CasinoCoin Casinos – How to Buy, Sell, and Gamble with CSC Online in Canada
There are a lot of different forms of crypto currency on the market today. Most of them were created with purposeful intent. Bitcoin [BTC] was developed to provide a faster, more cost effective medium for transferring money. Ethereum [ETH] founders were looking to facilitate seamless smart contracts. CasinoCoin (formerly Crazy8 Token, or CR8) caters specifically to regualted online gambling market. In short, CasinoCoin [CSC] is to the online casinos industry what plastic casino chips are to bricks-and-mortar casinos.
CSC runs on the XRP Ledger (XRPL), enabling up to 1,500 peer-to-peer transactions per second, with near-instant confirmation time. Its primary purpose is to comply with the strict consumer protection laws of the world’s leading iGaming regulators. In this way, CSC developers are working to contribute to the development of a safe, secure, digital gambling experience.
The team behind CasinoCoin boasts expertise in the fields of both gamlbing regulation and crypto currencies. Their dual understanding of these unique markets enables them to produce a digital token that benefits both consumers and operators in the iGaming space; not to mention the government agencies that regulate them. We’ll talk more about these benefits in the CSC Crypto Casinos section below. First, we offer a telling history lesson on the making of CasinoCoin, and then a brief tutorial on buying and selling CSC tokens.
History of CasinoCoin – Cryptographic Online Casino Chips
Somewhere around 2017-18, a group of crypto currency buffs, with a constructive background in online gambling and iGaming regulation, put their heads together. Their plan was to build a most innovative crypto currency. It would transact specifically within the global, government-regualted iGaming market. The initial result of their brainstorming was an organization known as CasinoCoin. Its blockchain, the CasinoCoin Ledger, would facilitate transactions in the native Crazy8 Token [CR8]. The September 2020 launch was successful, but not exactly what they were hoping for.
Soon enough, developers could see a few flaws in their design. First of all, the token’s name was a failure. It didn’t invoke a feeling a security among iGamers. “Crazy” and “Safe” aren’t exactly synonyms terms. Secondly, running the network on a native blockchain meant they had to build a reputation, and that takes quite a bit of time. So, it was back to the drawing board for creators, calling for a complete brand makeover.
In January 2021, they established Eminence Ltd, a privately held company on the Isle of Man. They began preparations to convert the native token to from Crazy8 to CasinoCoin [CSC]. Dropping the CasinoCoin Ledger, the new CSC token would transact on the existing XRP Ledger (XRPL). The move to XRPL would lower costs, while boosting speed and efficiency. Furthermore, XRPL was already a highly-reputable blockchain with a stellar track record for financial ingenuity and transparency; one worthy of impressing regulatory authorities in the iGaming sector.
According to an announcement from Eminence Ltd, the swap would take place from April 20 to June 18, 2021. But then, just as transition got underway, there was a legal hiccup…
The Legal Hiccup
Somewhere between April 20 and June 18, Eminence Ltd was issued an injunction by the Isle of Man court. Upon the advice of the company’s legal team, no information about the company’s dealings, including the XRPL swap, could go public, lest Eminence Ltd risk breaching the terms of the injunction.
As June 18 passed, major holders of CSC were left hanging. Needless to say, they were feeling very uncomfortable about their positions. Despite their many inquiries and concerns, no response was forthcoming. Finally, on August 31, 2021, the headlines were alight with a full dismissal of the injunction by the Isle of Man court. At that point, the company was free to speak about the situation, to some extent.
Two weeks later, this statement from Eminence LTD offers the company’s apology, without divulging too much information.
“As we continually received questions about the swap, which we were unable to address, we want to apologize for any inconvenience caused. We have always tried to be as transparent and as open as possible, so this has been incredibly challenging given the legal restrictions placed upon us.
The swap from the CSCL to the XRPL was completed on 18 June 2021.”
Note there was no clarification of the reason for the injunction. All we know is that Eminence Ltd / CasinoCoin isn’t guilty of any wrongdoing; hence the full dismissal.
Moving Forward – XRPL Tokenization
From that moment on, it was back to business for CasinoCoin. The company has made a point to put that hiccup behind them and focus on the future of CSC and its “XRPL Tokenization”. As part of that goal, Eminence now boasts registration with the Isle of Man Financial Services Agency (FSA), spearheading its commitment to safer standard and business ethos.
Also complementing the transition to XRPL is CasinoCoin Lobby is a brand new desktop and mobile app, accommodating a larger player base.
How to Buy CasinoCoin [CSC]
This is where complications arise for some users; not because it’s a difficult process, but because it is a process, nonetheless.
First, you must download the XUMM Wallet to store your CSC. When setting up your wallet, you’ll have to to verify KYC data. This is important because it’s the only KYC verification you’ll complete before gambling at any CasinoCoin casinos.
Next, you need to purchase another form of crypto currency from a fiat/crypto exchange (CEX). Why? Because you can’t just buy CSC with fiat money. You can only buy it from a decentralized exchange (DEX); that is, one that deals only in crypto currencies.
You can purchase your alternate crypto pretty much anywhere. We recommend Binance. Not because we get a kickback – we don’t – but because we personally use and trust it. We have for years. Another option is Bitrue, self-proclaimed #1 crypto currency management platform, recommended by the developers of the CasinoCoin network.
As for which alternate crypto to buy first, you have a lot of options. For instance, you could buy Bitcoin [BTC], Tether [USDT], or the Ripple Network’s native currency, XRP. Personally, I’d go with USDT, just because it has the least likelihood of its value fluctuating between transactions.
Once you have enough crypto to trade for CSC, you’ll need to transfer it to a DEX that sells CasinoCoin. Some options – more recommendations from the CSC maintenance crew – include XRP Toolkit, GateHub, and Sologenic. From one of these, you can trade your other crypto for CSC, and finally, transfer your CSC to your XUMM wallet.
Is CasinoCoin Good for Investing?
No. CasinoCoin was never meant to be a an investment opportunity. Ownership of CSC represents no equity in Eminence Ltd. It is meant for one purpose, and one purpose only – to play online casino games for something of value. By design, that value rarely fluctuates. According to the CasinoCoin FAQ:
“CasinoCoin (CSC) should not be viewed or acquired as an investment, should not be perceived as an investment opportunity or obtained with a view to resell or distribute… You should only purchase CasinoCoin for the use of online gaming.”
Gambling at CasinoCoin Casinos
CasinoCoin is the only major, FSA-registered crypto currency introduced deliberately for the regulated gaming market, by a team of experts in all relative fields. Giving special consideration to all interests, including the casino players, the casino operators, and the casino regulators, its founders ensure users will benefit from the use of this unique token.
Consumers: The major benefits for players are transaction speed and security, plus the extremely low cost of transacting on the XRPL. CSC is able to provide near-instant deposits and withdrawals, at a meager fraction of the standard fiat transaction cost.
Operators: As a crypto with a very specific target audience, operators who employ CSC have access to a unique, growing player pool. Each member of that pool is verifiable by pre-approved KYC authentication via CasinoCoins’s native XUMM wallet.
Regulators: Running on the XRPL, regulators have the assurance of consumer protection via verifiable identities, fully transparent transaction history, and proprietary AML capabilities. In turn, respectable regulation gives players peace of mind, increasing demand for operators.
Put it all together, and its clear CasinoCoin’s intention is to become a centrifugal force, binding all components of the globally-regulated iGaming industry. Being so young, CSC hasn’t spread too far into the iGaming community just yet. That mid-2021 legal hiccup certainly didn’t help. In time, however – barring any unforeseen hurdles in the road ahead – I do believe the CSC digital token will go mainstream in the crypto casino community. Until then, it only appears to be available at a select few CSC casinos that accept Canadian players.
