CasinoCoin Review

Posted June 10, 2019



92% / 100%
Use / Value
Gut Feeling

9 months ago I wrote an opinion piece on the CasinoCoin subreddit on why I have faith in CSC, and I still believe it all holds true to this day (though the price has gone up since, it's still very cheap!).

My main 8 points for why CSC is destined from success are:

1) Huge wealth of experience on the board of trustees/advisors

As mentioned in my original article, the board of trustees and the board of advisors are full of people who held or still hold high positions in hugely successful companies in the gambling industry. John Caldwell (Director of Advocacy) is a veteran of the online gaming industry who was instrumental to the success of , Ashish Tawakley (CCO) worked at Betfair for almost 8 years, and on the board of advisors there are people like Lydia Barbara, Head of innovation strategy at Microgaming, the largest software gaming company in the world, and Lee Fenton, CEO of Gamesys. Most recently they added Richard Cammegh, Managing Director of Cammegh, a leading roulette wheel manufacturer and distributor, providing roulette wheels to prestigious casinos all over the globe.  In short, there is an absolute goldmine of experience in the gambling world at the helm of CasinoCoin. Which leads me to my next point...

2) Huge connections on the board of trustees/advisors

Along with experience comes connections, especially seeing as the board members hold very high positions in their fields. I've already mentioned a small fraction of the huge companies involved with CasinoCoin, and with this network they are at a huge advantage of getting adoption of CasinoCoin quickly, widespread and with big name casinos/operators both online and in real world/brick-and-mortar casinos (which has been proven recently with their first token customer announcement - more info below).

3) Regulation at the forefront

CasinoCoin is, by their description, "a digital currency, like Bitcoin, or Ethereum, that is designed specifically for the regulated online gaming industry". Their features and tools have been customised to meet the needs of users, operators and regulators. Back at the ICE 2018 expo in the Isle of Man, CasinoCoin was a featured partner of the Isle of Man Government and now CasinoCoin is running in the Malta Gaming Authority sandbox with an undisclosed live operator and processor on the live CSC blockchain with real gamblers. The fact that they are doing things "by-the-book" is a great comfort in the crypto world where a lot of companies are getting into trouble because of government regulations etc. They also did not hold an ICO, which means they won't face what other companies are facing due to recent regulations on holding ICO's.

4) Genuinely good use case(s)

This point has actually expanded from my original article! Their original use case is well explained in their video from their website. CasinoCoin's codebase is forked from Ripple, with tweaks geared towards the regulated gambling industry (meaning it is its own coin/blockchain). The codebase and setup mean the transactions take only seconds to complete, and the fees are tiny (0.01 CSC). But CasinoCoins killer product is the Bankroll Manager (BRM). At present, each casino platform has a know-your-customer (KYC) onboarding process of submitting official documentation etc to prove who you are as a person, they also need to deal with anti money laundering (AML) and provide responsible gaming options. As gamblers, having to go through the KYC process alone for each platform you visit is a headache, and the process of cashing out can take days. The BRM will solve all of these issues. The CSC foundation has partnered with Jumio (a KYC service provider) to provide KYC as a built-in feature of the BRM. So gamblers will go through the KYC process only once and the BRM then shares that information with each Operator as the gambler interacts with them. The BRM also has AML measures rolled in with all transactions written to the blockchain, and features responsible gaming options. Sending CSC to/from the casinos will take seconds instead of days, and gamblers will be able to buy CSC with fiat and sell back to fiat (i.e. cash out) through the BRM. However the CasinoCoin blockchain is no longer a one trick pony, as it has expanded to provide the possibility of tokens to be built on its blockchain and use CSC for "gas" for the transactions, with CasinoCoins first official token customer Cammegh being announced at the end of May 2019. The support for custom tokens vastly increases CSCs possibilities; for example this allows "white labeling" for casinos to provide their own branded tokens, or in the case of Cammegh, they are using their tokens to write the results of each roulette wheel spin to the blockchain to vastly increase validity of its data and further strengthening its products against fraud. The potential is huge.

5) The volume/price of CasinoCoin will be mostly driven by gamblers/platforms rather than traders

At present, the prices and volume of most coins on the market are driven by traders buying/selling them on exchanges. When the BRM is released, while CSC will still be tradeable, gamblers will use the BRM to buy CSC which they will send to the platforms to play, and the platforms will buy large quantities of CSC to have on their platforms for prizes etc for gamblers to win, or now since the announcement of tokens, for use as "gas" for facilitating transactions. The means that the price and volume of CSC will be mostly driven by both gamblers and platforms rather than traders buying/selling it.

6) Team with more focus on the product rather than hype

The entire team at the CasinoCoin foundation have been putting most their effort into creating their product and getting the ball rolling on partners for the BRM rather than creating hype and speculation about possibilities to drive the price up. Community Relay Nodes (CRNs) are being actively developed to help add some decentralization to the network. They applied for their BRM is to be tested in the MGA sandbox along with a "yet-to-be-named" operator and processor who officially submitted their intent to partner with CasinoCoin when the test concludes, however their partner experienced issues, which put that plan on hold, but this did not stop them pushing forward with other avenues. Their connections and technical expertise have brought a wide range of customers to them, interested in the token aspect of CSC (teased in their tweets/discord chat) which will bring other exciting use cases to CSC.

7) Incredibly cheap to buy right now

Although the price increased from when I first wrote about CSC the price is still incredibly cheap. I bought in January 2018 when it was at 5 sats and it's had a few waves over the months but its currently sitting around the 10 sat territory.  I filled my bags with what spare cash I had over the months and it really does add up. The current price is still less than a penny and I don't expect it to stay this low forever as the main reasons it is low is due to being off many peoples radars due to a lack of promotion, and the exchanges being less known and thus lower volume (although the XRP community has been jumping on it more and more, and word is spreading faster on twitter, especially with the last announcement about the Cammegh token). The foundation is actively working on higher volume exchange listings as part of their BRM so I've taken it as an opportunity to get in before things really take off.

8) No other gambling related coin is doing what CasinoCoin is doing

A big chunk of time has passed since my original article and still I have yet to find any other gambling related coin doing what CasinoCoin is doing. Most other coins like etc are in fact entire casino platforms with their own games etc running on the blockchain, which itself is a good idea but they all have their own tokens on their own platforms. CasinoCoin isn't a platform, its simply a payment solution that can be slotted into existing platforms (in fact it can even be used on the other crypto platforms casinos!) which is why it has a major advantage over the others. It is keeping things simple and solving real-world problems with existing gambling sites, it won't be reinventing or taking over existing casinos, it will be enhancing them. And now with the tokens aspect, the floor is open to all sorts of possibilities and use cases, which will all be able to take advantage of CSCs blockchain taking comfort that it has been built with regulation in mind.

In summary, all these points combine to make a really compelling argument in favour of CasinoCoin. It has a bright future ahead of itself, with a great product of its own with a real world use, and more use cases yet to be announced, and all the right connections to make it go far.