Running a casino can be a ton of fun, as well as a very exciting business endeavour in itself. That….
Running a casino can be a ton of fun, as well as a very exciting business endeavour in itself. That goes doubly true to any establishments taking a somewhat novel approach to the classic model – such as an online Bitcoin casino. Cryptocurrencies, despite their very young age, have quickly gained a huge number of enthusiasts all over the world, so you can count on a considerably big target group to serve. How to open a Bitcoin casino?
Why have Bitcoin casinos become popular?
There are a number of reasons for the popularity of Bitcoin casino websites, most of them pretty much the same as the reasons for the huge interest in cryptocurrencies. This kind of ‘digital money’ provides anonymity, security, lack of dependency on central banks, as well as complete transparency of the transaction history while at the same time keeping the users’ information fully private.
The first Bitcoin casinos started appearing not long after the cryptocurrency was released. Since then, a huge number of new ones have popped up, with more opening all the time. It’s worth noting that a Bitcoin casino doesn’t necessarily deal exclusively in crypto: that term is also used for regular casinos which take Bitcoin as one of the forms of payment for withdrawals or deposits. However, some establishments not only accept Bitcoin as a currency, but also operate using some similar principles.
Decentralization of Bitcoin casino
A major part of how cryptocurrencies function is the decentralized approach. There is no single entity that governs what Bitcoin and other similar solutions are worth, and what they can be used for – it’s all up to the actual users. While at a glance it may sound like a very insecure way to handle finances, the blockchain also removes trust from the equation: every member of the Bitcoin network can access the copy of the complete ledger data to verify any transaction.
This principle can also be applied to a Bitcoin online casino. The blockchain technology has many uses among various sectors – one of them is virtual gambling. The players typically are required to use cryptocurrency only, and the whole process is handled on a blockchain. A major difference to traditional casinos is the instant transfer of funds, usually coupled with the users pairing their crypto wallets to the casino.
Security that matters
When doing any kind of financial transactions online, especially when it comes to gambling, it’s recommended to keep special care. Cryptocurrencies, while secure at their core, have been the central point of many scams – however, most of them prey on the lack of knowledge. Therefore, it’s vital to verify as much as you can before using a Bitcoin casino.
This kind of approach to gambling can be considered somewhat inherently secure because of the way the funds are handled. Every transaction is encrypted by several layers of hashing functions, and can be instantly verified by the whole network. This makes any mistakes regarding the transfer of cryptocurrency funds almost impossible to happen. Another aspect that makes a Bitcoin casino secure is the focus on privacy provided by the cryptocurrency itself.
Anonymity of Bitcoin
Using cryptocurrency doesn’t require giving out any personal data at all – neither the name and surname nor the date of birth, nationality or location. Their wallet number only identifies each person using Bitcoin to pay for products or services, which is just a random collection of numbers and letters. This makes it impossible to track down a specific user of the network. It’s worth keeping in mind the regulations of both your home country and the country the casino is based in, though. More and more governments have introduced specific rules for cryptocurrency profits, especially when it comes to tax settlements – make sure to do proper research before gambling with Bitcoin.
The Bitcoin wallet itself actually consists of two parts: the public key, used to send money, and the private key, used to receive funds, known only to its holder. Every transaction is recorded on a blockchain – a digital, cryptographically secured ledger. This simple yet robust setup has made Bitcoin explode in value thanks to its usefulness, versatility and built-in privacy support.
Steps to start your Bitcoin casino
For the most part, the process of launching a crypto casino is no different from a normal casino. Bitcoin can function as the core of your offering, as is the case in decentralized casinos, or as just one of the various accepted forms of payment. The general flow starts from conducting market research, just like in any other area of business. From there, you have to take into account any legal requirements and decide how your platform should generally work. A Bitcoin casino will probably be using software from an e-gaming vendor. Though it’s possible to set up a platform from scratch, it can take a lot of time and a huge investment to get it running compared to a ready-made solution that only needs some tailoring.
Research & analysis
There are a lot of things to take into account – your target market, regulations in your country of choice, the specific features of your Bitcoin casino and much, much more. Proper planning is vital as a basis for any other work when setting up such a website. Remember to think about the needs of your players – people interested in crypto gambling will probably consider anonymity and security the most important aspects of the experience. If you want to launch the best Bitcoin casino, you have to prepare well.
What is your budget?
As is the case in almost any other business, your initial investment has a huge effect on the outcome of your venture. Setting up a website, covering any legal costs, keeping the servers running, marketing – it all adds up, so remember to take a lot of caution when drawing up a plan for your Bitcoin casino. Bonus payouts will definitely entice players, especially when you’re starting out, but those can cut into your profits, so keep that in mind as well.
Licence for casino
Even though setting up a casino can be expensive, don’t try to save by skipping the licencing and legal fees. A proper casino gambling licence immediately makes your website stand out for the players and provides much-needed credibility. Check the laws governing a casino licence in the country where you plan to operate, provide any required documents and keep your operation legal and transparent – it all pays off in the long run.
Choosing your e-casino provider
When creating a Bitcoin casino, your best bet is to go with an established software provider. Despite a growing number of casinos available online, there are just a couple of vendors providing the actual systems in operation – and there’s a good reason for that. Choosing a good provider to handle your Bitcoin live casino from the technical side is vital to the user experience and to keep everything running smoothly.
Functional and secure software provides a lot of value to both you and your clients. You can also use the provided features to plan your business according to real data. Remember that a Bitcoin online casino should be available without any breaks – a good vendor should provide 24/7 technical support.
Secure payment methods
While Bitcoin is the original cryptocurrency and by far the most popular one, it’s not the only digital currency you should accept. Ethereum, Litecoin, Cardano, XRP – there are a lot of options that might be preferred by your players, so it’s in your best interest to handle payments using all of them. Apart from that, make sure to include traditional deposit and withdrawal methods. You also have to ensure that any data passing through your Bitcoin casino is fully secured and encrypted.
Selecting your games
After handling all the legal and technical details, you can take care of the more pleasant parts – picking out the games available for your users. While a huge selection can potentially attract more players, there are bound to be a few real money-makers which will draw the highest number of bettors. Do your research and prepare a good variety of games to create the best Bitcoin casino.