How to Open a Blockchain Casino in 2019: Strategy from Win Win Casino
Quite promising trends of the world industry of gambling are bitcoin and the decentralized casinos. Last year alone, the industry turnover amounted to 1,286 billion dollars. Therefore, the question of how to open a blockchain casino is more than relevant.
In this article, Win Win Casino experts will answer the most burning questions: how to open a casino with cryptocurrency and what are the advantages of blockchain technology. You will also find out what benefits decentralized platforms bring to their owners and why they are so popular among the gambling audience.
Blockchain casino — what is it? Answering the question, it should be started with the definition of the concept of “cryptocurrency”. Every day more and more operators lean toward virtual money, receiving for payments not only dollars and euros but also bitcoins. It is a universal means of payment that exists exclusively on the Internet and is independent of a central authority.
Cryptocurrency has a number of unique features:
- The absence of geographic boundaries and government control. The currency can be used anywhere in the world; besides, government offices are not only prevented from the ability to control transactions, but they also lack the technical capacity to monitor and influence financial transactions.
- No commission fees. All transactions take place without the participation of intermediaries (banking institutions and government agencies), so there are no commission charges for the transfers.
- Immediate processing of requests. The speed of bitcoin transactions is from a few seconds to 1-2 minutes.
- Guarantee of anonymity. Despite the public information about the cash flow, it is not possible to ascertain the identity of the sender/recipient.
- Absolute transparency. Internet business, based on blockchain technology, guarantees fair payments and open access to all financial transactions.
- Minimal deposits. The player has the right to bet on a spin from 0.001 dollars (the upper threshold for the bet does not exist, and the amount of the deposit does not affect the speed of transactions).
Online business, based on the technology of decentralization, is a special platform consisting of a chain of information blocks, each of which stores data on the transactions.
Key features of the blockchain gaming platform:
- Absence of centralized management. The results of the game session or the parameters of the financial transactions cannot be influenced by any of the participants in the process (for example, the player, operator, software provider or service owner).
- Public domain. All information about financial transactions is available not only to visitors of the gambling website but also to any user of the Network.
- Immutability. Despite the open access to information, it is impossible to make changes to the formed block. This is unique protection against any third-party impact and at the same time a one hundred per cent guarantee of fair payouts.
According to statistics, by the end of 2020, every fifth casino will receive cryptocurrency.
The trend is associated with a number of features of decentralization technology:
Blockchain itself can be used as a gambling entertainment. For example, users send money to a special address. After the end of the session, the fund goes to the gambler, whose transfer took a certain place in the chain.
Another example — “Bitkong” gaming platform. The website has one game, based on the principle of “red/black”. The turnover of this service is more than 190 million dollars annually.
Gambling business is mandatory subject to legalization, for every rule, there is an exception. In this case, it is a gambling activity on decentralized platforms. Since the cryptocurrency does not belong to any state, it is impossible to track transactions, and there are no intermediaries in transfers.
Blockchain casinos do not need a license and can provide services anywhere in the world without pressure from the authorities.
It takes several weeks to launch a gambling project based on the blockchain platform (more about it later), even if the operator has minimal experience. But the opening of the project in any other format will take from two months to several years.
Another important argument in favour of blockchain technologies: this market is not yet untapped. The trend has appeared relatively recently, therefore, the level of competition in the market is low. This is the right time for a quick start and the most dynamic development.
The Ethereum service can be called one of the most promising and popular systems for the implementation of blockchain projects. The product is both a cryptocurrency and an operating environment with a set of tools to create and support the functioning of decentralized applications.
The basis for the formation of gambling products is virtual currency and smart contracts (a computer algorithm that provides financial transactions within the information block).
The possibilities of using Ethereum are almost endless. For example, the system is often used as an independent financial instrument, investment asset or data storage format. This product is also used as electronic money, but it has fewer features than bitcoin.
Ethereum VS. bitcoin
Positioning, the main purpose
Electronic money, the system of financial accounts and a platform for funds storage
Digital currency, the frame for the formation of decentralized applications using smart contracts
The maximal emission
A limited amount of currencies: the highest performance is 21 million BTC
No upper threshold
Full block generation time
Payment for the generated block
5 ETH (system internal currency)
Despite a number of positive characteristics, bitcoin copes with the functions of a payment instrument much better, so we recommend considering Ethereum only as a convenient and functional frame for creating a blockchain casino.
Ethereum creators claim that the implementation of the gambling platform on the basis of decentralization technologies takes no more than two weeks even for operators with little knowledge in this area. We do not recommend trusting implicitly such big announcements. It is better to consult with qualified specialists.
Leave a request to the managers of Win Win Casino. We will answer all your questions, tell you how to choose a blockchain casino, how much the exclusive design of the resource will cost, which providers and suppliers can be trusted and which games will cause the greatest interest among your audience.
We are ready not only to provide detailed advice but also to undertake all the technical and legal issues on the governance of gambling projects.
Our team is a guaranteed success and full payback of the start-up within 3-6 months of cooperation. Do not miss your chance to enter the global arena with Win Win Casino!