What differentiates a cryptocurrency gaming website from everyone? Many people claim to have one or to have invented revolutionary technologies. However, how can you tell which ones are genuine? Which ones, above all, value is delivered care for their clients?
In the world of online gambling and cryptocurrency casinos, sometimes known as Bitcoin casinos, the Xbit project has risen to popularity. This company appears to have a number of benefits over other platforms in the same industry on paper. One of the most remarkable successes is the creation of a cryptocurrency that can be used for gaming reasons other than casino platforms.
Their claims, on the other hand, are far more significant. In this article, we’ll look into each of these claims in further depth to discover if they’re real.
Necessity of a Cryptocurrency Casino
In order to answer this question, we must first examine the underlying issues that plague online casinos and gaming in general. The astonishing facts and figures of the internet gaming industry have been unveiled, and they can no longer be ignored.
In the previous 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 income has increased substantially in recent years, reaching a remarkable $66.67 billion. This sum is predicted to reach $100 billion by 2026.
Gambling appeals to people from many walks of life and all over the world. 85 percent of Americans, for example, claim to have gambled at least once in their lives.
All of these figures show that the internet gambling and casino industries are growing at such a breakneck speed that technology is failing to keep up.
This is why we consider Bitcoin casinos, also known as cryptocurrency casinos, to be valuable. Gambling’s relevance in society and across different demographics is increasing, and current technologies will be unable to keep up. Blockchain, on the other hand, is capable of dealing with this.
Not only because of its scalability, but also because of the other benefits it may provide, most of which are already well-known: enhanced transparency, efficacy, decentralization, and decreased power, data, and authority centralization, to mention a few.
As a result, it’s evident that, like many other industries, the online gaming sector will need to incorporate Blockchain.
To fulfill this need, several of these entrepreneurs, firms, and platforms have hopped on board, resulting in a steady surge in the number of crypto casinos. Xbit, which is part of a larger organization, is one such casino. We’ll take a closer look to see if it’s anything you’re interested in.
What Really is Xbit Cryptocurrency and How Does It Work?
Is Xbit a gaming establishment or a coin? Xbit is a project that includes a cryptocurrency and an online casino, among other things. Xbit Coin, often known as XBT, is classified as a cryptocurrency in this way. This coin was created and developed using the SHA-256 algorithm. According to this project, this coin was created specifically for use in the online gaming industry. Casino Xbit, the project’s casino, also accepts it.
Is Xbit built on an existing Blockchain network?
The answer is a loud NO since Xbit Coin has its own autonomous network. This Blockchain network is fully independent.
While the algorithms used in this coin are identical to those used in many others, such as Bitcoin, SHA256 offers several advantages that have helped it be one of the most popular algorithms in the cryptocurrency world.
To begin with, SHA256 has never been found to be insecure, unlike many other hashing algorithms. Furthermore, the legality of the hash values generated by this technique is ensured by a number of distinctive characteristics.
The SHA standard has become one of the most extensively used hashing techniques for these and other reasons.
Is there an Initial Coin Offering (ICO) for Xbit Coin?
No. Because the project isn’t ready for investment or financing, Xbit isn’t considered an initial coin offering (ICO).
Neither an initial coin offering (ICO) nor an initial exchange offering (IEO) applies to the Xbit project (initial exchange offering). With investors lined up, the venture is fully funded and ready to debut.
Based on its core characteristics, Xbit Coin is most definitely not an ICO.
What is the total cap of Xbit Coins?
Xbit Coin has a one-billion-coin supply (1,000,000,000). The whole supply of this coin has already been mined.
The one-billion-coin supply will be distributed as follows: 400 million coins would be distributed to the casino’s development team and early investors. A total of 400 million coins would be available to ordinary people. The remaining 200 million coins are distributed to entrepreneurs.
Is Xbit mining a feasible option for me?
No, all of the Xbit Coins have already been mined.
Is it Harmless to play at Xbit Casino?
The Xbit project also includes the Casino Xbit, an online casino and gambling platform, as previously stated.
Bit Gaming LLC, situated in St. Vincent and the Grenadines, operates Casino Xbit and is fully licensed by the Curacao gambling authorities under the GLH-OCCHKTW0705052021.
The Xbit Casino’s symbolic share is the Xbit Coin
In a nutshell, the Xbit project offers an online casino as well as a cryptocurrency designed specifically for the online gaming industry, which, of course, includes this gaming platform.
As can be observed, Xbit Coin is backed by Casino Xbit, a well-known and trustworthy financial institution.
The financial underpinning of this coin can is an already established financial institution. As a result, it’s thought that Xbit Coins represent Xbit Casino revenue shares.
When a result, it’s reasonable to assume that this mechanism was implemented for this coin with the hopes of increasing the coin’s value as the casino’s financial status improves.
The casino generates wealth and value, and the more wealth and value generated in Casino Xbit, the more revenue is distributed among currencies as annual staking awards.
Customers will be able to stake their Xbit Coin?
Yes. One of the features that Xbit is particularly proud of is the ability to stake the coins.
When users and owners stake their Xbit Coins, they become frozen and non-transferable, and a particular amount of profit is handed to those wallets after a set period of time.
This is a 5% annual increase for Xbit. Using known algorithms, the Xbit online casino calculates and reveals the staking return at the end of the year. Divide the total return by 800 million to get the return for each individual coin.
What motivated the people behind Xbit?
Xbit is operated by Bit Gaming LLC, a corporation based in St. Vincent and the Grenadines and fully licensed by the Curacao Gambling Commission.
Counos Platform, a Blockchain startup based in Switzerland, was in charge of the project’s technological improvements. This organization’s Xbit, on the other hand, is a separate entity.
How effectively does Xbit’s Blockchain technology fit into the overall picture?
Blockchain technology is frequently cited as a key advantage of cryptocurrency casinos.
Counos, as noted in the preceding question, was in charge of the technical aspects of the Xbit project. This firm focuses on Blockchain technology and all of its applications.
Based on our findings, the level of integration between Blockchain and this casino appears to be excellent.
Xbit Coin, Counos Coin, Counos X, Bitcoin, Ethereum, Litecoin, Tether, and other cryptocurrencies are accepted at this online casino.
The casino’s payment gateway is Counos Payment Gateway, which is likewise powered by this Blockchain company.
Xbit Coin, on the other hand, is supported by a variety of wallets, all of which are Blockchain-based and have sufficient innovation; these wallets include: Counos Mobile Wallet is a financial management app for Android and iOS. Counos Platform’s Counos Web Wallet is an online crypto wallet; Counos Paper Wallet is a formal document that contains your public and private keys; and Counos Software Wallet is software that generates private and public keys.
Is it possible to play at Casino Xbit from anywhere in the world?
Due to Xbit’s restrictions, users from North Korea, Iran, and Israel are not able to play at Casino Xbit.
Apart from these three countries, our casino welcomes players from all around the world.
Is it possible to buy 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 Reliable?
The project’s legitimacy is supported by every piece of evidence, including Xbit Coin and Casino Xbit.
This casino is duly registered and has all of the necessary licenses to operate lawfully, as previously stated.
Furthermore, our findings show that Blockchain technology is the driving force and strength behind this online gaming platform, which is exactly as it should be.