The online gambling industry, with a capitalization of more than $50 billion and rising, had spurred the growth of an industry in a short amount of time. They offer a much better alternative for gamblers, such as higher odds for winning when compared to bookmakers, and practically an unlimited bet size.
However, they are facing a lot of problems currently, as payment systems today are not sufficient for the money flow of gambling due to regional limitations and high banking fees. There are also issues of the verification of the identities of the gambler. There is yet to exist a solution which will fulfill the needs of the market while solving this problem. Or is there?
Enter Bettex, which promises a better betting experience for everyone involved. Bets made with Bettex will become more available, reliable and secure, and eliminate multiple problems faced by the gambling industry while doing so. Bettex is a decentralized betting exchange on the blockchain, which utilizes its own currency, Bettex Coin [BTXC] as a means of payment.
Bettex will solve the different fraudulent activities and various problems such as processing problems, fault tolerance problems, private access problems and the problem of lengthy time verification.
Moreover, a risk is undertaken by many betting companies by using third-party organizations for account balance concerns. This is due to Bettex’s inbuilt payments solution, Bettex Coin.
Bettex is comprised of two parts, namely the Bettex, decentralized betting exchange, and Bettex Coin.
The Bettex decentralized betting exchange itself will be based on the BigChainDB protocol. The protocol combines the upsides of both blockchains and traditional distributed databases. It has been integrated with Tendermint by the Bettex team, which allows BigChainDB to allow for blockchain specific features such as internode networking and Byzantine Fault-Tolerant Consensus.
BigChainDB also allows for the integration of existing technology into its architecture through a decentralized stack. This allowed the Bettex team to integrate the Bettex Coin into the system. The consensus program enforced by Tendermind ensures that the Bettex blockchain has a throughput of thousands of transactions.
Bettex Coin [BTXC]:
BTXC is the primary way of moving value across the Bettex ecosystem. It utilizes a Proof-of-Stake Consensus protocol and is based on the Xevan algorithm. It has a ‘masternodes’ flavor of Proof-of-Stake.
The masternodes are a decentralized network of nodes that are supporting the Bettex Coin. They perform important network functions such as processing transactions and providing security for the network.
They receive a block reward for every block that is mined by them, and any wallet with more than 5000 BTXC is eligible for being a masternode.
The coin itself is a fork of PIVX, which is capable of performing fast transactions with low transaction fees. This makes it a natural fit to solve the problems associated with today’s gambling industry problems.
The coin is featured on many cryptocurrency sites such as Blockfolio, CoinGecko, CoinMarketCal, LiveCoinWatch, Delta, WorldCoinIndex, and Stakes and Nodes. Moreover, it has also been listed on exchanges such as Graviex, Crex24, and My Crypto Trade. The token is going to be listed on Crypto Bridge soon.
AMBCrypto reached out to Bettex to clarify the specifics of the product.
What are you aiming to do to drive adoption of Bettex?
We are working hard on our project. The main and the most important thing, in my opinion, is the implementation of the roadmap because in the crypto world this is the only thing which can give you an opportunity to build a community which will believe in your project and invest in it.
We will listen to our community and plan to develop our project with the quality product. Listing our coin to new exchanges is also a very important success factor.
Do you plan any integration with existing players in the space?
We don’t plan to integrate our coin with other platforms so far. Bettex coin was created as the main currency for the decentralized betting exchange – Bettex.
What drove you to create the project?
Blockchain technology has been developing very fast and permeates all spheres of life. At present, there is no project based on independent blockchain technology in betting. We’ve assembled a team of experts in various fields to solve this problem. You can find more information about our project in the White Paper.
How will the value of BTXC be ensured?
The price of our coin depends on demand, appears in case of interesting and unique projects. I am sure our betting exchange will be desired, so demand will be created on Bettex. The limit on the Bettex coin emission is up to 50 million. We are building a real project, we don’t sell air. Everyone who wants to join us can buy coins and run masternodes or POS mining and get percent immediately.
What are the major tie-ups that you are planning to provide betting opportunities to your consumers?
We will eliminate several problems of the gambling industry by using the basic crypto industry concepts in “Bettex project”. This includes:
- Different fraudulent activities
- Processing problem
- Fault tolerance problems
- Private access problems
- Lengthy time verification
- The risks of using third parties to replenish the account balance and storing their funds in third-party companies.
What is your stance on censoring unfair or immoral bets on your platform?
We prefer to not use the word “platform” but rather use our own terms, “Bettex coin” and our very own decentralized betting exchange “Bettex”. API is a big contributor, with most of our events coming from reliable source via that channel.
Our main focus is to focus on professional betters, people who actually make money betting on sports and other events. Betting integrity is ingrained in our system with a mission to bring innovative and revolutionary solutions from blockchain and cryptocurrency world to traditional centralized betting exchange market and make it more profitable and open.
Crypto Wallet & Visa Card Spend.com launches Apple Pay & Google Pay on iPhone and Samsung Devices
Spend.com announced that the Spend App is now integrated and compatible with both Apple Pay and Google Pay, available on iPhone, Samsung, and other Android devices.
Spend is now the first company in the world to offer this service tied to 16+ supported digital currencies. The Spend team has created innovative ways to transfer, spend and send digital assets and currencies. Spend users will be able to link their Spend Visa® Card and Spend Virtual Visa® Card directly to their Apple Wallet and Google Pay Wallet.
What does this mean? Traditionally, Apple Pay and Google Pay allow users to make secure purchases in stores, in apps and on the web, as well as send and receive money from friends and family [in Messenger]. Now, when linked to the Spend Visa® Card, users will be able to take advantage of all the supported digital and fiat currencies available within the Spend App anywhere Apple Pay and Google Pay is accepted. These features will be available on the release of Spend App v2.5.
The Spend App
With a quick and easy download from either the Apple App Store or the Google Play Store, the Spend App and Wallet will be the only digital wallet ever needed again. The Spend App allows users to store, withdraw, send, and spend more than 16 cryptocurrencies and 27 fiat currencies at over 40 million locations.
Spend users also have the ability to send funds around the globe and/or exchange various currencies all from their Spend App. Whether someone needs to send money to family in Europe or buy/sell different currencies, it can all be done from the Spend App, which currently supports:
- 16+ Cryptocurrencies
- US Dollar
- Canadian Dollar
- 24 Additional Fiat Currencies
In addition to being able to send, spend, buy and sell currencies around the globe, users will have the power of detailed analytics at their fingertips to track coins and currencies. Spend’s in-app analytics gives users instant access to the most up to date charts and figures on any currency or coin users choose to track!
- Currency Swap: Looking to exchange CAD to USD or XRP to LTC. Exchange any currency instantly with Spend, where applicable.
- Multiple Currency Support: Hold USD, CAD, EUR, and 24 additional fiat currencies and over 16 cryptocurrencies all within the Spend Wallet.
- Performance: 99.9% uptime with enhanced performance infrastructure in place.
- Compliance Built-In: Verify account identity instantly within the Spend App.
- Buy Crypto & Send Fiat: Users can purchase 16+ cryptocurrencies from their linked bank accounts, right from the Spend App, as well as transfer funds in over 180 countries.
- Secure Storage: Highest level of AES encryption with PCI DSS Level 1 Certification.
Connecting the Spend Wallet To The Spend Visa® Card
Once a user downloads the Spend App, they will be able to access and manage their funds anytime with the Spend Wallet & Spend Visa® Card. Once verified utilizing Spend’s in-app KYC system, users have the choice to immediately get issued a virtual card that can be used immediately at any merchant that accepts Visa® online. Users also have the option to order a physical card. In addition, Spend clients can earn up to 6% rewards back on all purchases. Cards are now available in the United States and Spend has secured issuers for its Visa® Card product in Canada, Europe, and Asia-Pacific regions.
Spend offers its users three different levels of cards, each with its own unique benefits:
- Spend Simple™ – Spend’s introductory Visa® card. Spend Simple™ gives users access to the platform and all the great features offered. Upgrades are always available to Spend Preferred and Black.
- Spend Preferred™ – Spend’s most popular everyday Visa® card. Spend Preferred™ grants users a flexible spending limit for use as an everyday card with access to the Spend VIP Program and enhanced rewards.
- Spend Black™ – Our exclusive Visa® card for elite users. With an optional sleek metal design*, Spend Black™ cardholders receive access to the highest spending limits, highest rewards, and Spend VIP Elite Program.
With all Spend Visa® Cards, users will enjoy advanced security features, an option of both a virtual or physical card, 24/7 support, as well as both card and wallet rewards, powered by Spendcoin [$SPND].
No matter what level of card users are looking for, Spend has the perfect card to fit their needs, when tied to the Spend App.
At no point can cardholders load cryptocurrency such as Bitcoin onto their Spend Visa® Card. All cryptocurrency will be converted to the appropriate local fiat currency first on the Spend Wallet and then that local fiat currency will be loaded on the Spend Visa® Card for use in purchase and ATM withdrawals.
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