Cryptocurrencies and Online Casinos in 2019
Blockchains and cryptocurrencies are still making their way into a variety of sectors, including the online casino industry. We’ve seen the launch of numerous online casinos that rely solely on cryptocurrencies in the last few years. The cryptocurrency industry has had its ups and downs in 2018, but it still represents a technological force that proves to be so powerful that it manages to be a part of transforming the global economy.
With Bitcoin’s intense sell-off in 2018, it has become worrisome to many casino operators who decided to start Bitcoin online casinos. Even so, it is important to keep in mind that the potential for blockchain technology must not be underestimated in the long term.
We should point out that a multitude of compelling projects regarding cryptocurrencies are expected to be launched soon. Applications are continuously developed all around the world, and ways to mine Bitcoin faster and cheaper are emerging. Today’s cryptocurrency market is valued at no less than US $100 billion, which is a definite sign that a long-term outlook is needed when it comes to the digital coin market.
Cryptocurrencies come with a significant advantage that fiat money cannot offer – it enables casino players to retain full anonymity. The fact that players are not required to be verified via personal documents makes it easy for them to access cryptocurrency-based online casinos. Many online casinos have policies which allow players to completely skip registration and start placing bets immediately after sending cryptocurrencies to the casino’s specified address.
Which Cryptocurrencies Should Your Casino Accept?
Even though ‘bitcoin casino’ is the most searched term when it comes to cryptocurrency gambling sites, it is important to consider offering other sorts of cryptocurrencies as a form of payment. So which digital currencies are preferred by online users in 2019?
The number of cryptocurrencies was reduced by half in 2018, with no less than 1000 cryptocurrency projects being dissolved. Many of them were scams, never delivered the final product, or had low trading volume. But we can rely on the cryptocurrencies that proved to stay strong since their development. Among these, we can include Ripple, Ethereum, EOS, Bitcoin Cash, Litecoin, Stellar or Doge Coin.
Operators are encouraged to offer players the possibility to wager using a variety of alternative coins, since Bitcoin, even though being recognized as the granddaddy of them all, still needs to recover in the eyes of cryptocurrency investors after the sell-off of 2018.
Legality of Starting Bitcoin Casinos and Taxes
With the increased popularity of Bitcoin, lawmakers in several nations around the world decided to create regulatory systems specifically designed for cryptocurrency businesses, and particularly cryptocurrency casinos. Usually, players from countries where real-money online casinos are not permitted, can choose to legally play offshore games. It is important to gather information about the legal status of cryptocurrency casinos in the country where you’re looking to start your Bitcoin gambling business. It’s also essential to look at tax regulations regarding cryptocurrencies, in order to see if it is indeed profitable to start a Bitcoin-related gambling business.
Bitcoin Casino Advantages for Operators in 2019
Both players and gambling operators can benefit from the fact that cryptocurrency casinos use an open-source algorithm known as the “provably fair” algorithm. Using this technology, operators can increase their player base quicker by offering greater levels of transparency. Like so, players who spot cryptocurrency casinos can easily be assured that these casinos are legit.
Another advantage that operators should consider is the fact that there are no chargebacks in the case of cryptocurrencies. When players deposit Bitcoins or any other digital coins, it is not possible for them to demand a reimbursement or reverse the transaction. This way, casinos no longer have to implement policies regarding player disputes.
We should also think about the fact that cryptocurrency casinos are outnumbered by real-money online casinos, so players who own Bitcoins have a smaller pool of options when it comes to choosing the right casino for them.
The cryptocurrency industry had its good and bad times along the way. Meanwhile, developers are working to implement changes that will make the blockchain industry reach its true potential in the following years. Cryptocurrencies made it easier for casino operators to start gaming businesses online, and it will be interesting to see which crypto projects will deliver value in the months to come.
The first step towards starting an online casino which operates with real money is obtaining an online casino license. The products that we sell might require a casino/gambling license depending on the jurisdiction in which...