What makes a cryptocurrency gaming site stand out? There are many people who claim to be unique or to have applied truly innovative technologies. But how do you know which ones are genuine? And, more importantly, which ones actually care about their customers?
The Xbit project has risen to prominence in the world of online gambling and cryptocurrency casinos, sometimes known as Bitcoin casinos. There are some aspects of this project that distinguish it apart from other existing platforms in the same field, at least on paper. One of the most notable among them is the fact that they have provided a cryptocurrency for gaming purposes other than just a casino platform.
Their assertions, though, are considerably more. And in this post, we’ll look at each of these assertions individually to see if they have any merit.
Why Do We Need a Crypto Casino in the First Place?
To answer this question, we must first examine the underlying issues with online casinos and internet gaming in general. The remarkable facts and data that have come out regarding the online gaming sector are apparent and cannot be denied.
In the previous year, one out of every four persons, or 25% of the adult population, participated in one or more online casino games.
The internet gambling market’s income has increased dramatically in recent years, reaching a staggering $66.67 billion. By the year 2026, this value is expected to reach $100 billion.
Furthermore, gambling has a significant following across a variety of populations all around the world. For example, 85 percent of Americans admit to having gambled at least once in their lifetimes.
All of these data and statistics speak to the reality that internet gambling and the casino industry are expanding at such a rapid pace that technology is struggling to keep up.
This is why we believe crypto casinos, often known as Bitcoin casinos, are vital. As the reach of gambling expands in society and among diverse demographics, the scale grows more and larger, and standard technologies will struggle to handle the traffic alone. However, Blockchain is capable of dealing with this.
And it’s not just the scalability of Blockchain technology that makes it ideal for use in the online gambling industry; it’s also the other benefits that Blockchain technology can provide, which most people should be aware of by now: more transparency, efficacy, decentralisation, and less centralization of power, data, and authority.
As a result, it has become clear that Blockchain, like many other businesses, must be integrated into the online gaming industry.
This demand has been felt by numerous entrepreneurs, firms, and platforms in a timely and accurate manner, resulting in a continuous expansion in the number of crypto casinos. One such casino is Xbit, which is part of a larger project. We’ll look into it in greater depth to see if it’s worthwhile of your time.
What Is Xbit Cryptocurrency?
Is xbit a coin or a gambling establishment? Xbit is a project that encompasses a variety of services, including a cryptocurrency and an online casino. In this way, Xbit Coin, commonly known as XBT, is regarded 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 Built on an Existing Blockchain Network?
There is a big NO, as Xbit Coin has its own unique network. This Blockchain network is different and distinct from all other Blockchain networks.
So, while the algorithms employed for this coin are similar to those used for many others, such as Bitcoin, it is worth noting that SHA256 has a number of advantages that have helped it become one of the most popular algorithms in the cryptocurrency world.
First and foremost, unlike many other similar 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 has become one of the most widely used hashing techniques.
Is Xbit Coin an 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 initiative 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 Number of Xbit Coins?
The total supply of Xbit Coin is one billion (1,000,000,000) coins. Every single one of these coins has already been mined.
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 people will be able to purchase 400 million coins. The remaining 200 million coins are distributed to business owners.
Is it possible for me to mine Xbit?
No. The entire supply of Xbit Coins has already been mined.
Is Xbit Casino a safe place to play?
As previously stated, the Xbit project also offers the Casino Xbit, an online casino and gambling platform.
Casino Xbit is run by Bit Gaming LLC, which is registered in St. Vincent and the Grenadines and is fully licenced by the Curacao gambling authorities under licence number GLH-OCCHKTW0705052021, according to their official websites and documentation.
Why is Xbit Coin the Xbit Casino’s representative share?
In basic terms, the Xbit project provides an online casino as well as a cryptocurrency that was created exclusively for the online gaming sector and, of course, for this gaming platform.
As can be observed, Xbit Coin is backed by a well-established and legal financial institution, namely Casino Xbit.
This coin’s financial backbone is this already established casino. As a result, Xbit Coins are thought to be representative shares for the Xbit Casino.
When a result, it’s reasonable to assume that this system has been set up for this coin, with the expectation that as the casino’s financial situation improves, so will the coin’s value.
The way it works is that the casino generates money and value, and the more wealth and value generated in Casino Xbit, the more revenue is distributed among coins as annual staking rewards.
Is it Possible for users to stake Xbit Coin?
Yes. The ability to stake the coins is one of the things that Xbit is particularly 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 calculates and announces the staking return at the end of the year based on specified formulas. To calculate the return for each individual coin, divide the total return by 800 million.
Who is the brains behind Xbit?
As previously stated, 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 development. Xbit, on the other hand, is a different entity from this corporation.
How well does Xbit integrate Blockchain?
The general consensus on crypto casinos is that its primary advantage stems from the incorporation 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 research, the level of integration between Blockchain and this casino appears to be optimal.
This online casino accepts a variety of cryptocurrencies, including Xbit Coin, Counos Coin, Counos X, Bitcoin, Ethereum, Litecoin, Tether, and others.
However, the connectivity 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 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 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, users 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 Legal?
All of the evidence, including Xbit Coin and Casino Xbit, points to the project’s legitimacy.
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.