Cryptocurrencies are no longer a science fiction story. Investors watch with bated breath as bitcoin prices rise and fall again. Now you can even use cryptocurrency to pay for coffee or – well – to play slots.
The largest and most famous casinos, where PlayAmo Canada is increasingly gaining popularity among gamblers, have already introduced cryptocurrency as one way to deposit and withdraw funds won in gambling games. This shows that cryptocurrency casinos have great potential and that the future belongs to them.
In this article, you’ll learn how to open your own cryptocurrency casino.
The Potential of a Blockchain
Blockchain is huge. All those who thought bitcoin investing was a stupid idea ten years ago are now biting their elbows because cryptocurrencies are slowly but surely entering the arena of global business. Transparent, anonymous, and decentralized – cryptocurrencies seem to be the perfect replacement for standard currencies.
And while the question of whether governments will replace their national currencies with crypto-alternatives is still not even on the table, bitcoin’s place in the iGaming sphere has already established itself. Cryptocurrencies are attracting tech-savvy people with an interest in justifiable risks. Sound familiar? It does: the audiences of cryptocurrency lovers and online casino players overlap in many ways, which is why the best bitcoin casinos thrive.
Running a bitcoin casino is not much different from running a regular online casino. Below we will tell you why you should do it and how.
What Is a Crypto Casino?
Bitcoin casinos, or crypto-casinos, have become one of the biggest iGaming trends.
In short, a crypto casino is an online casino that allows you to make deposits and withdrawals in one or more cryptocurrencies. Any casino that supports cryptocurrency payments can be considered a bitcoin casino. It is becoming the norm for online casinos to accept cryptocurrency on par with several national currencies, but there are also platforms that only accept cryptocurrencies.
What Are the Advantages of Cryptocurrency Casinos?
Operators accept bitcoin for several reasons besides the fact that it’s on trend. Crypto-casinos have several advantages over online gambling platforms that only accept national currencies. Accepting bitcoin is smart because the currency is:
- Is safe;
- Transparent;
- legitimate;
- is popular with the online casino audience.
The blockchain technology behind bitcoin and other cryptocurrencies provide a high level of encryption. Each transaction is written in a block of code that never changes, and all transactions must be verified by a decentralized blockchain network. Transactions go directly from one crypto wallet to another, which eliminates the involvement of any third party and reduces the possibility of fraud, and eliminates the need to pay transfer fees.
Online casino players are likely among the earliest demographic to use cryptocurrency. There is a large layering of online casino audiences and cryptocurrency lovers. Both the iGaming industry and bitcoin attract a similar demographic: young people who are interested in technology.
There are several crypto-casinos right now, and there are affiliates that are able to bring in a crowd of crypto-lovers. Affiliate sites compare bitcoin and blockchain casinos and drive traffic to their affiliates.
Why Do Players Like Crypto-Casinos?
Players like crypto-casinos for many of the same reasons operators like them:
- Security;
- transparency;
- anonymity;
- speed;
- Decentralized.
Instead of having the support of some state, as in the case of the national currency, cryptocurrency is supported by a decentralized registry, which contains data about all transactions. This registry is distributed over a wide base of millions of copies. This has several results: first, anyone with access to the netbook can verify a transaction; second, bitcoin’s history cannot be faked. Any attempt to tamper with a block of the net will affect all blocks. Players appreciate the transparency and security inherent in decentralized public records.
While cryptocurrencies are completely transparent, they also offer greater anonymity. The fact that cryptocurrency transaction history is embedded in the blockchain is already sufficient proof of identity. It does not guarantee one hundred percent anonymity, the e-wallet address is recorded in the blockchain, even if the name and email of the holder are not.
Nevertheless, this means that Bitcoin users must provide as much personal information as with other payment methods. But some blockchain-based casinos don’t require more data from players than their e-wallet and email.
The terms cryptocurrency and blockchain are sometimes used interchangeably. But they are not exactly the same thing: Bitcoin is based on blockchain, but blockchain can be used for many other purposes-these concepts are often taken together.