Bitvest is arguably the biggest Bitcoin Plinko site around today. It also offers players Dice, Roulette, Slots and Bitspin. What makes it stand out is the sites investment option. As of writing this article they have crowdfunded approximately 280 Bitcoins ($297k) for the sites bankroll and paid investors over 76 Bitcoins ($81k) in profit from Bitcoin Gambling.
When did you first get into Bitcoin? Can you give some details?
I (Zodiac) first discovered Bitcoin while reading a Slashdot article way back in 2011. It immediately had me interested, and I spent the rest of that day researching Bitcoin and read over the whitepaper that Satoshi Nakamoto had written. I was so impressed with what Satoshi had created. The next day, I had a chat with Lightlord (Bitvest business partner) about Bitcoin. Some time after this, we put our minds together and eventually became (and still are) business partners for several years thereafter.
Where did the inspiration to create Bitvest come from?
Our inspiration came from seeing what was missing in the Investor-Gaming industry. We had noticed the lack of sites (especially ones of high quality) offering anything beyond simple Dice for investors. We aspired to provide the highest quality and most feature-ful investor based Bitcoin casino.
How does Bitvest make money? What are the numbers?
Like most in the industry, we make money off charging a commission on investments. The commission is charged so we can provide the highest quality casino for our players, advertising the site, and hold promotional events to drive even more players to us.
If you are unfamiliar with how the commission works, our site has a house edge which is specific to the game that players use. From the house edge we take a commission which ranges from 30% – 34% depending on the game. We also have a lot of giveaways and promotions that comes out of our commission and to date we have given out 1.5 billion tokens (15+ Bitcoins)!
The site is growing well month on month and the last 6 months have produced an average Income of $19.1k per month.
Note: Bitvest have a cool page where you can find all the statistics for investing and wagered amounts here: https://bitvest.io/charts
How big is your team? What do they do and what are their backgrounds?
Our core team is two members; Lightlord – the CEO, and myself – the developer. We also must mention our moderation family. They are the core of our community and are also what helps set us apart. They keep the community running well and ensure Bitvest is a great place to hang out for everyone.
Lightlord has several years of experience in the industry, having founded 777Coin way back in 2013; one of the first in the industry! He has the entrepreneurial mind which lead to the founding of 777Coin, and later on, Bitvest. He manages day-to-day business operations, accounting, and all the behind-the-scenes work that goes into our promos and advertising.
I have been programming for most of my life, starting way back when I was just 8! I have always had an interest in computers, and later on in life, an interest in economics. Upon discovering Bitcoin back in 2011, I knew I had found something amazing. Within a couple years, Lightlord and I founded our first company together using Lightlord’s funding and my programming skills.
Lightlord is the main one in charge of things off the site itself. This includes marketing and administering our campaigns. He also plays a large role in running events on-site, and making business decisions behind the scenes.
The look of the site was designed by both of us together, Lightlord and I would often collaborate on ideas, and then I would make them a reality through coding.
What was the process of turning the idea of the site into reality?
We just simply made Bitvest based on what was missing in the industry. At the time there was no investor based Plinko game around, and most versions of Plinko didn’t let you customize your bets. With the goal to fill that hole in mind, Bitvest was built using our experience with 777Coin (for those who did not know, Zodiac and Lightlord also own and created 777coin), and knowledge of the industry.
What was the greatest challenge you faced?
Attracting investors and players. In this industry, it’s challenging to get started. You need to provide something special to stand out from the others. If you don’t, you may get stuck with nobody investing due to a lack of players, and nobody playing due to a lack of investments. Getting over this initial hurdle is one of the most challenging aspects of this industry.
What are your future goals for Bitvest?
Our goals are to have the biggest community in the industry and to be a great place to hang out. We would also like to grow so that more players may enjoy their gaming with us, and more investors may earn their profits.
Note: Bitvest shows and proves that it has the investors funds in a cold wallet which is here: https://bitvest.io/liabilities
If you were to start the site again today what would you do differently? Why?
We’d have definitely released Dice more quickly. Our goals at the start were to be a major player in the Plinko industry, which we were successful at. However, Dice has become by far our most popular game, being played 10’s of millions of times within a few months of release. We would have likely grown faster making Dice our 2nd game instead of our 5th.
What’s your advice to someone who wants to start a similar business?
Be innovative. if you do the same as everyone else, you’ll just blend into the background.