The more consumers transition to a digitally powered way of living, the more innovations and inventions become available for both businesses and their target customers. Two very good examples of these innovations include bitcoin and bitcoin casino.
Bitcoin is gradually gaining higher leverage as a new form of currency, while bitcoin casino is one of the most suitable representations of how bitcoin can be injected into different industries to generate higher customer convenience and satisfaction.
Ever since it first earned popularity in 2009 and continued to pursue a number of innovations over the years, Bitcoin has since earned a reputation for being one of the leading cryptocurrencies in the digital world today.
Due to its prevalence, operators of different gambling platforms have since allowed bitcoin’s influence to pave its way into the gambling sphere. Thus, operators are now embracing its presence, resulting in a rapid increase in utilization rate.
Similar to bitcoins, bitcoin casinos are slowly revolutionizing the traditional ways that online gambling operators are more than eager to launch their own online bitcoin casinos. However, setting aside its fame, there are some operators who still see this as a new frontier.
That said, operators with little background about bitcoins will continue to question its integrity and credibility, unless they are given sufficient background about the said cryptocurrency.
To start off, it is important to be familiar with the most basic information about Bitcoin in order to gain a better understanding of how it works.
What is bitcoin?
Bitcoin is basically a computer file which is stored in a particular digital wallet application that is optimized for both smartphones and computers. These applications then permit to send and receive bitcoins, similar to the process involved in money transfer.
All transactions are recorded in a public list or ledger called the BLOCKCHAIN.
Is bitcoin considered money?
Technically, yes, although it is not in the form of a physical coin that can be kept in a wallet. Also, it cannot be used without the internet.
However there are some viable methods that enables the conversion of bitcoin into real cash Bitcoin converted into cash can also be deposited into the user’s bank accounts.
One of the best ways to do this is to sell Bitcoin on cryptocurrency exchange platforms. Take note that the value of one’s bitcoin will vary depending on the current exchange rate.
Is Bitcoin Legal?
In the majority of all countries, yes, Bitcoin is legal. However, countries like China, Russia, Vietnam, Bolivia, Colombia, and Ecuador are still yet to allow the use of bitcoins.
Thanks to bitcoin, a wider array of digital services and features have been unlocked and made available for a more diverse demographic of customers. Among these digital innovations include the creation of bitcoin casinos.
What is Bitcoin Casino?
Bitcoin casino is a type of gambling platform that allows gamblers to play, pay, deposit, and withdraw using cryptocurrency. In addition to this, it also provides a service where players can use the traditional payment mechanism for flat money.
This technological advancement caters to both old school players and to those who are more in favor of new technologies.
Bitcoin casinos are convenient and efficient, especially since online casinos are continuously emerging and gaining more popularity than casinos with physical outlets.
Here are the 4 easy steps on how to launch an online bitcoin casino:
1. GENERATE A SUITABLE CASINO NAME
Failure is inevitable for businesses, regardless if it is run digitally or not. This is because the value of the business name is being overlooked. The same thing holds true for starting a Bitcoin Casino: Branding is a vital element.
Picking a business name at random is not advisable for it can leave a long-term impact on the business’ operations. Imagine using a brand name such as “Paper” or “Bouteille” simply wouldn’t make sense to a bitcoin casino.
Not only will it confuse the target audience, it will also be more difficult to market and generate target keywords to help enhance the site’s search engine ranking.
The bitcoin casino’s name alone should be able to provide a lasting impression to the audiences. When thinking of a name for the bitcoin casino, consider the following key pointers:
- The length of the domain is crucial in formulating the brand’s name. It is best to generate a brand name that is short yet memorable as it aids in boosting recognizability of the casino. Ideally, 8-10 characters should to the trick.
- The bitcoin casino’s brand name serves as the business’ quality statement. Formulating a marketable name enables the creation of an image and branding will leave a lasting positive impression to potential customers, business partners and even competitors.
- Make sure that players can spell and pronounce the business’ name properly. An effective brand name is one that can be spelled and pronounced with ease the moment customers read it or hear about it.
2. SECURE A GAMBLING LICENSE
A license is a vital ingredient in operating with significant and related providers in the industry. Be it, payment processors, software providers, or even Bitcoin wallet provider, a license serves as a certification that the bitcoin casino is working under legal frameworks. It likewise eliminates any suspicion that the business could be a scam.
Here are the basic requirements when applying for an online gambling license:
- Certificate Confirming Zero Criminal Records
- Original Banker’s Reference (with at least 2 years relationship)
- Certified Copies of business owner’s passport
- Professional Reference Letter from a Lawyer (with 2 years relationship)
- CV or Resume
- Details of software, including copies of software agreements and/or 3rd Party Certification of RNG application
- Proof of domain ownership
- Copies of Terms and Conditions (The Terms and Conditions must include important clauses elaborating the Underage Gaming Policy, Responsible Gaming Policies, and AML policies)
In addition to this, all the aforementioned documents are compulsory to be provided by the following individuals:
- Authorized Person
- Beneficial owner
- Ultimate beneficial owner
Take note that these documents should be written in English or if not, a certified English translation should be presented.
3. CHOOSE A RELIABLE GAMBLING SOFTWARE PROVIDER
Choosing the right gambling software provider is another crucial part of kickstarting a successful bitcoin casino. While there may be several software providers available, it is a must to have knowledge of how to identify the right reliable software provider that best suits the bitcoin casino.
How can business owners determine a reliable software provider for bitcoin casino?
- Simply ask queries on the status of their users’ numbers
- Have them provide proof of partnership with other well-known companies
- Verify that these said companies are really powered by the gambling software provider
Choosing the right gambling software provider for the bitcoin casino means that taking the time to get to know more about the business or provider and taking the necessary precautions to avoid landing a deal with scammers.
4. GATHER SUFFICIENT FUNDS FOR BUILDING THE GAMBLING SITE
Funding the bitcoin casino’s website is the fourth step in running a gambling business that involves cryptocurrency. Expenses will always vary based on the country where the bitcoin casino will be operated.
By far, the country with the cheapest rate of obtaining a license for a gambling site is in Curacao.
Here are some of the important expenses that come with establishing a bitcoin casino.
Business owners can be charged between $18,000 to $20,000. Today, the price rate of a Gambling Software ranges between $30,000 and $70,000 depending on the features and coverage of the software. This includes different casino games and an online sportsbook.
A Premium Domain name will take $10,000 up to $50,000 depending on the name. Marketing will take up to $100,000 also depending on the coverage. As for other expenses, it covers the hiring of staff and initial payout.
Of course, these numbers will also change over time. As the casino’s budget increases, so will the business’ needs in order for it to be sustained and thrive amidst the growing competition in the market.
Launching an online bitcoin casino can be mind-boggling at first. But by gaining in-depth knowledge on how bitcoin works as well as the limitations and required elements to be considered in building a bitcoin casino, attaining a bitcoin casino with skyrocketing success can be possible in no time.
Did this article provide you with more than enough key pointers to help you build your very own successful bitcoin casino? Are you ready to step in the world of Bitcoin? We’d love to hear your thoughts on this article!