Bitcoin and other cryptocurrencies have continued to grow in popularity. Increased mainstream adoption has resulted in the establishment of a new economy, running parallel to the fiat currency system. As the adoption of digital currency continues to develop and bitcoin transactions increase, a new arena has emerged. Gambling, gaming, and lotteries through online bitcoin casinos are very much a thing. Here is all you need to know!
What are bitcoin casinos?
Bitcoin is the first and most well known digital currency. Created in 2009, bitcoin uses blockchain technology to facilitate instant payments. A bitcoin casino is an online gambling platform that uses bitcoin and/or fiat to take payments and make payouts. Some choose to only transact in cryptocurrency, others offer USD and GBP as well.
There are a growing number of online casinos that offer gambling options in bitcoin. They operate all over the world and are subject to local and jurisdictional laws relating to online gambling and cryptocurrency. Popular types of betting offered through cryptocurrency casinos include sports betting, table games, casino games, slots, online lotteries and eSports betting.
How do they work?
Most bitcoin casinos either use custom software or off-the-shelf white-label games on their sites. These can be customized according to their specifications or branding requirements. The software runs the game with little to no human intervention, essentially assuming the role of the dealer. Under most laws and of course, industry ethics, the provider is expected to make sure that the games are fair. Commonly, bitcoin casinos will disclose how their software algorithms work in an effort to be transparent with customers.
Poker is the most popular bitcoin game at the moment while lotteries are also gaining momentum.
Why are they popular?
One of the most attractive features of bitcoin casinos is the fact that they are anonymous. This anonymity means that players in countries where online gambling is banned can gamble without fear of being tracked down by the authorities. Furthermore, most bitcoin casinos offer zero transaction fees, unlimited daily transactions, and instant credits and debits. This means that customers from all over the world are able to access a wide variety of games, in large numbers, around the clock, and without any hassle.
The legal status of bitcoin casinos
Curacao is a popular location for licensed online bitcoin casinos, as is Malta. Both countries will issue licenses to casinos that accept cryptocurrency as long as they follow the rules and regulations laid down for them. Any company operating any kind of gambling must ensure they have a suitable license and are operating within the law.
How Fast Offshore can help
Fast Offshore has been working in online gambling for over 22 years. During that time, we’ve helped countless clients get their online gambling license, and set up corporate structures. We’ve also been actively working on crypto exchanges, blockchain companies, and crypto gambling licenses. We can help with all matters related to business and corporate operations. To find out how to open a crypto online casino, get in touch with us today. Our team of professionals will guide you through the whole process from start to finish.