There is an increasing acceptance of cryptocurrencies globally, which favors platforms that adopt such payment methods. 1xBit stands out from the other betting platforms today because it includes cryptocurrencies as a mode of payment. Interestingly, the betting platform recently added Luna and UST as accepted payment methods. 1xBit has always been intentional about diversity, especially as it relates to the crypto options offered on the platform. Hence, it has been an all-hands-on-deck situation to ensure limitless cryptocurrency options on the platform and most importantly an overall impressive casino gaming experience. What Are Luna and UST? Luna is the official staking coin of the Terra Network. Terra network’s goal was to create a platform that makes it a
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There is an increasing acceptance of cryptocurrencies globally, which favors platforms that adopt such payment methods. 1xBit stands out from the other betting platforms today because it includes cryptocurrencies as a mode of payment. Interestingly, the betting platform recently added Luna and UST as accepted payment methods.
1xBit has always been intentional about diversity, especially as it relates to the crypto options offered on the platform. Hence, it has been an all-hands-on-deck situation to ensure limitless cryptocurrency options on the platform and most importantly an overall impressive casino gaming experience.
What Are Luna and UST?
Luna is the official staking coin of the Terra Network. Terra network’s goal was to create a platform that makes it a possibility for developers to build their DApps and blockchains with unique use cases. Most importantly, Terra was concerned about building a super-fast blockchain platform that facilitates stable programmable payments.
With Luna being the native staking coin, it is used to ensure stability in the price of the stable coins whose value are pegged to fiat currencies mostly, like the TerraUSD (UST) is pegged to the U.S. dollar price.
With a coin like that, bettors who use it as a mode of payment on 1xBit, don’t have to fear the possibility of a threatening drop in value.
How Do They Work?
Luna operates on the Delegated Proof of Stake mechanism where it is staked by the miners to mine stable coins, whose worth are linked to the actual value of fiat currencies.
To put things in perspective, in a case where the demand for stable coins like the UST is high, hence exceeding $1, Luna tokens are burned to create more UST in supply. This results in a drop in the value of UST, hence bringing it down to the $1 mark.
Subsequently, in a case where there is a decline in the supply of stable coins like Luna. The network allows holders to exchange UST tokens for Luna at an equal ratio – factoring that Luna is worth more since they are in short supply as a result of the burning.
The Safety of Terra’s Altcoins
The Terra network was built using the Cosmic blockchain technology which facilitates the creation of a detailed end-to-end payment solution that offers top-notch transparency and security. More people are leaning towards the fact that this token is foolproof and here to stay and that’s why 1xBit will be onboard with having the token as a payment option on the platform.
About 1xBit
1xBit is one crypto casino platform that tailors its services to what’s trendy in recent times – anonymity and diversity. The platform gives users a chance to generate login details without necessarily including their names. So, essentially, the platform automatically creates login details that offer its users some form of anonymity.
The platform also assures ease by providing a one-click registration mechanism and a user interface that favors easy navigation. Not to mention the over 5000 casino games that are available in its offerings to meet the different needs of its users.
As an incentive, 1xBit offers new users a welcome bonus of up to 7 BTC, giving them a fine head start to win on the platform.
Having stated all the perks above, it is clear that 1xBit casino is a top-notch casino that’s dedicated to keeping up with the trends to ensure satisfaction amongst its wide range of users. Be the first to take advantage of this latest deposit method.