providers. Instead of taking days, withdrawals take just an hour. No additional charges will be redirected to your payment processor.
After all, the most important aspect is to make sure you have all the necessary information before proceeding to opening a crypto casino!