BET coin is BitParadise’s own version of bitcoin, which the company says can be used in lieu of currency on the new cryptocurrency exchange that encompasses the traits of trade mining and gaming.
BET coins can also be viewed as points that can be earned though depositing bitcoins in the exchange. It is programmed to be used like complimentary items or services at offline casinos. The firm specifically compared the system to the comp system adopted by Kangwon Land, a state-owned casino in Gangwon Province, or receiving extra points when purchasing Sports Toto lottery tickets for the first time.
By depositing bitcoins, users can receive 2.5 percent of the deposit back in points.
The coins work as a dividend to several casino games on the online platform, including slot machine games and “bitkong,” with limited circulation that ensures fluctuation in its market price, according to BitParadise.
This enables the coins to have both trade and intrinsic value, which will provide grounds for the firm to officially register the coins and open a market.
A daily average of 1.4 million coins can be mined, but through transactions at the exchange, mining will depend on the users’ performance and contribution.
There are four options in receiving the dividends, but the first and most recommended is the package that enables users to receive 60 percent of mining or transaction fees and 40 percent from the coin buyback option, which can minimize the decline in coin value, according to the company.
In recent years, online casinos have been accepting digital currencies alongside fiat currencies, backed by the rise of bitcoin. The use of cryptocurrency at online casinos has been attracting users for the absence of hefty withdrawal fees associated with bank transfers.