Founder CryptoPanda Unmasks BitBandit, Reveals Bitcoin Perspectives
Slots is the most popular game, and Bitcoin slots is proving the online gambling industry why so. I managed to have a chat with the founder and manager of Bitbandit who is known in the Bitcoin community as CryptoPanda.
Let’s start with how you came up with the idea for BitBandit. How was it?
Well, I have over 10 years of experience in developing online projects. When I found out about Bitcoin in early 2012, I knew I have to start something in that ecosystem as well. I bought some bitcoins, pre-ordered some miners, and started thinking what I would like to do as a business, since basically those are the three ways you could participate in the revolution. At that time, Satoshidice was already making history, but there weren’t many other professional made gambling alternatives. I knew that slot is the most popular casino game.
How about the process of creating and launching BitBandit? Can you tell me more about it?
Ah, it took the better part of 2013. Being one of the first implementing it that way, we stumbled into so many problems and bugs. To make it secure, simple to use, and fast all at the same time is a tricky thing. It was ready at the end of 2013, but we didn’t launch publicly until Feb. 6, 2014. We wanted to make really sure there are no surprises left.
Technically, it is quite new; but what are the best features of BitBandit since its launch?
The main appeal of real world slots is their simplicity and frictionless experience. We wanted to have that in the online experience as well. I can honestly say that we have the most frictionless gambling experience from the games with actual gameplay. Only dice sites are simpler, but you don’t have a gameplay there. With us, you don’t register; you don’t download or install anything. You just load the site, get a Bitcoin deposit address right away and within 10 seconds of sending money to it you can play. Yeah, it’s really that simple. On top of that we have a beautiful design, outstanding sound and really generous winnings.
What characteristics of your brand, though, do you consider revolutionary or innovative?
Well, I believe we were the first where you can play instantly. We don’t wait for any confirmations to allow you to start playing. We figured that it’s the withdrawal process where the risk is, so you have to wait 2 confirmations only when withdrawing. Most people play more than 20 minutes, so they never notice it. So, if you double spend attack us, you will be able to play but never be able to withdraw the winnings. This way, we covered security without sacrificing gameplay. I think that’s neat. Also I believe we were the first Bitcoin affiliate program, which is also really simple and frictionless. Everyone can start making money right away by referring friends and withdraw instantly or even gamble the referral commission if he chooses so.
You mentioned about the risks in withdrawals. Are there plans to integrate alternative payment options or support altcoins like Dogecoin and Litecoin?
We don’t plan to have another payment option. This is pure Bitcoin-only experience; no old world interferences. As such, it’s only Bitcoin so far. It’s the only coin that gets real use other than speculation. We played with the idea of making a Doge based fork of the slot, but we will wait to see how the problems there unveil.
How do you want BitBandit to be in a few years, and what are the plans you have for this platform?
I hope that everyone in the Bitcoin community will have heard about it by then and will occasionally gamble a few satoshis during the day when they have 10 minutes or so to spare. Well, with Bitcoin becoming mainstream, we also want to become the go to slot site. Right now, we are in the beginning of the heavy marketing phase of this project. We’ve formed a marketing team, and specific tasks and goals have been set. It’s only a matter of time for them all to be executed, so expect a lot of givaways and fun promotions coming soon.
Are you planning to expand any time soon, say, into a Bitcoin casino? Do you have other similar projects in the works?
Well, we are already working on few Bitcoin projects unrelated to this one.
All right, CryptoPanda. This time let’s talk about a couple of important aspects about Bitcoin. Do you think it will be stable in the future and what do you think it needs to become a more prominent and reliable form of payment?
It will probably stabilize after it hits $50 000 per Bitcoin mark. As for the second question, well, it’s the best form of money already, so all it just needs is time. People are naturally against change, but time fixes that.
Gambling laws and cryptocurrency legality and regulation. What is your opinion?
With Bitcoin, everyone can pay you and if the user wants, you can’t geo target him to his real location, since VPNs are quite mainstream now. So, if someone wants to play, it’s easy to do now. And casino operators can’t really stop them. It should be the user’s responsibility to comply with his local laws if he wants to. We can’t police their users as US, for example, requires to.
The current understanding of most is that we should comply with the laws of the country where we are hosted. Well news flash: that doesn’t work anymore! Most sites now are hosted in the cloud, using CDN and serving customers from 20+ server locations. So, it’s obvious that the legal framework has been made for pre-Internet times and simply doesn’t work in a global world. Instead of patching it, I believe it should be re-thought from the ground up. And it’s not just for gambling; now there is so much business online trying to operate according to offline laws. It doesn’t work like that!
How insightful! To cool things a bit, do you spend a lot of time in casinos and what is your favorite game?
I’ve had my fair share. I know everyone expects me to say slots, but it’s actually roulette.
Well, that’s surprising! To close, though, what is that one thing you wish you could tell about BitBandit?
Edward Snowden and Julian Assange gamble on it every day.
Indeed! That’s about it, but thank you for your time, CryptoPanda! It’s a pleasure.