Founded in Costa Rica in 2014, BitDice is currently one of the largest cryptocurrency gambling platforms. It is a profitably operating casino that is seeking investments to transform itself into a new-generation platform for online games.
The company has attracted and returned more than 2,300 BTC in revenues to its contributors and is now planning to expand into previously inaccessible $50 billion online gambling market.
The cryptocurrency gambling holds nearly 5% of the total online gambling market. By using the “provable fairness” concept aimed at eliminating risks of cheating and a “black box” phenomenon, BitDice is looking to enter the world of traditional fiat gambling. In addition to enabling fiat betting, the company will go through all the necessary regulatory procedures to have a solid legal standing.
BitDice accepts a wide variety of digital currencies, including ethereum, bitcoin, lightcoin and dogecoin, and is going to update its platform by incorporating new types of games.
“When BitDice Casino hits the new market, its position will get even stronger. We will add various payment methods for cash players and introduce more competitive margins. We are absolutely certain that the provably fair concept will earn us even more trust among new community and send us far ahead of the current crypto competitors,” the company said in a blog post.
BitDice users will be able to choose what currency and technology they want to use while gambling. This will help the platform to differentiate itself from other online casinos, like vDice, Etheroll, DaoCasino, and Edgeless.
All of its main competitors are mainly clones of dice games that are based entirely on Ethereum smart contracts. The use of the technology implies a large number of limitations, most of which relate to the cost and the speed of placing a wager.
While Ethereum has higher latency speed for validating wager results, it also includes a transaction fee charged per each wager. This makes gambling with small sums of money meaningless, as the transaction fee can be higher than the size of the wager. BitDice, meantime, runs its games free of charge and can process up to 20 wagers per second.
On August 15, the company will launch an ICO to distribute its tokens, called CSNO. BitDice expects to raise at least $10 million that will mainly go on the development of the platform.
The CSNO token can be used to place bets, reward players, and cash out. The holders will also be able to trade it on different bitcoin exchanges following the crowdsale. All contributions will be accepted in BTC, LTC, DOGE, and ETH.