Digital currencies can bring a load of confusion to a gambling operation if they are just implemented as is. Are the funds being converted to a fiat currency for the purposes of playing, or are they being used as-is, and will the fluctuating value of the currency affect either the players balance, or the operations bottom line?
Thankfully with Bitcoin SV, you have the option to use tokens. Tokens open up a wide range of opportunities for an operation, and introduce a simplified common denominator for all transactions.
What is Tokenization?
Tokenization is a process that converts the rights and benefits to a particular unit of value, such as an asset into a digital token that lives on the Bitcoin (BSV) Blockchain. In the case of gambling, this could mean assigning promotional tokens to players based on their playing history, or even converting their entire balance into stable tokens, mimicking a currency they understand.
Using Bitcoin SV as a base layer, operations could dream up a wide array of tokens for their options on this basis. You could use a common currency token, give out promotional tokens, and even have specific tokens for specific games. These are made even more powerful by applying smart contracts, so that the tokens can be used to unlock prizes if certain promotional requirements are met.
My players like to use Euros, GBP, USD, CAD. Do I need to convert them to BSV?
That’s one of the beautiful things about tokenization: players never even need to know they are using Bitcoin SV.
Using stabletokens representing GBP, USD or CAD, players can interact with the currency they are familiar with, playing against other players using a totally different currency, while all transactions in the backend are conducted with Bitcoin SV.
Your operation gains all of the benefits of doing business with Bitcoin SV while putting none of the burden of learning a new currency on the player.
Do I need my own token?
The simple answer is no, you don’t. For example, if an industry standard stable token for USD is settled on, you may want to stick to it so players have a familiar experience when they come to your site.
You may also want to adopt a promotional token that can be used with partner websites. Just like how brick and mortar casino resorts often have restaurants and shops to spend winnings at, perhaps an online gambling operation can partner up with online stores, so that some of the winnings from a site, or promotional offerings, can be used for online shopping partnerships.
However, you’ll likely want to develop at least one token that is specific to your site to give you more control, or at least use an existing token that doesn’t have the ability to leave your operation unless you allow it to.
How can I get my organization started with tokens?
If you don’t have a Bitcoin SV development expert on your team, you may want to reach out to some of the companies already working on Bitcoin SV gambling development. Some have already developed sophisticated token systems based on Bitcoin SV, and are willing to share their experience and assistance.
