There have been many coins claiming to have gone above and beyond merely being a method of financial transfer. But how many of them have actually been able to accomplish this feat?
Xbit Coin is exactly among those with a big claim. As the official description of the Xbit project states, this cryptocurrency has been designed and developed specifically to be used in the online gaming industry; as well as being a method for financial transfer and other features such as staking which we’ll talk about more in depth later on.
In order to achieve this ambitious goal, the Xbit project has provisioned an already established financial institute to back this cryptocurrency. This established financial backbone is the online Casino Xbit. Therefore, it can be said that the Xbit Coin is considered as representative shares for the Xbit Casino.
In this article, we will take a much deeper look into this coin.
What Can Xbit Offer Its Users?
As was mentioned above, as the official motto of the project goes, this coin has indeed been designed for online gaming; but at the same time, much like any other coin, its simplest and most straightforward usage would be for basic transfer of financial assets.
So, given the price of the coin at the moment, Xbit Coins can be used for financial transfer much like any other coin. However, as far as claims go, the applications of this coin should not end here, and it seems that they don’t.
In addition, Counos Platform has provided its staking service for this project.
With the help of this feature, all the owners Xbit coins will be able to stake them. In the process of staking, the staked coins are frozen and transferrable. In return, users will receive an annual interest of 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. Therefore, Xbit coins could be considered as representative of revenue shares of casino Xbit. Since, in a way all the users and owners of the coin will benefit from the casino as well.
As the casino performs better and more and more players are attracted to its games, this increases the value of the coins that are used in this casino, which is Xbit coin.
This allows gamers and all the users to benefit even more with the help of Xbit cryptocurrency.
Xbit Coin, also known with its exclusive code XBT, has been developed based on SHA-256 algorithm. As any avid crypto enthusiast knows this, SHA-245 algorithm is one of the most popular and widely used algorithms in the crypto
world, with other cryptocurrencies having implemented it, including Bitcoin and other digital currencies.
Xbit Coin has its own independently run and operated Blockchain network. This is not the case for all cryptocurrencies. Many cryptos are developed and run based on other Blockchain networks. But, obviously, having an independent Blockchain network will have enormous advantages for the users.
Xbit Coin has a total cap of 1 billion (1,000,000,000) coins. All of these coins have already been mined and ready for use.
The one billion coins are distributed in the following way: 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.
Looking Forward to the Future of Blockchain
It seems that, the Xbit Coin does indeed have some legs to stand on with regard to the promises made by the project. Since, the financial institution behind Xbit, which is the casino Xbit, will seemingly be able to give credibility and legitimacy to this coin.
So, in essence, what has been provisioned for this cryptocurrency and its owners is that wealth would be created in this casino; and, of course, the more wealth is created in this casino, more revenue is divided among coins as annual staking profit, and as a result, the more valuable these coins will become. Which is, basically, one of the most fundamental financial and economical concepts, the more demand for a certain supply, the more valuable it will become.
As of now, the project has been launched and become fully operational. So, it is time for users to decide whether they want to join the Xbit train.