Unless you’ve been living under a rock, you’ve heard of cryptocurrencies like Bitcoin and how they have the potential to revolutionize several important industries. Let’s find out What Is CasinoCoin?
From payments and data storage to casino games and peer-to-peer sports betting, crypto companies are building on blockchains and shaking up the existing order. Here we would particularly talk about how they might affect online gambling.
While scanning the crypto news headlines recently, you will find CasinoCoin, an intriguing project focused solely on the online gambling industry.
While this wasn’t the first crypto project with a focus on online gambling, we decided to do a little digging and see what CasinoCoin was all about. Here are the details about CasinoCoin.
What is CasinoCoin and What Does It Do?
Unlike general purpose cryptos like Bitcoin, which are used to buy/sell anything, this one is used only for casino gaming online.
It has the following features:
- It was built using a fork of the Ripple blockchain and can manage up to 1,000 transactions per second. While Visa can do 56,000 per second, CasinoCoin will never have to handle that sort of volume.
- It is designed for the regulated online gambling markets.
- Transaction fees will cost less than one penny. Yes, you read that right, one red penny maximum. Transactions are also confirmed in under five seconds worldwide.
- It will have its own wallet app called the Bankroll Manager. This will comply with all KYC and Anti-Money Laundering checks and will have features to help you manage your spending. There’s much to disclose here about what this means for players.
Benefits of CasinoCoin for Players
As you might expect, it seems the creators of CasinoCoin have done their homework. If it works, they’ll have managed to solve several problems for both players and casino operators. Here’re the benefits:
1. It’s Built on the Ripple Blockchain
This blockchain is highly secure and is one of the fastest in existence when it comes to transaction times. While Bitcoin proponents fight over how to get its blockchain to be able to manage a few hundred more transactions per second, the Ripple blockchain has solved that issue and is capable of handling a whopping 1,000 transactions per second. It will likely be able to handle more in the future.
That’s exactly what the casino industry requires. With millions of people logging in to play around the world each day (although not all at the same time), a highly scalable blockchain is the only kind that’ll work if CasinoCoin is to become popular. The final thing is a backlog as thousands of people try to make deposits and withdrawals at once.
You’ll still have to find casinos that process withdrawals quickly, but it’s good to know that once it’s approved by the cashier, your money will be there before you can say, “Where the heck is the jackpot that I won at this casino?”
The Ripple blockchain is also entirely transparent. You can view and verify every single transaction ever made on it. Never again will a casino be able to claim you didn’t make a deposit or lie that it already sent you payment. It will be instantly verifiable right there on the public ledger.
This transparency is true of majority of blockchains, so it isn’t unique to CasinoCoin. However, combined with the lightning-fast speed of transactions on this one, and the virtually non-existent fees, CasinoCoin could not have picked a better blockchain. It’s a double win for us as casino players.
2. It’s Designed for the Regulated Online Gambling Market
CasinoCoin has a strong chance of being adopted by big-name brands with valid online gambling licenses.
Brands like Bet365 and 32Red accept Bitcoin and other cryptos because of the lack of regulatory clarity. These brands have hard-won gaming licenses from the UK Gambling Commission and others. They have to comply with strict KYC and Anti-Money Laundering laws, and they’re cannot risk accepting cryptocurrencies from unknown origins.
CasinoCoin has clearly thought this out and has built-in workarounds to ensure compliance. It’s still early, so the details on what these compliance measures might rely on are sparse, but it’s encouraging to know that we might be able to use CasinoCoin at some of the biggest, most trusted names in online casino gaming.
This also means that CasinoCoin probably won’t be developing its own online casino, but rather that it will work with existing regulated operators.
3. Transaction Fees Will Cost Less Than a Penny
You can also use XRP, which is the cryptocurrency that Ripple uses on its blockchain. When they say less than a penny, they mean it. You usually pay fees more in the ballpark of 1/10th of a penny for a transaction of a few hundred bucks.
4. It Will Have Its Own Bankroll Manager App
A cryptocurrency wallet is a piece of hardware or software that can hold your coins. Each wallet will have a private key, and only you will know what that key is. Therefore, only you can access the wallet. Your CasinoCoins will sit in your wallet until you are ready to deposit them, and that’s also where you’ll store them when you withdraw.
The CasinoCoin Bankroll Manager will have:
- Tools to comply with all KYC and Anti-Money Laundering laws
- Tools to help you manage your bankroll and spending
If CasinoCoin can verify who you are at the wallet level, it might remove the need for you to verify your account at every casino you play at. It would certainly solve a major pain in the neck for players and would save lots of time for operators.
When it comes to the second point, the wallet sets a hard cap on how much you can deposit, or at least made you aware that you are going over the pre-defined limit or perhaps forced some sort of time-out or cool down period after an agreed limit was reached. The Bankroll Manager app has not been released yet, but we will keep an eye on it and will update you when it materializes.
How Far Along Is CasinoCoin and Can You Use It Now?
This is not a pre-concept project, though. You can download CasinoCoin wallets for Windows, OS X, Linux, iOS, and Android devices now. You can also buy CasinoCoins on several cryptocurrency exchanges. If demand for these grows and supply is limited to just under 40 billion coins, it’s possible that they could appreciate in value.
CasinoCoin also seems to have made at least one noteworthy partnership. It recently announced that Cammegh Gaming, the world’s biggest supplier of roulette wheels, will issue a token on its blockchain and transmit data on it. This is not quite a casino accepting CasinoCoin, but it’s a start, and it means the project is moving in the right direction, making high-level connections, etc.
Gambling with cryptocurrencies is not for everyone. This is a project with serious potential to transform our industry. If the CasinoCoin development team delivers on its promises, the future of online gambling could get a whole lot brighter.