There was a time when people used to carry their money with them in heavy bags. It was not at all safe because there was always a risk of getting looted. Then as modern banking developed the transaction of money was introduced, which is monitored by a Specialized Banking System. But this method wasn’t perfect either because a mediator was often needed to transfer money, and they always got to keep some of it. The transaction process is slow and can be tracked, and the theft of your money is still an ongoing threat. So what is a solution for these problems?
Well, the introduction of cryptocurrencies like Bitcoin has changed the whole scenario of transactions as it is a more secure, fast, and accurate way of payment. It maintains the anonymity of the player and cannot be hacked, and no one can even track the payments.
Today’s casinos are adopting the cryptosystem for transactions, and Bitcoin is the most popular digital currency among them.
But what is Bitcoin, and how does it work? How do you start a Bitcoin Casino, and what facilitates you will get by adding a Bitcoin crypto wallet to your online gambling platform? All these questions are answered here.
What Is Bitcoin?
Bitcoin is a type of cryptocurrency that works on blockchain technology. This currency was announced in 2008 and launched in 2009 by Mr. Satoshi Nakamoto. But what is Blockchain technology, and how does it work? Let’s understand this in a simple language.
Blockchain is a system of non-interchangeable leaser that stores some specific data in it, which is impossible to hack or track the activity. Blockchain is made up of two words, Block and Chain. When a transaction happens between two people, their transaction history is stored in a block. And when the block is full with enough information, then the second block will start automatically with the information pointing to the last information of the first block. Through this process, the chain of blocks is formed, which is unbreakable. In the same model, Bitcoin also works, and it is unbreakable or unhackable.
So, we can conclude that Bitcoin is a decentralized, Open Source, Blockchain-based cryptocurrency that stores information of various transactions stored in its blocks—decentralized because there is no origination or government body that has the authority to control it.
What Is A Bitcoin Casino?
Bitcoin Casino is an online gambling platform that uses a Bitcoin-based system for the transaction to operate. Players use Bitcoin cryptocurrencies to bet on gambling and get a reward in the form of cryptocurrency. Bitcoin-exclusive and the Hybride are the two types of Bitcoin casinos. As the name suggests, Bitcoin-exclusive deals with the Bitcoin digital currency only. And hybrid casinos, like Gclub which is called จีคลับ in Thai language, comprise both traditional currencies and crypto.
In this type of online casino, players have to first purchase the Bitcoin currencies and then invest them in the games they want to play. The rewards are offered in the form of digital currencies that can be sold in the cryptocurrency marketplace or can be kept as an asset to increase the value to make profits in the feature.
Bitcoin is one of the first digital currencies introduced in the market, and by seeing the hype, many online casinos decided to include it as payment. Moreover, this is the most secure and safe mode of the transaction as it is a Blockchain-based cryptocurrency, so gamers can maintain anonymity, and nobody can track the record of the player.
7 Quick Steps to Start Bitcoin Casino
Analyze the Market
Bitcoin consists of many cryptocurrencies that are stored in blocks. If you are planning to start a Bitcoin casino, then analyze the market properly. Study about Bitcoins and market inflation. Take deep research about other online casinos operating on cryptocurrencies. These things will help you to make a better decision about investing in cryptocurrency that you will be using for your casino.
Obtain a License
A license is very necessary to obtain for the online Bitcoin Casino. Get ready with all the documents while applying for the license. Open a company bank account and a merchant bank account to showcase while applying. Once the license is obtained, you will be eligible to open an online Bitcoin gambling platform. It is important to build trust among the customer, and the loyalty of players increases.
Develop the Site
After obtaining a license, develop an authentic and attractive website to catch the customers. The website should be a catchy interface with correct button placement. Set an easy way of registration and login option. Make sure it’s accessible from even restricted locations because people from there can try to access your site with using special vpns.
Deploy the Bitcoin Software
Bitcoin software is the peer-to-peer transaction software that will help you to monitor your transaction process and validate the transactions. It also helps to analyze the status of the bitcoin and comes with built-in calculators that will help you to calculate the price of the digital currency into the traditional currency.
Add Multiple Slots
Casinos are known for the collection of games, so add popular and interesting games to your platform that are in demand. Provide the easy accessibility of the slot with a minimum button, so that gamblers won’t consider it a hassle to find their favourite casino game. This will help to attract the players and motivates them to spend a longer duration.
Launch the Website
Once you have developed your website and added slots to it, launch the website as soon as possible with the trusted domain name. Purchase a domain and enough server space to store your data and handle the traffic generated by your website. Check the customer service they provide if you face any problems.
Promote Your Bitcoin Casino
Launching the website doesn’t mean the traffic will be generated. Promote your website to increase discoverability by using different tools. You cannot directly promote gambling websites on social media or in Google ads. So the best way to promote your gambling website is by writing content and educating people about gambling or by creating social media accounts. There, you can mention your website to attract players in an organic way.
If you are planning to jump into the Bitcoin Casino business, then we have mentioned a complete guide to running an online gambling business based on Bitcoin. Bitcoin is the most popular cryptocurrency in the market, and most of the population is familiar with this; it would be a win-win situation for you and the players.
Online casinos have shown massive growth in recent times and have become the billion-dollar industry in the world and are now bigger than the Media Industry, though it is illegal in many parts of the world. But it still is a profitable business creating millions of revenue every year.