Online Casino Chips And Tokens: Why Do We Need Them?

Posted: May 26, 2020

Updated: May 26, 2020

For many years chips have been accepted inside the gambling halls for betting during the game.
Recently, cryptocurrency and bitcoin casinos have announced themselves in the gambling industry market and converted deposits to tokens.
In this article, we will look at the peculiarities of the online casino chips and tokens.

Since the first casinos began to work, chips were accepted inside the gambling halls for betting during the game. Then came online casinos, where the so-called “credits” began to appear. Recently, cryptocurrency and bitcoin casinos have announced themselves in the gambling industry market, where they convert players’ deposits to tokens. In this article, we will look at the peculiarities of the online casino chips and tokens.

Casino chips and tokens: History

Gambling establishments began to use the so-called “chips”, from the middle of the 19th century. Before this, people made bets in the form of coins, bills, precious stones, luxury goods, and other valuable things. Indeed, it caused a lot of inconveniences. Therefore, such calculated gambling units as chips have shown their practicality on several points:

convenient to use;

durable to wear in comparison with the paper banknotes;

easily counted by special standardized trays or even unified weight;

hard to steal or fake;

players are easier to part with them, as they less identify them with real money.

In online casinos in the US, game credits are fully valid for any category of gambling entertainment. Here they perform the functions of chips and can also be called “chips”, “credits” or “coins”. Actually, in many rated online casinos it is possible to implement the game for the most preferred fiat money – up to your choice. For example, a player can create an account in euros, dollars, rubles. Indeed, the functionality of reputable providers supports such a conversion. However, for the period of the gambling session, money still becomes credits. They value online casino chips and tokens one-on-one with the monetary unit chosen to create the account.

Cryptocurrency Casino Tokens

With the advent of cryptocurrency platforms and Bitcoin Casinos, crypto gamblers started using the word “token” in their lexicon. This is a link to the jargon of the digital economic system. It is synonymous with the “chip”, “credit” and other words that are identical in meaning and express the gambling unit. It works this way in those Online casinos that accept cryptocurrency. However, on the gambling platforms that work on the blockchain and cryptographic encryption algorithms, the token function and its tasks have become much wider. To use online casino chips and tokens when making bets online, you need to constantly have them. Moreover, it is good to continuously sell/ buy them because it would lead to significant costs on exchange commissions.

Tokens in blockchain casinos

In a blockchain casino, players make deposits with a wide variety of coins (₿, Ether, Litecoin, Tron, EOS, etc.) and receive in exchange an internal token for the game. Here, gamblers may use two types of tokens: internal and traded. The internal tokens are stored on the accounts of the customers of the gambling establishment. Without the consent of the representative, the player will not be able to withdraw them and exchange them for fiat or other coins. The withdrawal of the internal token occurs if the visitor plays without breaking the rules.

A traded token is an institution coin that is open for an exchange on cryptocurrency exchanges. They store it in wallets where only their owners can get access to. The owner can exchange them for real money or another cryptocurrency at one’s discretion. Here, representatives of the casino have no direct influence on decisions.

Difference between online casino chips and tokens

In a cryptocurrency casino that works on a full-fledged blockchain platform, anyone can check the number of funds that a gambling resource pay to players during their work. Facilitating this task is one of the functions of tokens. Thus, all bets are carried out using one unit of account – a casino token. This could not be implemented before, since all data was stored on servers, which, in turn, were closed as part of security. In blockchain technologies, completely different protection principles allow to maintain the reliability of data and make them completely transparent.

True Flip Casino uses tokens

TrueFlip Casino started at the end of 2017. This platform is an online lottery, which is based on blockchain technology. The main goal of TrueFlip is an attempt to create a completely transparent lottery in which all data will stay on the blockchain. This means that all data on tickets sold, all wins and losses of users, all rewards, and any financial transactions will be permanently recorded. Each user of the system has the right to familiarize themselves with these data to make sure the lottery is honest.

Such a lottery is completely decentralized. Therefore, it is beyond the control of the state or any organization. Moreover, this lottery is not even controlled by the TrueFlip team, which only improves the reputation of the system in the eyes of users. People from all over the world can participate in TrueFlip lotteries, for which you only need access to the Internet and a personal computer.

In 2020, they present the lottery in the form of a game that very much resembles Powerball. The user needs to guess 5 numbers from 1 to 49 and one from 1 to 26. Later, the system randomly picks up six balls with numbers. If the number matches, the user wins.

Key Features and Benefits

The idea itself is already a separate plus since a decentralized and transparent lottery is the dream of any gambler. But let’s move on to consider other advantages of the TrueFlip Casino. The lottery is transparent, made based on the blockchain. Besides, users at any time can see the payments of online casino chips and token holders, data on tickets sold, and on payments for winning tickets. Moreover, you can be sure about the complete anonymity of the lottery participants. Users provide a minimum of data during registration and no identification documents are required. Winnings can be obtained instantly to the wallet specified by the user. Besides, the commission on the number of winnings is quite small. You can read our latest review about TrueFlip Casino to make sure that it is worth experience a new type of gambling!