You can exchange Cash for Crypto Directly and vice versa with CFXN
In the gambling realm (usually at the casinos) lies casino chips. When you go to the casinos and pick a game you want to gamble on, you exchange money for equivalent chips. When you win, the casino dealers reward you with more chips. Have you ever wondered what these chips are? If so, have you ever wondered why they are considered valuable most of the time? This article will dive deep into it and check out one company employing the chip concept in their DeFi project.
What are casino chips?
Casino chips are small discs that players/gamblers use as currency in casinos. Colored metal, injection-molded plastic, or compression molded clay tokens of various denominations, as opposed to metal token coins, are used primarily in table games. Casino tokens are also commonly used to play money in casual or tournament games. They are gaming chips, checks, cheques, or poker chips.
Some casinos use rectangular gaming plaques for high-stakes table games ($25,000 and up). Plaques are larger than chips, typically rectangular, and contain serial numbers.
How do casino chips work?
In a casino, the players exchange their money for tokens at the casino cage, the gaming tables, or a cashier station. Players can also trade these tokens for cash at the casino (where they got them from). The chips have no value outside the casino, but certain businesses (such as taxis or waiters — especially for tips) in gambling towns may honor them informally.
Why do casinos use chips?
Casinos use tokens for a variety of purposes. Stacks of chips are easier to count than currency because of their uniform size, shape, and patterns. This feature also allows the pit boss or security to quickly verify the amount dealers pay customers, reducing the possibility that a dealer will pay a customer incorrectly. The uniform weight of the casino’s official tokens allows them to weigh rather than tally large stacks or heaps of chips (though aids such as chip trays are far more common.)
Furthermore, consumers gamble more freely with substitute currencies than with cash. Another reason casinos use chips at table games is to discourage players from grabbing their bets and fleeing if their bet does not win. In addition, unlike cash, players must redeem the chips at the casino cashier. Finally, the chips are an essential component of the casino environment, and replacing them with some other form of currency would be unpopular.
How CFXN uses the Casino Chip system to enable you to exchange cash for crypto and vice versa directly
Crypto Fiat Exchange Networx (CFXN) is a Distributed Ledger Technology platform that allows you to buy, sell, trade, hold, and transfer fiat and cryptocurrency from one account holder to another in a secure, private, and closed-loop network.
Unlike other DeFi platforms, CFXN is unique. How is it unique? CFXN uses the casino token concept written in its immutable smart contract. As a result, you can exchange crypto for cash or cash for crypto without any third-party exchange or payment platform.
All financial industries dealing with cryptos will use CFXN’s services. But first, Here’s an example of how CFXN works when it comes to online betting and casinos:
Assume a player wants to place a bet in Euros (as required by his betting company) but only has cryptocurrency. He will have to pass the cryptocurrency through the CFXN platform because the player and the betting company have CFXN accounts. The immutable smart contract of Crypto Fiat Networx instantly converts the cryptocurrency to CFXN tokens and then the tokens to Euros, and the player places his wager.
When a player wins a bet, he is paid in Euros. The same procedure will be followed if the player wants to convert the Euros back to Crypto. The CFXN smart contract converts Euros back to CFXN tokens and then to the preferred cryptocurrency. As can be seen, both parties use assets they desire for payment and receive assets in the form they wish.
