BGC & BGCA - HOW IT WORKS?
Through connectivity with our digital value platform, namely the Bitgame Platform, elite gamers wishing to visit a room could easily convert at money into digital tokens, that would be securely registered on a blockchain underpinning the platform. A numerical representation of the tokens held at any one time would be shown in the gamer’s smart phone wallet.
Whenever necessary, the gamer could effortlessly convert his Bitgame Coins (BGC) to xed-value digital Bitgame Global Chips (BGCA) for use in the room. After gaming, BGCA could be converted back into BGC and further converted to at money or any other digital currency when needed, all on demand and via the touch screen on a smartphone. If gamers choose to keep stake monies and winnings in digital form ready for the next visit to the gaming tables, they could do so, securely and at minimal cost.
Application of digital token technology beyond stake monies and winnings to the management and tracking of individual gaming chips, delivers rooms and casinos with significant financial gains and benefits from improved efficiency and security across their entire ‘cash management’ system.
The Bitgame Room will operate on similar principles to existing rooms, but with some important modifications to the standard internal gaming protocols. These rule changes will help stimulate a broadening of membership of the Bitgame Community.
Unlike the existing room system, gamers wishing to attend the Bitgame Room will not need to register at the venue. Instead, at their leisure, they can become members of the Bitgame Community by applying online, passing through the registration and KYC/AML procedure and installing a Bitgame Community Wallet on their smart phone. This may be done at the venue but most members will have done this well ahead of arriving at the Bitgame Room.
The majority of gamers will arrive with BGC or BGCA tokens in their account and showing on their smart phone wallets.
Once inside the Bitgame Room, members can use smart phone NFC protocol (or wallet-to-wallet transfer) at the Bitgame customer service desk to sell BGC and buy the house digital chips, BGCA (Bitgame Global Chips). These have a fixed rate value of 1 BGCA = $1.00. These BGC will then also appear in their wallet.
Having charged their account with BGCA, the gamer can then choose when to convert BGCA to physical gaming chips for play at the baccarat tables.
Note: Playing with physical chips is still considered a key feature of the collective enjoyment, excitement and practical convenience of real-time gaming in casinos.
As with the existing room system, the physical gaming chips issued by the cashier’s desk in the Bitgame Room will be non-negotiable. This means the gamer has to stake all his non-negotiable chips at the tables. Winnings, however, are given in negotiable chips, which may be staked or cashed in at the cashier’s desk for BGCA.
In addition, all gamers at the Bitgame Room will receive an incentive rebate of 1% once they have ‘rolled’ (staked ) all their non-negotiable chips.
A major difference between the Bitgame Room and traditional rooms is that Bitgame gamers will not face blanket high levels of minimum stakes. Gaming will be possible at more modest levels of minimum stake.
If the gamer requires more stake money during a gaming session, or perhaps overnight in readiness for the next day’s play, at funds in the gamer’s bank account can be used to buy BGC through the Bitgame in-house exchange, or other exchanges, for conversion to BGCA. These BGCA can immediately be used to acquire more physical gaming chips. Alternatively, if the member holds sufficient BGC already, then it is simply a matter of buying BGCA with BGC, and getting physical chips for BGCA from the cashier in order to continue to play. This is very different from the cumbersome procedure at traditional rooms, where it is virtually impossible for a gamer, VIP or otherwise, to bring in additional stake money without incurring very punitive loan or positioning costs, with the whole process taking many hours or even days.
Having played the tables, the gamers at the Bitgame room will visit the cashier to convert their physical gaming chips to any digital currency. When done, they are free to leave the venue with their holding of digital currency securely held in their smart phone wallet.
The ease, speed and security of the procedure for gamers within the Bitgame room (and all aliated rooms and casinos too) will be a major driver in building regular gamer numbers. In addition, the Bitgame room will break down some of the ‘elitist’ barriers to gaming and broaden the base, whilst retaining that all-important exclusivity label.
The biggest benefit to gamers, and the strongestgrowthdriver, will be the dramatic reduction in costs and fees compared to the present room system. Costs to gamers for the return of winnings will drop from the current level of between 5%-7%, to around 1%. A very significant saving, which is likely to boost business still further by releasing additional funds for gamers that they can stake at the tables in the Bitgame Room.
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