Complete Guide to Bitcoin Casinos
- GammaStack
- Casino
Table of Contents
- 1. Introduction
- 2. Advantages & Disadvantages of Using Bitcoin Cryptocurrency in Online Casinos
- 3. Effect of Market Regulations on Cryptocurrencies
- 4. Statistical Analysis of Bitcoin Casinos
- 5. Categories of Bitcoin Casinos
- 6. Bitcoin Wallet
- 7. Popular Gaming Cryptocurrencies
- 8. Why Are Online Casino Operators Switching to Bitcoin Casinos?
- 9. Future Scope of Bitcoin Casinos
- 10. How to Choose a Reliable Bitcoin Casino Software Provider?
- 11. GammaStack : One-Stop Destination to Get Advanced Bitcoin Casino Software Development Solutions
- 12. FAQs for Bitcoin Casinos
Blockchain technology is slowly making its way in various industries & the online gambling industry is no exception ! The rapid rise of cryptocurrencies since the past few years has helped online casinos in reinventing the offerings. Digital currencies do not possess any physical form & they have bypassed the problems which are associated with the traditional systems of finances which allow secure, anonymous & frictionless transactions among the parties.
Bitcoin is a cryptocurrency which involves electronic cash for carrying out online purchases. This cryptocurrency allows two parties to do transactions without requiring intervention of any third party. Bitcoin casinos integrate cryptocurrency and blockchain solutions seamlessly due to a myriad of perks which they offer over traditional financial processes, allowing customers to deposit, exchange and withdraw funds either directly or via crypto wallet services.
Advantages & Disadvantages of Using Bitcoin Cryptocurrency in Online Casinos
Advantages:
- Anonymity
- Safe payment method
- Less costs of transactions
- Transparent transactions
- Instant Transfer
Disadvantages:
- No Certainty of legal status
- High volatility
- Limited count of Bitcoin casinos
- No refunds or chargebacks
Have Queries?
Effect of Market Regulations on Cryptocurrencies
Here are some of the crucial actions of national regulators which have been undertaken or are likely to be undertaken in upcoming years:
- Various licenses aim at regulation of multiple spheres of online gambling business.
- Online gambling businesses have been banned by some of the countries which have not yet developed their own licenses.
- Organizing online gambling business without a suitable license in the countries where online gambling business is banned may lead to prosecution.
- The gambling websites which give illegal access to the players belonging to prohibited markets get their domain names blocked in those territories.
Statistical Analysis of Bitcoin Casinos
- As per the statistics shown by search engines, bitcoin casino’s popularity has increased rapidly worldwide.
- Most active Bitcoin users average age is 32 years which mainly include men having higher education & incomes.
- Being aware of the peculiarities of using cryptocurrency or Bitcoin in casinos, casino gaming enthusiasts are getting inclined more towards it & are also well-informed about the complete process or working of online Bitcoin casino platforms.
- The popularity of Bitcoin casinos at various geographical locations in terms of percentage is as follow:
- The popularity of Bitcoin casinos is the highest in the USA.
Categories of Bitcoin Casinos
There are mainly two categories of Bitcoin casinos including:
- Bitcoin Casinos These casinos are known for operating in Bitcoin exclusively. All withdrawals as well as deposits in these casinos are processed through cryptocurrency. It comes with the benefit of enhanced anonymity for the players.
- Hybrid Casino Hybrid casinos are known as standard casinos which accept Bitcoin withdrawals & deposits. Such Bitcoin casinos enable players for depositing Bitcoins but they get converted to fiat currency before players start the gameplay.
Bitcoin Wallet
Bitcoin wallets are basically software programs that are being used as Bitcoin storage. Since Bitcoins are virtual currencies and not the actual coins thus they are not stored anywhere technically. There are ways of keeping them safely:-
Anyone planning to trade in Bitcoins must possess an established digital wallet. There are mainly four categories of e-wallets including:
- Each individual Bitcoin comes with a secret number or private key that corresponds to the respective Bitcoin address of a particular wallet.
- Payment processes such as receiving and sending of Bitcoins is enabled through the Bitcoin wallet.
- Users get Bitcoin balance’s ownership by the Bitcoin wallets.
- Bitcoin wallets are also known as digital wallets.
Anyone planning to trade in Bitcoins must possess an established digital wallet. There are mainly four categories of e-wallets including:
- Desktop Wallets Desktop wallets are user addresses which allow them for receiving & sending Bitcoins. These wallets get installed on desktop computers & users get complete control over wallets which are stored with a private key. Some of the desktop wallets include Electrum, Bitcoin Core and many more.
- Mobile Wallets Mobile wallets possess the same functions as that of the desktop wallets. They are compatible on Android or iOS systems. Through touch to pay & NFC scanning of the QR codes, payments are facilitated by the mobile wallets in the physical stores. Some examples of the mobile wallets include Hive Android, Bitcoin Wallet, etc.
- Web Wallets These are pretty neat options which are used by Bitcoin users as they allow accessing Bitcoins from any place. Whether you are using a specific browser or a mobile device, a web wallet can be used by you easily. Some of the well-known web wallet providers include Blockchain & Coinbase.
- Hardware Wallets Highly secure kinds of Bitcoin wallets include hardware wallets. Bitcoins are stored in these wallets on physical equipment pieces & are immune virtually for the virus attacks.
Popular Gaming Cryptocurrencies
- DreamTeam Token – DREAM
- LOOM
- Theta Token -THETA
- Ethbet (EBET)
- Decentraland
- Game Credits (GAME)
- Ionomy (ION)
- MobileGo
- Enjin (ENJ)
Why Are Online Casino Operators Switching to Bitcoin Casinos?
- Other cryptocurrencies and Bitcoin’s default principle protects the online casinos from the frauds by players. Thus operators need not waste time on various disputes handling & avoid claiming for getting money back.
- The use of cryptocurrencies ensure visitors flow and help in expanding the market significantly.
- Since the count of specialized online casinos are lower than the traditional ones, thus competition is lower.
- There are no extra expenses which are associated with different conversions.
- Count of players who are using cryptocurrencies is expected to grow in future.
- Cost involved in commencing a Bitcoin casino is quite less as compared to the traditional ones.
- Cryptocurrencies prove to be the perfect alternatives for societies having stagnant or unstable financial systems.
Do you Need Bitcoin Casino Software?
Future Scope of Bitcoin Casinos
- Bitcoin casinos share around the world has not exceeded 15% yet but witnessing the current pace of development of the cryptocurrency industry, it is expected to grow substantially in upcoming years.
- Bitcoin is a self regulating system that is protected from outside interference and it meets the requirements of both owners as well as visitors of online casinos.
- Use of cryptocurrencies has eliminated the various inconveniences which are associated with usage of the fiat money.
- Opening an online crypto casino has proved to be profitable. But you should include cryptocurrency as well as fiat payment options so that your players do not face any level of inconvenience.
- The global trends clearly predict that in near future cryptocurrencies, especially Bitcoins, will be able to replace other online currencies.
How to Choose a Reliable Bitcoin Casino Software Provider?
Choosing a reliable Bitcoin casino software provider requires you to stay quite mindful and choose the best one for you so that you can get top of the line Bitcoin casino software for your business needs. Following factors must be considered while choosing a Bitcoin casino software development company:
- Experience
- Industry Expertise
- Team of Skilled Developers
- Blockchain Expertise
- Connected with Top-Notch Game Providers
- Technical Proficiency
- Knowledge About Market Trends
etc
Have any Questions?
GammaStack : One-Stop Destination to Get Advanced Bitcoin Casino Software Development Solutions
If you are planning to start your own online Bitcoin casino, then you must look for a renowned Bitcoin casino software provider which can build a feature rich, secure and highly advanced Bitcoin casino platform. GammaStack is a well-recognized Bitcoin casino software development company that possesses a team of 250+ experienced developers who boast strong technical proficiency and are capable of developing the most ultra-modern casino software solutions. Our team strives hard to customize the platform completely as per the client’s specific requirements and integrates all the on-demand features in it. Our expertise in the blockchain technology allows us to build a crypto based online casino software that is rich in all the latest features and comes with engaging and brand specific UI/UX. Here are some of the exciting features supported in our Bitcoin casino software:
- Secure Crypto Transactions
- RNG Based Gameplay
- Jurisdictional Compliances
- High Quality Game Content from Top-Tier Game Providers
- Multilingual Support
- Admin Dashboard
- Bonus System
We offer a plethora of casino software solutions including:
- Casino Management System
- Blockchain Based Online Casino Platform
- Casino App Development
- White Label Online Casino Software
- Turnkey Casino Platform
- Custom Online Casino Software Development
etc
FAQs for Bitcoin Casinos
Yes, Bitcoins are accepted in some online casinos but still there are some casinos which do not accept them.
Because of blockchain structure, paying through Bitcoin is considered to be the safest.
Yes, if players are playing in a Bitcoin casino, then they can withdraw their winnings in Bitcoin.
Bitcoin is used in gambling sites due to various advantages offered by it such as anonymous gameplay, secure transactions, transparent transactions and many more.
Fees for depositing in Bitcoin are usually very low & players must check the fees that are included in transactions by the casinos in which they are playing.
Sources
- https://www.askgamblers.com/gambling-news/blog/bitcoin-gambling/
- https://www.casinolifemagazine.com/blog/are-cryptocurrencies-and-online-casinos-perfect-match
- https://www.casinolifemagazine.com/blog/bitcoin-casinos-new-trend-gambling
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