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Bitcoin Casino: Blockchain Technology and Its Prospects

Ten years ago, digital money seemed to be something from the category of science fiction. Now electronic payments are not only actively used by large industrial and IT enterprises but are also being introduced as national and global financial instruments.

One of the most flexible segments of the Blockchain industry is the gambling business. For example, more than half of Ethereum-based transactions are accounted for by online casinos.

Bitcoin casino: prospects

The Rosloto team is always up to date with industry trends. We will tell you how to open a Bitcoin casino, what are the benefits of decentralised technologies, and what prospects the cryptocurrency market opens up.

Order a Bitcoin casino

Briefly about Decentralised Technologies

Bitcoin was invented in 2009 and has been functioning without major failures ever since. Until now, all the problems that have occurred with decentralised currency have been caused by human factors (server hacks, improper control, etc.). The mechanism itself continues to provide the highest degree of data protection.

Blockchain technology is a unique continuous sequence of information blocks. Protected from unauthorised persons and built in a certain way, data chains make it possible to place any information on the Web and use it, even in the most remote corners of the planet.

Blocks can be programmed not only to store financial data but also any information of value. And access to the information encoded in the chain is possible only with the help of a personal key created on the basis of cryptographic algorithms.

Among the unique advantages and possibilities of Blockchain technology, there are:

  • absolute network security;
  • transparency of streaming data without the possibility of their change by third parties;
  • user anonymity;
  • enormous speed of operations;
  • decentralisation (lack of a single system control centre).

Initially, Blockchain technologies were used to generate digital money. Nowadays, the tool is actively utilised in almost all commercial industries to create information databases with the highest level of protection.

The advantages and prospects of decentralised services are highly appreciated not only by IT and gambling business representatives but also by leading international financial aggregators.

For example, from 2020, cryptocurrency payments can be made through the world-famous Visa, PayPal, WebMoney, and other services.

The possibility of using the technology as a state and international means of payment is being actively discussed. For example, in Japan, Bitcoin wallets are recognised as autonomous financial instruments, and in September 2020, the European Central Bank applied for the registration of the “crypto euro” trademark.

In the spring of 2021, one of the pan-European banks issued a pilot digital currency for a total of 100 million euros.

Blockchain in Gambling: What Is a Crypto Casino

Crypto casino: categories and benefits

A cryptocurrency casino is any gaming platform that allows users to make deposits and withdraw winnings in electronic assets.

If we talk about technical nuances, Bitcoin casino platforms can be divided into two categories:

  1. Sites with support for cryptocurrency wallets. These are standard gaming platforms that integrate programs for digital currency payments. The resource accepts only electronic money or offers customers hybrid services for operations in digital and fiat funds.
  2. A portal based on decentralised technologies. An online resource developed using smart contracts. All data about games, session history, financial transactions and user activity is transformed into a chain of separate blocks. The information recorded in them is not subject to change or deletion.

The launch of a crypto casino allows operators to:

  • avoid frequent audits by local tax and financial authorities;
  • pay for traffic deliveries with electronic currency;
  • provide customers with anonymity;
  • accept players from countries with tougher financial regulation programs;
  • multiply the speed of data processing;
  • guarantee users fairness and transparency of the game.

Advantages and Possibilities of Decentralised Tools

Representatives of the gambling industry highly appreciate the functionality and prospects of Blockchain services. Among the advantages of the technology:

  1. Data dispersal. Due to the lack of a single server for storing information, an operator can provide customers with network security. Digital blocks, which store financial and other information, are placed on the devices of each of the participants. It is impossible to change them: the chain is available only for viewing and with a private key.
  2. System transparency. Each client can track the full history of the session, financial transactions and other actions taken on the gaming platform. Smart contracts cannot be corrected or deleted, and their compliance can be checked using any external service.
  3. Reliability and safety. The program is built in such a way as to automatically reject any attempts to change blocks. The new chain will simply not be accepted by the system due to a mismatch with previously created duplicates.
  4. User anonymity. Audience activity data is stored without reference to personal information. To replenish deposits, participate in the game and withdraw money, is enough to indicate the number of a Bitcoin wallet. The system does not request any other information.
  5. The speed of financial transactions. If a traditional bank transfer can be credited to a client’s account within a few days, then all actions with digital currency are performed almost instantly. The speed of processing requests does not depend on their frequency, the geolocation of the user or the amount of a one-time transfer.
  6. Game with minimum stakes. Thanks to the unique structure of Blockchain technologies, owners of cryptocurrency wallets can deposit small amounts from $0.001 per session and withdraw funds without restrictions. This solution allows attracting beginners without experience in the game, as well as gamblers who do not like to risk big money.

The Regulation of the Decentralised Digital Market

Blockchain technologies: market regulation

Despite the massive popularisation and active introduction of decentralised technologies into the economies of different countries, there are still no single industry regulation rules in the world.

The main control programs of the Blockchain vertical in 2022

The introduction of cryptocurrencies into the current economy

This approach is typical for the USA. The local government is very loyal to the industry and is working on its further development.

In the United States and Canada, crypto exchanges, mining farms, Bitcoin casinos and other commercial enterprises associated with decentralised technologies are officially allowed.

Google Corporation is also actively supporting the segment. So, from 2020 in the USA it is possible to legally advertise any crypto projects and related products

Recognition of digital services as a full-fledged financial means

This approach is used in some EU countries and Japan.

China has gone the furthest about cryptocurrency payment instruments: the state has decided to monopolise the market and is now actively campaigning to close mining farms and withdraw digital assets from circulation among the local population

Implementation of unified control programs

In 2016, the European Commission proposed several initiatives to tighten market regulation and create a single registry for registering all holders of cryptocurrency wallets.

Since the beginning of 2020, the fifth directive on ensuring global network security and controlling the integrity of the traditional financial system has been in force in the EU

Recognition of digital money as a property asset

The decision is enshrined at the legislative level in many regions of Europe.

The classification of cryptocurrencies as electronic assets gives the owners of digital wallets the right to accumulate funds, use decentralised instruments as deposits, and participate in trading in the securities markets

Legal Nuances of Launching a Crypto Casino in Different Countries

Despite the guarantees of security and transparency provided by Blockchain technologies, gambling industry representatives must legalise the business following local legal regulations.

When choosing a jurisdiction for licensing a gaming platform, attention should be paid to the following nuances:

  • economic environment;
  • stability of the political and legal field;
  • availability of tax benefits;
  • the chance to work with international traffic, etc.

The Rosloto team recommends buying a Bitcoin casino licensed by the following regulators:

  1. Germany. Blockchain is recognised as a financial instrument at the state level. Moreover, settlements in digital currency can be carried out not only on the Web but also in the land-based segment.
  2. Spain. The country has introduced a mandatory program for the registration of cryptocurrency enterprises in the database of the Central Bank. This practice guarantees transparent working conditions for market participants and makes it possible to effectively combat money laundering.
  3. Estonia. From July 2021, a cryptocurrency casino operator must not only undergo a standard project certification procedure but also open a physical representative office within the country. Obtaining an additional licence will cost 3,300 euros.
  4. Gibraltar. Since 2020, the jurisdiction has updated rules for protecting the gaming market from fraud. Operators can now request complete financial and personal information from their customers and use it to improve the effectiveness of risk management programs.

The Main Things about the Prospects of Blockchain Technologies for Gambling

The use of decentralised technologies in the gambling business makes the industry more flexible, secure and transparent for all participants.

  • Blockchain tools are most actively used in the gambling environment. According to Dapp Review reports, more than half of Ethereum-based decentralised applications are slots, and about 90% of the transaction volume in TRON is in the gambling business.
  • Crypto casinos can work with both digital currency and fiat money. The gaming platform can be developed using decentralised technologies or be a standard web resource with hybrid wallets. For example, a person can conduct electronic transactions through the world-famous services Visa, WebMoney, and PayPal.
  • Buying a licence is a mandatory item in the implementation of any gaming project, including a Bitcoin casino. Among the most promising countries for launching cryptocurrency iGaming start-ups are Germany, Gibraltar, Estonia, Canada, Spain and others.

You can learn more about the advantages of decentralised technologies and the peculiarities of their use in the gambling environment from Rosloto specialists.

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Clara Hazel
Author: Clara Hazel
iGaming business expert
07.01.2022
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