At Providence, you are protected from Cryptocurrency price volatility
One of the major issues with cryptocurrency and one which continues to challenge its acceptability as an asset is its price volatility. Some of the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple have experienced triple figure percentage growth in just a span of a year or two.
Moreover, their prices keep fluctuating daily making them difficult instrument for measurement and store of value. As such, these price fluctuations are expected to be a major issue of concern for Providence as it promises a fully cashless experience.
There is the need for Providence to ensure that players get value for their game’s worth and that their winnings are protected. For this reason, once a player has finished playing in our world-class physical casino and is looking to cash out their winnings, they will be able to “bypass” volatility concerns and even draw a bigger upside from the markets uncertainty factor.
Protected Winnings in Volatile Markets
Upon cashing out, your casino chips are converted back to PVE Tokens on Providence Exchange. Using our exchange mechanisms, we lock down your winnings pegged to the current currency rates for a maximum of 72 hours. This presents an incredible opportunity for you as you will not be subject to the volatility of cryptocurrencies. Upon release of funds we will charge 0.5% on the amount hedged and this service will be implemented directly into Providence Exchange. Detailed information on the rates, and available cryptocurrency pairs for this service will be disclosed once the exchange is operational.
For example, if you cash out $1,000 worth of cryptocurrency, and the value drops by 30% (or any amount) the next day, or at any time within those 72 hours, you are PROTECTED. You have a full 72 hours to claim your full $1,000 in fiat, no matter what happens to the cryptocurrency market in that time period.
Besides this a player can elect to let their winnings ride in a market uptrend. How?
Cashing out into our casino cryptocurrency wallets is a true zero-risk opportunity with serious upside. We present our players the opportunity to increase their winnings if their cryptocurrency increases in price during those 72 hours.
For example, if your $1,000 in cryptocurrency increases by 20%, you can elect to let the full 72-hour time limit expire to claim that extra cash. You’d now have $1,200 instead of $1,000.
And remember, if it goes down, you’re protected by smart contracts on the blockchain. Thus, when you cash out at our casino, you keep at least your full winnings, with the opportunity to earn more if your cryptocurrency rises in value.