Since the first casinos started operating, chips have been accepted inside the gambling halls for calculation during the game. Then there were online casinos, where the so-called “credits” began to be used. Recently, cryptocurrency and bitcoin casinos have announced themselves on the gambling industry market, where players ‘ deposits are converted into tokens.
Tokens and casino chips
This article is intended to tell about the reasons why chips are used in casinos, as well as to reveal the specifics of modern gambling platforms that have taken the principles of crypto shopping as the basis for their work. Another important point will be touched upon: what is the difference between regular gambling chips and casino tokens on the block chain? And for those who are interested in how to find out the real ratio of deposits to payments of a gambling platform, the information is very pleasant.
Why did the casino chips appear?
Chips or, as they are also called in English, “chips”, gambling houses began to use from the middle of the XIX century. This period is described in the article “casino History”.
Before that, bets were made in the form of coins, banknotes and bonds, precious stones, luxury items, and other valuable things. This was inconvenient in many ways.
Such calculated gambling units, like chips, have shown their usability in several ways:
- Convenient to use
- Durable to wear compared to the same paper bills
- Easily calculated (using special standardized trays or even a unified weight)
- It’s hard to steal or fake
- Players are easier to part with them since they are less identified with real money
Imagine if, in the same Monte Carlo, each player would bet with the money of the country of which he is a resident, and after each victory, it was necessary to issue winnings in the currency of the winner? Not only did you need to have at least a dozen of the most popular currencies at the checkout, but you also spent time on conversion and calculations. Still, it is much easier to exchange for a single currency for the entire institution, such as casino chips (as well as tokens, credits) and play on them.
Chips can be called domestic currency gambling establishments.
A casino or brand that represents a particular gambling network undertakes to exchange issued chips for a corresponding amount of Fiat money.
Visitors to land-based casinos know that there are chips of different denominations and they are all linked to the currency of the state where gambling is officially allowed and where the institution operates.
Chips in online casinos
In online casinos, game credits are fully valid for any category of games. Here they perform the functions of chips and can also be called “chips”, “credits”, “coins”, “points”. It is not uncommon to find original names that match the design features of an institution. For example, “Jasons”, “Franks”, etc. But not to be confused with the casino credits that are exchanged for real money with loyalty points.
There are online casinos that link the cost of credit to the market price of one of the most reliable monetary units or to the currency of the country for which the service is adapted.
In fact, many rated online casinos managed to implement the game for the most preferred Fiat money-to choose from. For example, a player can create an account in euros, dollars, hryvnia, or rubles. The functionality of reputable providers supports this conversion. A rating of gambling sites helps you determine which casino is more reliable and has a positive reputation. But for the period of the gambling session, money still becomes loans, even though it is evaluated one-to-one with the monetary unit selected for creating the account.
Cryptocurrency casino tokens
With the advent of cryptocurrency platforms and bitcoin casinos, the word “token” has become increasingly used in the vocabulary of the crypto gambler. It may seem that this is a reference to the jargon of the digital economic system and is synonymous with” chip”,” credit ” and other similar words that Express the gambling unit. This is true in those online casinos that accept cryptocurrency but operate under the same technological and software conditions.
But on gambling platforms that are based on block chain and cryptographic algorithms, the token’s function and tasks have become much broader.