The above mentioned rate leap has led to the excessive amount of cryptocurrency at the possession of those who bought it. Along with that, there are still not so many options to spend cryptocurrency, and a casino is one of the simplest ways to do this. Another important advantage is in the fact that an operator does not need a bank account, the same as players – all the deposits are anonymous.
We will talk about cryptocurrencies, establishing your own bitcoin casino, advantages and disadvantages of this form of casino and the cost of its development.
Briefly about cryptocurrencies
Cryptocurrency is a decentralized and unregulated electronic currency based on cryptography. In turn, cryptography is the science of confidentiality securing methods existing for several thousand years.
The first cryptocurrency – Bitcoin – emerged in 2009 in mysterious way. Its creator Satoshi Nakamoto has not even been proven to be a person or a group of people, just as his (or their) whereabouts have never been revealed. By the way, anonymity is one of the main advantages of cryptocurrencies.
By 2017, this industry has developed strongly. Cryptocurrencies were a boom in 2013, but even now their popularity does not subside. At the moment, there are other cryptocurrencies apart Bitcoin: Ethereum (ETH), Litecoin (LTC), Monero (XMR), Tether (USDT) and others, although Bitcoin remains the most popular. When creating an online casino, you will be able to connect several types of cryptocurrencies.
What do you get by establishing an online casino with cryptocurrencies?
In fact, a cryptocurrency casino is the same as a regular online casino but for supporting additional payment system. Thus, available functions depend on developers. Here you are an incomplete list of functions cryptocurrency casino can make use of (other options are possible depending on the specific operator’s needs):
- Built-in payment system with cryptocurrency support
- Multilingual platform
- Loyalty system, bonuses, casino shop, tournaments
- Report system
- Cross-platform solution for mobile devices
- Selection of several design options
- Games from well-known providers with the possibility of gamification
- Reliable hosting with high bandwidth 24/7
- CSM control system
By creating a cryptocurrency casino, you attract more players than if limited to a regular casino; this is due to many advantages this form of casino embraces. However, there are disadvantages too. Let’s consider the pros and cons of this type of casino.
Advantages of cryptocurrency casino
- Anonymity: customer and payment data are all anonymous apart from electronic wallet number
- Independent production: anyone can start mining cryptocurrencies
- Speed of transactions: currency transactions and withdrawal of funds occur quickly with no intermediaries and fees
- Security: the absence of intermediaries also ensures financial security and anti-fraud protection. There is no way to block or confiscate owner’s funds. Cryptocurrencies are safe to store if precautions are taken
- Cryptoanarchism: cryptocurrencies are not subject to taxation
- Convertibility: cryptocurrencies can be converted to fiat currencies
- Spending capacity: despite the fact that cryptocurrencies are gaining popularity, there are still not too many opportunities to utilize them. Your online casino can become a place where players will spend their cryptocurrency. The rapidly growing rate add up to this
- No chargebacks: operators do not risk situations when players demand deposits back; in bitcoins it is simply impossible
Disadvantages of cryptocurrency casino
- Lack of regulatory instruments is both an advantage and disadvantage. For example, a loss of password can mean loss of funds
- Turnover restrictions: cryptocurrencies are a specific commodity, therefore, transaction prohibition by banking institutions is possible, for example
- National regulations: restrictions of state bodies are accompanied by those of gambling providers which must follow the laws
- High volatility of the exchange rate: significant currency risks
- Software cost: cryptocurrencies usage involves more software and increases network load, etc.
These are the main advantages and disadvantages of cryptocurrencies. As mentioned earlier, this sphere is actively developing, so it is worth using the opportunities cryptocurrencies open to get a prosperous and promising business.
Cost of cryptocurrency casino development
As for the cost of developing a cryptocurrency online casino, it depends on the specific operator’s needs. If you are interested in consulting on the development of a cryptocurrency online casino, SoftGamings specialists will always be happy to assist you.
The possibility of using Bitcoin and other cryptocurrencies in online casinos offers great opportunities for operators. While this trend is popular, it is reasonable to take advantages of cryptocurrencies.
