What sets a cryptocurrency gaming website separate from the majority? Many people claim to be special or to have invented revolutionary technologies. But how do you know which ones are real? Which ones, above all, show sincere concern for their customers?
The Xbit project has gained popularity in the realm of online gambling and cryptocurrency casinos, sometimes known as Bitcoin casinos. On paper, this company appears to offer numerous strengths over other platforms in the same industry. The development of a cryptocurrency that can be used for gaming activities other than casino platforms is one of the most significant achievements.
Their claims, on the other hand, are much more serious. In this essay, we’ll delve into these claims in greater depth to evaluate if they’re true.
The need of a Crypto Casino
In order to answer this question, we must first investigate the main issues that plague online casinos and gaming in general. The remarkable facts and figures of the internet gaming industry have been unveiled, and they can no longer be neglected.
In the preceding year, one out of every four people, or 25% of the adult population, played one or more online casino games.
The internet gambling industry’s revenue has increased dramatically in recent years, reaching a stunning $66.67 billion. This sum is forecasted to reach $100 billion by 2026.
Gambling appeals to people from many fields of life and all around the world. 85 percent of Americans, for example, admit to have gambled at least once in a lifetime.
All of these numbers suggest that the digital gambling and casino industries are booming at such a lightning speed that technology is having trouble keeping up.
This is why we believe Bitcoin casinos, also known as cryptocurrency casinos, to be worthwhile. Gambling’s prominence in society and across different demographics is spreading, and current technologies will be unable to keep up. Blockchain, on the other side, is equipped to deal with this.
Not only because of its adaptability, but also because of the other positives it may deliver, most of which are already well-known: higher transparency, efficiency, decentralization, and decreased power, data, and authority centralization, to mention a few.
As a result, it’s certain that, like many other industries, the online gaming sector will need to embrace Blockchain.
To accommodate this need, plenty of entrepreneurs, firms, and platforms have joined the bandwagon, resulting in a steady spike in the amount of crypto casinos. Xbit, which is part of a larger organization, is one such casino. We’ll look more closely to see if it’s anything you’re interesting in.
What Is Xbit Cryptocurrency and How It Works?
Is Xbit a coin or a gambling institution? Xbit is a project that involves a variety of services, including a cryptocurrency and an online casino. In this way, Xbit Coin, frequently referred as XBT, is recognized as a cryptocurrency. The SHA-256 algorithm was used to construct and develop this coin. This initiative says that this coin was created exclusively for usage in the field of online gaming. It’s also accepted at the project’s casino, which goes by the same name and is called Casino Xbit.
Is Xbit dependent on a Blockchain network?
Because Xbit Coin has its own decentralized Blockchain network, the answer is a strong NO. This Blockchain network is independent and different from all other Blockchain networks.
So, while the algorithms utilized for this coin are similar to those used for many others, such as Bitcoin, it is important to note that SHA256 has a number of advantages that have helped it become one of the most popular algorithms in the cryptocurrency world.
To begin with, unlike many other hashing algorithms, SHA256 has never been proven to be vulnerable. Furthermore, the hash values created by this technique ensure authenticity because they possess a number of distinct features.
For these and other reasons, the SHA standard is now one of the most commonly used hashing techniques.
Is Xbit Coin an Initial Coin Offering (ICO)?
No. The reason that Xbit isn’t deemed an initial coin offering, or ICO, is that the project isn’t ready for investment or finance.
The Xbit project is not an ICO (initial coin offering) or an IEO (initial exchange offering). The venture is fully funded and ready to go, with investors lined up.
Given the basic characteristics of an ICO, it is evident that Xbit Coin is not one.
What is the total cap of Xbit?
The total quantity of Xbit Coin is one billion (1,000,000,000) coins. These coins have previously been mined in their entirety.
The one billion coins will be allocated in the following manner: Early investors who built the casino and the development team would receive 400 million coins. Ordinary buyers will be able to purchase 400 million coins. The remainder 200 million coins are dispersed to business owners.
Is it possible for me to mine Xbit?
No, the whole supply of Xbit Coins has already been mined.
Is Xbit Casino a safe place to play?
As said before, the Xbit project also offers the Casino Xbit, an online casino and gambling platform.
Casino Xbit is managed by Bit Gaming LLC, which is registered in St. Vincent and the Grenadines and is fully licensed by the Curacao gambling authorities under license number GLH-OCCHKTW0705052021, according to their official websites and documentation.
Why is Xbit Coin the Xbit Casino’s representing share?
In simple sense, the Xbit project provides an online casino as well as a cryptocurrency that was created especially for the online gaming sector and, of course, for this gaming platform.
As can be noted, Xbit Coin is endorsed by a well-established and legal financial institution, namely Casino Xbit.
This coin’s financial foundation could only be good. As a result, Xbit Coins are believed to be representing shares for the Xbit Casino.
When a result, it’s fair to presume that this system has been set up for this coin, with the anticipation that as the casino’s financial position strengthens, so will the coin’s value.
The way it works is that the casino creates money and value, and the more wealth and value created in Casino Xbit, the more revenue is dispersed among coins as annual staking rewards.
Is it possible for customers to stake Xbit Coin?
Yes. The ability to stake the coins is one of the elements that Xbit is extremely proud of.
When users and owners stake their Xbit Coins, these digital currencies become frozen and non-transferable, and a set amount of profit is transferred to those wallets after a certain length of time.
This is a 5% annual increase for Xbit. The Xbit online casino determines and announces the staking return at the end of the year based on defined formulas. To calculate the return for each individual coin, divide the total return by 800 million.
Who is the brains driving Xbit?
As explained previously, Xbit is run by Bit Gaming LLC, a company based in St. Vincent and the Grenadines that is fully regulated by the Curacao gambling regulator.
Counos Platform, a Swiss-based Blockchain startup, on the other hand, was in charge of the project’s technological innovation. Xbit, on the other hand, is a separate entity from this organization.
How well does Xbit Embrace Blockchain?
The common consensus on crypto casinos is that its primary advantage arises from the adoption of Blockchain technology.
Counos was in charge of the technical components of the Xbit project, as mentioned in the previous question. This firm focuses on Blockchain and all things related to it.
As a result of our assessment, the level of integration between Blockchain and this casino seems to be perfect.
This online casino supports a variety of cryptocurrencies, including Xbit Coin, Counos Coin, Counos X, Bitcoin, Ethereum, Litecoin, Tether, and others.
However, the synergy goes further, and we were delighted to discover more.
Counos Payment Gateway, which is also powered by this Blockchain firm, is the casino’s payment gateway.
Xbit Coin, on the other hand, is accepted by a number of wallets, all of which have a sufficient level of Blockchain-based innovation; these wallets are: Counos Mobile Wallet, which is available for both Android and iOS; Counos Web Wallet is an online crypto wallet provided by Counos Platform; Counos Paper Wallet is a formal document which contains your public and private keys, and Counos Software Wallet is a software used to produce private and public keys.
Is it possible for anyone to play at Casino Xbit?
Users from the three nations of North Korea, Iran, and Israel are not permitted to play at Casino Xbit, according to Xbit’s policies.
Other countries and people from all over the world are welcome to play games at our casino, in addition to these three.
Is it possible to purchase Xbit Coins?
Yes. This coin is available for purchase in a variety of ways.
First and foremost, consumers can purchase this coin using this Direct Method.
Many more exchanges will list Xbit soon, and other than Alterdice, ExMarkets, DexTrade, Emirex, Koopal Exchange, DEX Koopal, Counos Centralized Exchange, and Counos DEX are also among these exchanges.
Is Xbit a Legal Business?
All of the evidence, including Xbit Coin and Casino Xbit, points to the project’s validity.
As previously stated, this casino is properly registered and has all of the essential licenses to operate legally.
Furthermore, our analysis revealed that Blockchain technology is the core force and might behind this online gaming platform, as it should be.