Xbit Fully Analyzed
Every aspect of Xbit project has been analyzed to see whether their claims are true or not.
As Blockchain progresses and becomes more and more part of life, the number of crypto casinos is rising. But how can users make sure that the crypto casino they have chosen is the right one for them? In fact, what really constitutes a proper online gambling platform?
In this article, we have brought Xbit project under full examination, to see whether the claims of this crypto casino are true or not? There are many factors about this crypto casino, sometimes also called Bitcoin casino, that make it an attractive choice for full analysis. As we will see in detail in the following parts, this project offers an online casino and at the same time a cryptocurrency, which they claim has been specifically designed for the online gaming industry.
Read along to find out if Xbit is the right casino for you.
The Need for Crypto Casinos
Before we fully delve into Xbit project, some crucial matters need to be addressed. Why the sudden surge of interest toward Blockchain-based and online casinos? How much is this market worth? And why people are so drawn to it?
What can be clearly surmised from all the statistics is that the number of people who are turning to online casino games is increasing. In fact, during the past year alone, one out of every four adults confessed to having played one form of online games in such casinos.
But with this influx of users toward these gaming platforms, how much is the market worth? At the current rate, the value of the online gambling market is about 67 billion dollars. Analysts expect that this number will rise to as much as 100 billion dollars in the next five years. But from what we have seen, it wouldn’t be an overstatement to say that this figure might be achieved much sooner than anticipated.
What is clear is that people are drawn to gambling for one reason or another. And a lot of factors have helped the number of people who gamble regularly to increase more than ever during the past couple of years.
As this umber increases, the need for more accessible ways to gamble increases as well. Since the issue is related mostly to scalability of a platform and the security that it can offers its users, it seems that Blockchain can be the only answer.
Surely, we are not the first ones to figure this out. There is a multitude of crypto casinos out there, and more come to fore every day. Xbit is one such casino. Without any further ado, here is a full examination of Xbit project.
Does Xbit Offer a Cryptocurrency?
Yes. Xbit project also offers a cryptocurrency. Xbit is a in fact a project, which entails a number of services; including a cryptocurrency and an online casino. In this regard, Xbit Coin is considered a cryptocurrency, which is also known as XBT. This coin has been designed and developed according to SHA-256 algorithm. What this project claims is that this coin has been designed to be used specifically in the online gaming world. It is also accepted in the casino of this project, with the same name, which goes as Casino Xbit.
Does Xbit Have Its Own Blockchain Network?
Yes. Xbit Coin has a fully independent Blockchain network. This Blockchain network operates independently and separately from any other Blockchain network.
So, it is true that the algorithms used for this coin is similar to many others such as Bitcoin’s, but it is worth mentioning that SHA256 does possess a series of advantages which has made it one of the most popular algorithms in the cryptocurrency world.
First off, there are no known vulnerabilities to this technology, so unlike many other similar hashing algorithms, SHA256 has never been so-called broken. In addition, the hash values generated by this algorithm guarantee authenticity owing to the fact that they have many particular characteristics.
These reasons, among many other, have turned this SHA standard as one of the most popular hashing mechanisms.
Is Xbit in the ICO Stage?
No. Xbit is not considered an initial coin offering, or an ICO, and the reason is that the project is not in the investment or funding state.
Xbit project is not an ICO (initial coin offering) or IEO project. The project is fully funded and ready and already has investors.
Therefore, given the basic traits of an ICO, it is clear that Xbit Coin is not an ICO.
What Is the Total Cap of Xbit Coin?
Xbit Coin has a total cap of 1 billion (1,000,000,000) coins. All of these coins have already been mined.
The one billion coins are distributed as follows: 400 million coins are provided to early investors who established the casino and the development team. 400 million coins are offered to ordinary buyers. The rest of the 200 million coins are provided to the business operators.
Can Xbit Be Mined?
No. All the Xbit Coins have already been mined.
Is Xbit Casino Legal?
Yes. As previously mentioned, Xbit project also offers an online casino and gaming platform known as the Casino Xbit.
According to their official websites and the documents provided, Casino Xbit is operated by Bit Gaming LLC, which is registered in The St. Vincent and the Grenadines, and is fully licensed by the Curacao gambling authority under license number GLH-OCCHKTW0705052021.
What Does It Mean that Xbit Coin represents revenue share for the Xbit Casino?
Xbit project offers an online casino and also a cryptocurrency, which is specifically developed for the online gaming world and of course for this gaming platform.
So, it can be seen that behind Xbit Coin is an already established and legitimate financial institute, i.e. Casino Xbit.
This financial backbone could only be beneficial for this coin. As such, it is said that Xbit Coins are representative shares for the Xbit Casino.
So, it can be surmised that this mechanism has been provisioned for this coin, so that as the casino does better financially, so will the coin become more valuable.
The way it works is that wealth and value are created in the casino, and the more wealth and value created in Casino Xbit, the more revenue would be divided among coins as the annual staking benefits.
Can Xbit Coins Be Staked?
Yes. One of the features that Xbit boasts about quite proudly is the ability to stake the coins.
In this way, when users and owners stake their Xbit Coins, these digital currencies are frozen and non-transferrable and subsequently after a certain period of time a certain amount of benefit would be transferred to those wallet.
This amount for Xbit is an annual 5 percent. At the end of the year, the return for staking is determined and announced by the Xbit online casino based on specific calculations. The return is divided by 800 million to determine the return for each single coin.
Who Developed Xbit?
As mentioned before, Xbit is under the operation of Bit Gaming LLC, which is registered in The St. Vincent and the Grenadines, and is fully licensed by the Curacao gambling authority.
On the other hand, the technical development of this project has been carried out by Counos Platform, a Swiss-based Blockchain company. But, of course, Xbit operates independently and separate from this company.
What Is the Role of Blockchain in Xbit Project?
Obviously, the biggest advantage of crypto casinos comes predominantly from the fact that Blockchain technology has been integrated into them.
As discussed in the previous question, the technical aspects of the Xbit project have been carried out by Counos. This company specializes in Blockchain and everything related to it.
Therefore, according to our investigations, the level of integration between Blockchain and this casino is actually ideal.
As it was obviously expected, a variety of cryptocurrencies are accepted in this online casino; Xbit Coin, Counos Coin, Counos X, Bitcoin, Ethereum, Litecoin, Tether, etc.
But the integration goes deeper and we were actually glad to find more.
The payment gateway of this casino is Counos Payment Gateway, which is again powered by this Blockchain company.
On the other hand, Xbit Coin is accepted by a number of wallets, all of which have an acceptable level of Blockchain-based innovation; these wallets are as follows: Counos Mobile Wallet, which offers both Android and iOS versions; Counos Web Wallet which is an online crypto wallet offered by Counos Platform; and Counos Paper Wallet , which is a formal document comprised of your public and private keys which refers to a software used to create private and public keys.
Who Can Play at Casino Xbit?
Users from the three countries of North Korea, Iran, and Israel, according to the considerations of Xbit, cannot play games at Casino Xbit.
Other than these three countries, other countries and people from all over the world can freely play games at this casino.
How Can I Buy Xbit Coin?
Yes. There are several ways in which you can purchase this coin.
First off, users can buy this coin directly from this Direct Method.
Additionally, it seems that a large number of exchanges are listing and will list this coin; including: Alterdice, ExMarkets, DexTrade, Emirex, Koopal Exchange, DEX Koopal, Counos Centralized Exchange, and Counos DEX.
What is the lottery system of Xbit project?
Xbit project will also offer a lottery system in a month, similar to international, top lotteries. The lottery will completely take place on Blockchain, so it will have full transparency and security for everyone. 80 percent of all the proceeds from the sale of lottery tickets are the winning amount. All this money is kept in a wallet that can be clearly seen in the explorer by all users. The ticket issued, is in fact an NFT that has been issued on the Blockchain of Counos H.
Counos H, or CCH, is a cryptocurrency provided by the Swiss-based Blockchain company, Counos Platform, which also has a completely independent Blockchain network.
Is Xbit for Suitable for You?
From what we analyzed so far, it can be said with certainty that Xbit knows what it’s doing. They offer a cryptocurrency and an online casino, both of which could be very ideal for any professional and novice gambler alike.
The metrics of security and privacy also check out with regard to this platform.
Regarding the range of games, this casino can easily pass any measure or test, since it offers thousands and thousands of games.
The payment method and withdrawal process is also simple enough for any user to be able to make deposits and hopefully withdraw their winnings!