The Bitbook.ag project: offering better margins for gamblers and betters
Blockchain and the gambling industry appear to be a great match. Indeed, distributed ledgers enable fraud prevention and protect players from dishonest practices such as withholding payouts or unjustly closing accounts. On blockchain platforms, all gambling results and betting outcomes are recorded on a distributed ledger, making it possible for any user to verify that the casino is playing fair. Use of distributed ledgers also protects online casinos from hackers and data breaches: Transaction history recorded on the blockchain is immutable and stored in thousands of copies across the network, making a successful hacker attack impossible.
Saving on commissions
Offering better security and transparency is not enough to make blockchain-enabled casinos a successful alternative to traditional gambling sites. Users also need to have a significant economic motive to switch to such projects. Here is where Bitbook — a new sports-betting and gambling platform — stands out among its competitors: It offers a variety of incentives that will help attract players and keep them engaged.
It is now widely known that using cryptographic tokens is much more cost-effective than fiat currencies for projects that charge commissions and fees. Depositing funds and receiving payouts in tokens helps eliminate intermediaries, such as banks and payment-processing systems. This means that instead of paying up to 5% for a wire transfer or a credit card payment, online casino users can pay just 1% or even less. Location stops being an issue, too: As long as it is legal to use gambling sites and cryptocurrencies in a certain jurisdiction, the residents of that jurisdiction can purchase tokens through a platform like Bitbook.ag, use them to make bets, and then receive their winnings in the same tokens. This means that a blockchain casino can safely operate and accept payments in all countries where it is legal to do so. Additionally, payment speed is greatly improved: Players will not have to wait days to get their payout (which sometimes does not arrive at all). Rather, as soon as a win in a game or a bet is registered on the blockchain, the winnings are paid out automatically by the smart contract.
The increasing value of BXK tokens
Yet another advantage of using a blockchain casino like Bitbook.ag is that the tokens themselves have value. In a traditional gambling site, any money that is deposited in an account but not used to make bets or play games is essentially locked in and frozen. By contrast, Bitbook tokens (BXK) have the potential to gradually increase in value even if they are simply stored in an account or cryptocurrency wallet. Bitbook.ag will take various measures to ensure the stable growth of demand for the tokens and their market value.
Since all transactions on the platform will be carried out using BXK, the market demand for them will grow as more and more players join the network. Furthermore, Bitbook.ag will gradually buy back portions of its tokens on outside cryptocurrency exchanges and burn them, thus reducing the total supply, in turn leading to a higher valuation.
Rewards for activity and compensation of losses
Bitbook.ag is planning to do much more than simply pay out winnings quickly and in full. The project team is convinced that users should be rewarded simply for playing and engaging with the platform. Players will receive regular BXK rewards based on how much they spend on gambling and making bets on Bitbook.ag. Moreover, 10% of a user’s monthly losses will be compensated to them as cashback reward. This feature is unique to Bitbook.ag and will motivate many active players to switch to the platform entirely.
Players look for many things when choosing an online casino: the convenience of payments, fair play, the variety of games, etc. However, better margins remain a key factor. Of course, players cannot win all the time — or even most of the time. But a careful combination of low fees, participation rewards, bonuses, token-value growth, and compensation for losses can serve as the recipe to win over an audience and retain their loyalty.
Find out more about the Bitbook project on https://ico.bitbook.ag/