What distinguishes a cryptocurrency gaming website? Many people claim to be one-of-a-kind or to have used truly revolutionary technologies. However, how can you tell which ones are genuine? Which ones, more significantly, genuinely care about their customers?
In the world of online gambling and cryptocurrency casinos, sometimes known as Bitcoin casinos, the Xbit project has come to popularity. At least on paper, there are some characteristics of this initiative that set it distinct from other existing platforms in the same field. One of the most noticeable among them is that they have created a cryptocurrency that can be used for gaming reasons more than just as a casino platform.
Their claims, on the other hand, are far more. And in this post, we’ll take a closer look at each of these claims to see if they’re true.
Necessity of Crypto Casino to Begin With
To answer this question, we must first look at the underlying problems with online casinos and online gaming in general. The astounding facts and data about the online gaming industry have surfaced, and they cannot be refuted.
One out of every four people, or 25% of the adult population, played one or more online casino games in the previous year.
The revenue generated by the internet gambling sector has risen considerably in recent years, reaching a remarkable $66.67 billion. This amount is predicted to reach $100 billion by 2026.
Furthermore, gambling has a sizable following among a wide range of people all around the world. 85 percent of Americans, for example, claim to have gambled at least once in their lives.
All of these facts and figures point to the fact that the internet gambling and casino industries are growing at such a breakneck speed that technology is straining to keep up.
This is why we think crypto casinos, often known as Bitcoin casinos, are so important. As gambling’s reach in society and among various demographics extends, the scale grows more and larger, and traditional technologies will be unable to handle the traffic on their own. Blockchain, on the other hand, is capable of dealing with this.
It’s not just Blockchain technology’s scalability that makes it ideal for use in the online gambling industry; it’s also the other benefits it can provide, which most people should be aware of by now: more transparency, efficacy, decentralization, and less centralization of power, data, and authority.
As a result, it’s evident that, like many other industries, the online gaming sector has to incorporate Blockchain.
Numerous entrepreneurs, firms, and platforms have responded to this demand in a quick and correct manner, resulting in a steady increase in the number of crypto casinos. Xbit, which is part of a wider enterprise, is one such casino. We’ll check into it further to determine if it’s something worth your time.
What 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 features. 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 established specifically for use in the sector of online gaming. It’s also accepted at the project’s casino, Casino Xbit, which goes by the same name.
Is Xbit Based on a Blockchain Network that already exists?
Because Xbit Coin has its own network, the answer is a resounding NO.
So it should be said that Xbit has its own completely independent Blockchain network.
This Blockchain network is unlike any other Blockchain network out there.
While the algorithms used for this coin are similar to those used for many others, such as Bitcoin, it is worth mentioning that SHA256 has a number of advantages that have contributed to it becoming one of the most popular algorithms in the cryptocurrency world.
To begin with, SHA256 has never been demonstrated to be insecure, unlike many other hashing algorithms. Furthermore, because the hash values generated by this technique have a variety of distinguishing properties, they ensure validity.
The SHA standard has become one of the most extensively used hashing techniques for these and other reasons.
Is Xbit Coin an Initial Coin Offering (ICO)?
No. The project isn’t ready for investment or financing, which is why Xbit isn’t considered an initial coin offering, or ICO.
The Xbit project is neither an ICO nor an IEO (initial exchange offering) (initial exchange offering). With investors lined up, the program is fully funded and ready to launch.
Given the fundamental characteristics of an ICO, Xbit Coin is clearly not one.
How many Xbit Coins are there in total?
Xbit Coin has a total supply of one billion (1,000,000,000) coins. Each and every one of these coins has been mined.
The one-billion-coin supply will be distributed as follows: The development team and early investors who created the casino will receive 400 million coins. A total of 400 million coins will be available for purchase by ordinary people. The remaining 200 million coins are given to entrepreneurs.
Is Xbit Mining Possible for me?
No, the Xbit Coin supply has already been depleted.
Is it Safe to Play at Xbit Casino?
The Xbit project also includes the Casino Xbit, an online casino and gambling platform, as previously announced.
According to their official websites and documents, Casino Xbit is operated 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.
Why is Xbit Coin the represented share of Xbit Casino?
In a nutshell, the Xbit project offers an online casino as well as a cryptocurrency designed specifically for the online gaming industry, including, of course, this gaming platform.
As can be seen, Xbit Coin is backed by Casino Xbit, a well-known and legal financial organization.
This already established casino serves as the coin’s financial backbone. As a result, Xbit Coins are regarded to be the Xbit Casino’s representing shares.
When a result, it’s logical to believe that this mechanism was built up for this coin with the hope that as the casino’s financial status improves, the coin’s value will improve as well.
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 awards.
Is Xbit Coin Staking Possible for users?
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 specific amount of earnings is transferred to those wallets after a defined period of time.
This is a 5% annual increase for Xbit. Based on established formulae, the Xbit online casino calculates and discloses the staking return at the end of the year. Divide the total return by 800 million to get the return for each individual coin.
Who is Xbit’s Brains Behind the Scenes?
Xbit is operated by Bit Gaming LLC, a corporation situated in St. Vincent and the Grenadines that is fully licensed by the Curacao gambling regulation, as previously indicated.
On the other side, the project’s technological development was overseen by Counos Platform, a Swiss-based Blockchain firm. Xbit, on the other hand, is a separate company from this one.
What is the Level of Xbit’s Blockchain Integration?
The incorporation of Blockchain technology, according to the common view on crypto casinos, is its primary advantage.
Counos, as noted in the preceding question, was in charge of the technical aspects of the Xbit project. This company specializes in Blockchain and everything linked to it.
Our analysis indicates that the level of integration between Blockchain and this casino is optimal.
Xbit Coin, Counos Coin, Counos X, Bitcoin, Ethereum, Litecoin, Tether, and other cryptocurrencies are accepted at this online casino.
However, there is more to the connection, and we were excited to learn more.
The casino’s payment gateway is Counos Payment Gateway, which is likewise powered by this Blockchain company.
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 Wallets is an online crypto wallet provided by Counos Platform; Counos Paper Wallet is a formal document containing your public and private keys, and Counos Software Wallet is a software used to generate private and public keys.
Is it feasible to play at Casino Xbit if you’re not a member?
According to Xbit’s restrictions, users from the three countries of North Korea, Iran, and Israel are not permitted to play at Casino Xbit.
In addition to these three countries, people from all over the world are welcome to play games at our casino.
Is buying Xbit Coins a viable option?
Yes. This coin can be purchased in a number of different ways.
First and foremost, this Direct Method can be used to purchase this coin.
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 it permitted Legally to use Xbit?
The project’s authenticity is supported by every evidence, including Xbit Coin and Casino Xbit.
This casino is duly registered and has all of the necessary licences to operate legally, as previously indicated.
Furthermore, our research found that Blockchain technology is the driving force and strength behind this online gaming platform, which is exactly what it should be.