There has been a complete misconception about token and coins in the crypto world, especially for newer investors. A token can be an equity, utility or security token; all the same there is a slight difference between a token and a coin.
Every crypto coin is native to its own blockchain; for instance each of Bitcoin. Ether, Litecoin exist on their own unique blockchain. So in essence ;
- Bitcoin separately operates on a Bitcoin Blockchain
- Ethereum separately operates on the Ethereum blockchain
- Same as NEO coin
All the digital coin exist as data on a giant blockchain that keeps track of all transactions , so when there is a p2p transfer of coin, no physical coin actually moves. Some of this coins can only be used as we would use the real life money e.g BTC, while others; ETH, NEO have more features and can serve just more than the money purpose. Ether for instance is used to fuel transacts on the Ethereum Network. But interestingly because it got more features and can operate more than just money, Tokens can be built on Ethereum network, but to send such tokens one would still need the coin Ether as a gas. More like a fee for computers that verify transacts over the network. ‘The dividend for holding certain assets (coin) to sustain the network are tokens or coins.’
TOKEN & TOKENIZATION
Has Crypto tokens come stay? Responses from an increasing global population of Crypto Sharks, Investors and Newbies ranges from the anonymity of crypto is awesome, it is completely decentralized, it has little or no fee to transact and it practically depends on the economic rule of demand and supply, so it implies there is magic of the value of this token in your possession to multiply. The world is slowly embracing the ease of having to transact a huge sum, without having to carry a bag of cash all around. The reality remains that crypto tokens are getting more and more transactions with a steady growth rate since 2012.
Times are fast changing, and with rising global acceptance of the cryptocurrency, the rise in crypto coins and tokens is inevitable! Gamers and casinos are beginning to adopt these tokens as a tool for staking. With the advent of several technological advancement and incorporation of several payment processing APIs, crypto tokens have been considered valuable because of its purchasing power, anonymity, usage in placing bets especially in the gaming industry such as online casinos and other gambling sites.
But with the advent of crypto tokens and its adoption in the gaming industry, there has been an obvious sweep of the ideology of traditional casinos using dodgy tricks; that gives it an upper hand in winning whilst providing a transparent and clear platform ensuring the odds are legit and clear to gamblers. As regulated by special law, there is a percentage that online casinos remit a certain percentage of its revenue. For crypto casinos, there is already a programmable payout rate, such that all wins and losses are checked automatically , thus the small part of revenues from casinos redistributed amongst players has a high level of transparency as the whole source code can be traced.
With the advent of tokens used by players for gambling resulted in decentralized casinos featuring many games like dice, blackjack, hilo, crash, and baccarat. Bets are made with these tokens, which are usually sent to a given wallet address in the corresponding network before they can begin to play. Now every-time a bet is placed, a player’s seed gets hashed with the bet id, which results in a unique random number that can be verified on blockchain.
The improvement and dynamism brought by this include:
- Doing away with exuberant costs associated with deposits and transactions on the casinos plus a myriad of taxes and duties on the players. As online casinos adopt tokens as an element for wagering, there is a low/no transaction fee for token exchanges, hence absolving the casinos and even the gamblers of fees. The selling point is gamblers are allowed to enjoy low withdrawal fees as well as deposit costs in order to make them more preferable.
- With the advent of token, there would no need to scoop up peoples private information, credit card details, as transactions are basically from the players token wallet to the wallet address given by the casino before a player gets to start playing.
- With the advent of token for online casinos, comes with the introduction of benefits of gambling, as gamblers get awards of various ranges. Moreover, it also provides promotions in order to attract different customers.
- Token used in crypto casinos are utility tokens, they are a rare type because they are expected to gain ion value based on their limited supply
So when you play at a trusted crypto casino like BC.Game, that offers provably fair games and incorporates the right safety measures, then gambling becomes a stress free activity that offers additional protection on your personal and financial information!