Cryptocurrency has had a massive impact on the world’s economy since its introduction to the market in 2009. Its most famous representative — Bitcoin — is a decentralised payment asset that is not linked to any financial facility. Since its very creation, cryptocurrency has been actively used in online gambling.
To understand the relevance of BTC and Bitcoin casino software in the contemporary and future world of iGaming, it is worth mentioning its past. Recognising the most important events of crypto gambling and perceiving the key benefits of it as a business will clarify the essence of an innovative payment method.
Initial Adoption
The invention of Bitcoin was not immediately reflected in the global financial situation. The popularity of cryptocurrency and its value were close to zero for around a year after its appearance. For internet gambling, it took two more years to integrate virtual currency possibilities.
The first casino to utilise Bitcoin was SatoshiDice which appeared in 2012. It immediately introduced such iconic features of crypto gambling as anonymity and decentralisation.
To play at SatoshiDice players had to:
- have a BTC wallet;
- register with its number and e-mail address;
- enjoy a very limited amount of entertainment.
Even though the initial introduction of Bitcoin in iGaming was not extensive, it set an example for subsequent projects in the future. The benefits of wagering with crypto were undeniable for all participants of the project. So, after the success of SatoshiDice, new portals began appearing very quickly.
In 2014, the gambling platform Bitcasino became the first fully-fledged crypto destination with a huge variety of different activities. It included dozens of slots, all kinds of tabletop games, and popular card entertainment.
Foundation of a Virtual Currency Project
The decentralisation of Bitcoin and other tokens is something every player ought to understand before engaging in the process. All transactions between parties are conducted in Blockchain — a publicly distributed ledger.
It is a P2P system with no intermediary between a sender and a receiver. This is why it is so highly valued and bears many advantages for iGaming. Anonymity is one of the most appreciated features here. Since no third party is involved in the process, operators neither have to report to anyone nor are required to ask for the personal details of players.
The technology is just a bit more than 10 years old. Its capabilities are only going to improve despite already being one of the most progressive ways of information sharing. The biggest improvement direction that developers are currently working towards is security.
Key aspects of player protection that evolved over the last decade with Blockchain:
- Anonymity. This is the main benefit of gambling with crypto. Playing with fiat money means undergoing several KYC procedures and providing personal information. Decentralisation of Blockchain gets rid of this step.
- Data safety. The name of the system stands for itself — information transfer is conducted in tiny blocks that are untouchable. They are encrypted at the sender, instantly delivered to the destination, and decoded with a unique key.
- Transparency. Despite being completely anonymous, all transactions can be seen within Blockchain. This eliminates money-laundering attempts inside online casinos and any withdrawing disputes that are common at regular gaming sites.
Thanks to the open-source nature of the system, new improvements are implemented regularly to Blockchain. This contributes to constant development and does not allow hackers and people with bad intentions to disrupt the technology.
Future of Bitcoin Gambling
One of the biggest questions that concern virtual currency is its legality. Even though it is considered decentralised, several governments have already established its status on the national level. Some countries (i.e. El Salvador) completely approved of its usage. On the other hand, China does not allow any kind of crypto transactions on the official level.
This leads to the fact of creating BTC gambling platforms of 2 types:
- Online casinos that accept only cryptocurrency. These sites work within the decentralised environment and do not require official licensing (yet, it is still beneficial for the sake of reputation).
- Online casinos that accept fiat and digital assets. These portals can be seen more often, and they allow users to deposit all types of payments. This creates diversity and can be easier to organise in certain jurisdictions.
Another huge insight into the future of crypto gaming is virtual reality. Metaverse development is an enormous trend among thousands of programmers. Even though there is no single most popular finished digital world yet, a lot of projects already host users and offer gambling entertainment as one of their services. All payments there are conducted with the help of cryptocurrency.
Business Prospects of a Bitcoin Casino Project
Since Blockchain technology is actively developing, and crypto gambling sites are one of the biggest entertainment trends, it is worth thinking about benefiting from the hype.
The aggregator Online Casino Market offers extensive services for creating a casino business. The company introduces turnkey project elaboration and individual services including licensing, Bitcoin casino software development, advertising, and many more.
