Not every crypto casino has its own token or coin – but those that do are definitely ahead of the curve when it comes to innovation and creativity. What exactly are crypto coins and crypto tokens, and what can you do with them? Keep reading to find out!
In the first part of this post, we explain the terms crypto coins and crypto tokens, and in the second part we take a look at some casinos that have their own tokens and coins and what you can do with these cryptocurrencies if you decide to own some.
The basic difference between a crypto token and a coin is the fact that coins are native to their blockchains while tokens exist on another coin’s blockchain. If you want to know more details about this, we have a separate article on Crypto Coins vs Tokens that covers this topic more broadly.
Both tokens and coins have value, just in a slightly different way.
Crypto coins are a type of cryptocurrency that is not only a casino’s internal coin, but is also available on the market for trading, staking and more. If you come across something called a ‘crypto coin’ it usually means that this is a cryptocurrency in the literal sense, meant to be used as a form of payment. In contrast, crypto tokens typically have additional uses and functionalities, but crypto coins are used as a medium of exchange. Transactions take place on the blockchain.
Tokens represent an asset and rely on smart contracts. Crypto tokens can simply hold value, be traded or staked to earn interest.
There are many types of crypto tokens and their uses vary greatly. In this case, we are talking about tokens native to particular casinos. Their use cases will vary, depending on what the casino offers – but right now let’s get into online crypto casinos and their native tokens and coins.
“Claim It, Stake It, Get Paid Daily” – this is how Trust Dice casino promotes their native utility token, TXT. The token is based on the EOS blockchain. It can be used as a utility token to play games at Trust Dice, as a governance token and it can be staked to earn cryptocurrency dividends.
TXT, or TRUST token, is designed to reward contributors of the Trust gaming platform.
When you take part in Trust Dice’s free online crypto games, whether you win or lose, every bet is converted into their so-called Claim Points – and it is these Claim points that are used to calculate the amount of TXT tokens that you will receive.
So how do you earn Trust Dice’s TXT? Simply by betting at their casino. The more you bet, the more Claim Points you accumulate, and ultimately you get more TXT tokens. At Trust Dice you earn TXT every day, but once you have claimed your daily TXT tokens, your Claim Points are reset and you have to place your bets again to earn more.
Additionally, you can stake your TXT to earn crypto. If you are new to the world of crypto terminology, you can read about staking and other terms. TXT tokens can thus serve as a means of accumulating cryptocurrency dividends, shares from the profit of the crypto network.
Based on the amount of your staked TXT tokens, every day a certain percentage of the staking pool is paid to you. Trust Dice even has an option for you to calculate your potential rewards on their TXT page.
Are there any other ways to get Trust Dice’s TXT tokens? Yes! Quite a few actually.
If you’ve ever visited Kineko casino, you have almost certainly come across their native Kineko token (KKO). The Kineko token is rather new and a developing project, so let’s have a look at some of its features.
KKO will be native to the Ethereum blockchain and it will be tradeable via a smart contract.
The token is described on Kineko’s blog page, where they emphasize that they strive to find new solutions to implement the DeFi (decentralized finance) protocol to their token. In their own words, the Kineko token is envisioned as a solution for making and settling “betting markets without losing on time, liquidity and regulations.” They aim to maximize decentralization as well as user experience with this project.
Since the KKO is still in development, they state that the governance of the Kineko token will be managed by a Decentralized Autonomous Organization, to which KKO will be a native token. Decentralized governance of the protocol is also an important feature, which means that if you own the Kineko token, you have some influence when it comes to the developments of the project and you receive a share of the protocol’s profits.
One of the features of the KKO is that the tokens can be used for participating in liquidity programs as well as for getting rewards on the exchange. They will have a liquidity pool, a single stake pool as well as three stablecoin rewards pools at the launch of KKO. Whether you are more into betting or just staking, the exchange will be able to reward everyone.
Holders of the KKO will have access to several features at the Kineko casino, such as cashbacks and bonuses bets, as well as odds boosting.
You are able to trade the token into different currencies via Sushiswap.
The price of KKO token today is around $0.13, but as with any cryptocurrency, this can fluctuate and change quickly.
Lastly, we look at a crypto coin – BCD, BC Dollar, which is BC.Game casino’s native game currency.
At BC.Game it is known as an “exchangeable game currency.” They created the BC Dollar with the purpose of having an exclusive, in-house currency that can be exchanged for activities such as transactions fees, coin drops, and more. BCD has a 1:1 USDT exchange rate.
How do you earn it? You can get your own BCD through a deposit bonus or by completing daily tasks on BC.Game casino’s Task Hub.
Another one of the currency’s great features is that you can store BCD coins and earn interest, something you cannot do with every crypto. You can stake BCD coins in your ewallet, earning profits and even up to 10 % annualized return rate.
But in case you ever decide that you want some other crypto instead, you can always swap BCD coins (exchange them for other cryptocurrencies).
So far, these are all the crypto casinos with their native tokens and coins that we are aware of. If you know and already know a best Bitcoin casino that offers its own crypto token or crypto coin, let us know!
We will be adding more as soon as we come across them.
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