As the name suggests, bitcoin casinos are those where bets are placed in bitcoins and not real money. However, the nature of this business is online but incorporates all the features of a traditional casino with the bitcoin casino software.
The blockchain casino carries out its business online, where people can play games of their choice. The gamblers deposit bitcoins or regular currency that is converted into bitcoin later.
When did dis bitcoin casinos start?
Bitstarz is a brand that launched the first bitcoin casino in 2014. The business identified the potential of cryptocurrencies and the advantages they had in terms of security in payments. Also, it is easy to make bets in cryptos as its price is very high.
Some ore brands joined the feat such as: –
• BitCasinos
• Stake
• CloudBet
• Fortune Jack
• mBit
• 7Bitcasino
• Bitcoin.com
Payments and games are also conducted using blockchain technology for want of speed and security. Blockchain allows people to make faster and cheaper transactions securely.
Hot to open a bitcoin casino?
A bitcoin casino can only be started by an enterprise that knows how to deal with blockchain technology. So we can say that only tech-savvy people can afford to play it. As a result, its system is optimized with the ledger keepers who can verify transactions in not more than ten minutes.
The casino’s operator and players need to have a crypto-wallet for making transactions. For starters, a bitcoin casino software can be connected with a traditional casino website and slot machines to make it a hybrid. The only thing left is to market it and get people to know that the website has been upgraded.
Pros and cons of online bitcoin casinos
Pros-
• There is no security check as gamblers can play the game anonymously.
• Additional payments are made via cryptocurrencies.
• Crypto wallets are used to make faster payments, as regular banking transactions take a lot of time before releasing any deposit or withdrawal request.
• It is safe and secure as bitcoin technology is almost impossible to hack.
• Blockchain casinos are easy to manage as they are free from any legislation, and some countries do not allow international transactions for gambling purposes.
• Traditional casinos sometimes feel the heat of the rules, but these are always available.
Cons-
• Bitcoin is less available, making this type of gambling an exclusive business.
• The value of bitcoins fluctuates, making them volatile and unsafe.
• To place bets, you need to understand how the whole system works, i.e., receiving bitcoin, converting it into cash, buying and selling it, and making transactions.
What makes online bitcoin casinos different from traditional casinos
The only difference between the two is that the payment method and the bets made in the game are facilitated through bitcoins as a currency, not as regular currency. Users transact using bitcoin wallets rather than bank accounts which can reveal their identity. If you are not concerned about that, you can make payment in regular currency which can later be converted to bitcoin. The payment is fast and cheap as compared to traditional casinos.