Cryptocurrency news

Disclose both sides of Terra on 1xBit

There is a growing acceptance of cryptocurrencies around the world, which favors platforms that adopt such payment methods. 1xBit stands out from other betting platforms today because it includes cryptocurrencies as a payment method. Interestingly, the betting platform Luna and UST have recently been added as accepted payment methods.

1xBit has always been intentional when it comes to diversity, especially when it comes to the encryption options offered on the platform. Hence, it has been a convenient situation to ensure unlimited cryptocurrency options on the platform and most importantly an awesome casino gaming experience.

What are Luna and UST?

Luna is the official staking coin of the Terra Network. The Terra Network’s goal was to create a platform for developers to build their DApps and blockchains with unique use cases. More importantly, Terra was concerned with building a super-fast blockchain platform that facilitates stable programmable payments.

Luna being the native staking coin, it is used to provide price stability for stablecoins whose value is mostly pegged to fiat currencies, such as TerraUSD (UST) is pegged to the price of the US dollar.

With a coin like this, bettors who use it as a form of payment on 1xBitdo not have to fear the possibility of a threatening decline in value.

How do they work?

Luna operates on the delegated proof-of-stake mechanism where it is staked by miners to mine stablecoins, the value of which is tied to the actual value of fiat currencies.

To put things into perspective, in a case where the demand for stablecoins like UST is high, thus exceeding $1, Luna tokens are burned to create more UST in supply. This translates to a drop in the value of the UST, thus bringing it back to the $1 mark.

Subsequently, in a case where there is a drop in the supply of stablecoins like Luna. The network allows holders to exchange UST tokens for Luna in an equal ratio – taking into account that Luna is worth more as they are in short supply due to burning.

Security of Terra Altcoins

The Terra Network was built using Cosmic blockchain technology which makes it easy to create an end-to-end detailed payment solution that offers top-notch transparency and security. More and more people are leaning towards the fact that this token is foolproof and here to stay and that is why 1xBit will be fine with having the token as a payment option on the platform.

About 1xBit

1xBit is a crypto casino platform that adapts its services to what is trending lately – anonymity and diversity. The platform gives users the ability to generate login credentials without necessarily including their names. So, essentially, the platform automatically creates login credentials that provide its users with some form of anonymity.

The platform also ensures ease by providing a one-click registration mechanism and a user interface that promotes easy navigation. Not to mention the more than 5000 casino games that are available in its offers to meet the different needs of its users.

As an incentive, 1xBit offers new users a welcome bonus of up to 7 BTC, giving them a head start in earning on the platform.

Having stated all the advantages above, it is clear that 1xBit Casino is a premier casino that is dedicated to keeping up with trends to ensure the satisfaction of its wide range of users. Be the first to take advantage of this latest deposit method.