What really distinguishes a crypto casino platform? There are many out there that claim to be different or claim to have implemented a truly visionary technology. But which ones are for real? And more importantly, which ones truly have a genuine regard for the users?
Xbit project has come to the fore in the area of online gaming and crypto casinos, sometimes called Bitcoin casinos. There are certain features of this project that set it apart, at least on paper, from other existing platforms that operate in the same area. Among them, perhaps one of the most distinguishing is the fact that they have offered a cryptocurrency for gaming other than just a casino platform.
But, their claims are much more. And in this article we want to bring these claims under the scope of a detailed analysis and go through them one by one to see whether they hold any real weight or not.
Why Do We Need a Crypto Casino Anyway?
To answer this question, we must first take a look at the root of the matter at online casinos and online gaming in general. What is clear and cannot be denied is the astounding statistics and data that has come out regarding online gaming world.
In the past year, 1 in 4 adults, which accounts for 25% of the adult population played one form or another of online games in online casinos.
The revenue of the online gambling market has grown so much during the last couple of years, and now stands at a whopping $66.67 billion. This figure is anticipated to rise to $100 billion by the year 2026.
What’s more, is that gambling is something that has a serious foothold among the various demographics around the world. For instance, 85% of Americans have admittedly gambled at least one time throughout their lives.
All of this data and stats point to the fact that online gambling and the casino industry are growing so large and so fast, that it is virtually hard for the technology to keep up.
This is precisely why we believe crypto casinos or Bitcoin casinos are critically necessary. As the scope of gambling grows ever larger in society and among various demographics, the scale gets bigger and bigger and the traffic alone will become difficult for traditional technologies to handle. But this is something that Blockchain can cope with.
And it is not just the scalability of Blockchain technology that makes it ideal to be integrated into online gambling industry, but also the other features that Blockchain can bring, which most everyone ought to know by now; namely, more transparency, efficacy, decentralization, and less centralization of power, data, and authority.
Thus, it has become apparent enough that Blockchain needs to be integrated into the online gambling industry, much like many other industries.
This demand has been aptly and promptly felt by the various entrepreneurs, companies, and platforms, and so the result has been a steady increase in the number of crypto casinos. Xbit is one such casino that is part of a larger project.
We will delve into it in much more detail to see whether it is worth your time.
What Is Xbit Cryptocurrency?
Is Xbit a coin or a casino? Xbit is an in fact a project, which entails a number of services; including a cryptocurrency and an online casino. In this regard, Xbit Coin is considered a cryptocurrency, which is also known as XBT. This coin has been designed and developed according to SHA-256 algorithm. What this project claim is that this coin has been designed to be used specifically in the online gaming world. It is also accepted in the casino of this project, with the same name, which goes as Casino Xbit.
Is Xbit Built on an Existing Blockchain Network?
No. Xbit Coin has its own network. This Blockchain network operates independently and separately from any other Blockchain network.
So, it is true that the algorithms used for this coin are similar to many others such as Bitcoin’s, but it is worth mentioning that SHA256 does possess a series of advantages which has made it one of the most popular algorithms in the cryptocurrency world.
First off, there are no known vulnerabilities to this technology, so unlike many other similar hashing algorithms, SHA256 has never been so-called broken. In addition, the hash values generated by this algorithm guarantee authenticity owing to the fact that they have many particular characteristics.
These reasons, among many others, have turned this SHA standard into one of the most popular hashing mechanisms.
Is Xbit Coin an ICO?
No. Xbit is not considered an initial coin offering or an ICO, and the reason is that the project is not in the investment or funding state.
Xbit project is not an ICO (initial coin offering) or IEO project. The project is fully funded and ready and already has investors.
Therefore, given the basic traits of an ICO, it is clear that Xbit Coin is not an ICO.
How Many Xbit Coins Are There?
Xbit Coin has a total cap of 1 billion (1,000,000,000) coins. All of these coins have already been mined.
The one billion coins are distributed as follows: 400 million coins are provided to early investors who established the casino and the development team. 400 million coins are offered to ordinary buyers. The rest of the 200 million coins are provided to the business operators.
Can I Mine Xbit?
No. All the Xbit Coins have already been mined.
Is Xbit Casino Legit?
As previously mentioned, Xbit project also offers an online casino and gaming platform known as the Casino Xbit.
According to their official websites and the documents provided, Casino Xbit is operated by Bit Gaming LLC, which is registered in The St. Vincent and the Grenadines, and is fully licensed by the Curacao gambling authority under license number GLH-OCCHKTW0705052021.
Why Is Xbit Coin representative share for the Xbit Casino?
So, in simple terms, Xbit project offers an online casino and also a cryptocurrency, which is specifically developed for the online gaming world and of course for this gaming platform.
So, it can be seen that behind Xbit Coin is an already established and legitimate financial institute, i.e. Casino Xbit.
This financial backbone could only be beneficial for this coin. As such, it is said that Xbit Coins are representative shares for the Xbit Casino.
So, it can be surmised that this mechanism has been provisioned for this coin, so that as the casino does better financially, so will the coin become more valuable.
The way it works is that wealth and value are created in the casino, and the more wealth and value created in Casino Xbit, the more revenue would be divided among coins as the annual staking benefits.
Can Users Stake Xbit Coin?
Yes. One of the features that Xbit boasts about quite proudly is the ability to stake the coins.
In this way, when users and owners stake their Xbit Coins, these digital currencies are frozen and non-transferrable and subsequently after a certain period of time a certain amount of benefit would be transferred to those wallets.
This amount for Xbit is an annual 5 percent. At the end of the year, the return for staking is determined and announced by the Xbit online casino based on specific calculations. The return is divided by 800 million to determine the return for each single coin.
Who Is Behind Xbit?
As mentioned before, Xbit is under the operation of Bit Gaming LLC, which is registered in The St. Vincent and the Grenadines, and is fully licensed by the Curacao gambling authority.
On the other hand, the technical development of this project has been carried out by Counos Platform, a Swiss-based Blockchain company. But, of course, Xbit operates independently and separately from this company.
How Well Is Blockchain Integrated into Xbit?
It is the dominant belief with regard to crypto casinos that their biggest advantage comes predominantly from the fact that Blockchain technology has been integrated into them.
As discussed in the previous question, the technical aspects of the Xbit project have been carried out by Counos. This company specializes in Blockchain and everything related to it.
Therefore, according to our investigations, the level of integration between Blockchain and this casino is actually ideal.
As it was obviously expected, a variety of cryptocurrencies are accepted in this online casino; Xbit Coin, Counos Coin, Counos X, Bitcoin, Ethereum, Litecoin, Tether, etc.
But the integration goes deeper and we were actually glad to find more.
The payment gateway of this casino is Counos Payment Gateway, which is again powered by this Blockchain company.
On the other hand, Xbit Coin is accepted by a number of wallets, all of which have an acceptable level of Blockchain-based innovation; these wallets are as follows: Counos Mobile Wallet, which offers both Android and iOS versions; Counos Web Wallet which is an online crypto wallet offered by Counos Platform; and Counos Paper Wallet , which is a formal document comprised of your public and private keys which refers to a software used to create private and public keys.
Can Everybody Play at Casino Xbit?
Users from the three countries of North Korea, Iran, and Israel, according to the considerations of Xbit, cannot play games at Casino Xbit.
Other than these three countries, other countries and people from all over the world can freely play games at this casino.
Can You Buy Xbit Coins?
Yes. There are several ways in which you can purchase this coin.
First off, users can buy this coin directly from this Direct Method.
Additionally, it seems that a large number of exchanges are listing and will list this coin; including: Alterdice, ExMarkets, DexTrade, Emirex, Koopal Exchange, DEX Koopal, Counos Centralized Exchange, and Counos DEX.
So, Is Xbit Legit?
All the evidence is pointing toward the legitimacy of this project, including Xbit Coin and Casino Xbit.
As was shown above, this casino is registered officially and has all the necessary permits to operate legally.
In addition, our review has indicated that Blockchain technology is, as it should be, the foundational power and might behind this online gaming platform.
Featured image: xbitcc.com