Rollbit is an online casino platform that was founded in February 2020 by a team of entrepreneurs with a shared passion for online gambling. The platform has since positioned itself at the forefront of the cryptocurrency gambling space by offering instant BTC, ETH & LTC deposits/withdrawals, and now, a cryptocurrency trading feature.
The platform’s recent launch of cryptocurrency trading offers users several advantages over existing platforms. Firstly, Rollbit only generates a return from profitable trades by taking a small percentage, meaning there are no slippage or fees applicable when opening or closing a trade. This is a stark contrast to many traditional crypto exchanges that charge a fee for every trade made. Rollbit users also have the opportunity to trade BTC and ETH with leverage of up to x1000, with DOGE and LTC having a maximum leverage of x100. This allows users to trade with more capital than they have available, thereby increasing their potential profits.
Another key feature of the Rollbit trading platform is the automatic cashout function. This allows users to close trades automatically based on either a price or a dollar amount of profit/loss. The stop loss and take profit functions are also available to manage risk. This provides users with the peace of mind that they do not have to continuously monitor their trades to lock in profits or cut losses.
Rollbit places a strong emphasis on community, and the platform’s trading feature is no exception. The platform’s trading leaderboard ranks users with the best performing trades by profit generated and by Return on Investment, providing users with a sense of competition and motivation to improve their trading skills. Users can also chat, trade, and share links to their trades with other users or externally. This allows friends to view each other’s PnL in real-time, further fostering a sense of community among traders on the platform.
In addition to the benefits outlined above, Rollbit is also offering its users a variety of additional rewards, including cashbacks, rakebacks, level up bonuses and more. These rewards will be carried over to cryptocurrency trading as well, further incentivizing users to trade on the platform. Rollbit’s co-founder, Razer, commented that the platform’s goal was to eliminate the complex nature of trading on traditional crypto exchanges, and the team has certainly done an excellent job in delivering on that promise.
Rollbit made its mark on the crypto casino industry by pioneering an innovative and provably fair game known as X-Roulette in February 2020. X-Roulette is a standard format roulette game that utilizes the Bitcoin blockchain to ensure the outcomes are completely random and that the game’s results are verifiable (i.e., provably fair). This is an important feature for those who are skeptical of online casinos, as it provides users with the assurance that the outcomes are not manipulated.
Following on from the launch of X-Roulette, Rollbit will continue to innovate by extending the range of cryptocurrencies users can trade, adding unique features, and introducing new provably fair games. Razer has stated that the platform has an extensive roadmap for trading that will deliver even more exciting features in the near future.
What is Rollbit Coin (RLB)?
Rollbit Coin (RLB) is a token used as an entry ticket into Rollbit’s lottery system. The lottery system operates every 100 Bitcoin blocks, and 100 lucky entrants win prizes with 20% of the casino’s profits being shared between the regular lottery prizes and the jackpot, split 70:30.
To participate in the lottery, users must stake RLB and a 0.20% staking fee is applied. Half of the staking fees are removed permanently from the circulating supply, making RLB deflationary, while the other half is re-distributed to staked Rollbots after every lottery round. The more RLB a user stakes, the greater the chance of winning.
There are several ways to earn RLB on Rollbit, including participating in the Christmas giveaway, completing challenges for RLB rewards, and buying and staking Rollbots. During December, each Rollbot will receive a share of RLB based on the rarity of its eye trait, and half of the staking fees will be re-distributed to Rollbot holders. NFT deposits can also earn RLB bonuses up to 100,000 RLB per deposit.
RLB is built on top of Solana, and users will need the Phantom wallet to use it. Phantom is a browser wallet that allows users to store, send and receive cryptocurrencies such as SOL, USDC, SRM, ATLAS, and others, including RLB. Tokens can be added to Phantom by searching for them in the Manage Token List section and turning on the slider.
To withdraw RLB, users will need to copy the RLB address from their Phantom wallet and request a withdrawal from Rollbit by entering the address, 2FA code, and amount of RLB to withdraw. There will be a small network fee for the withdrawal, so users should ensure they have enough in their balance to cover the cost. Once withdrawn, the RLB can be sent to exchanges such as Dexlab, where it can be traded for USDC.
To deposit RLB, users can buy it on Dexlab and then deposit it to Rollbit by connecting their Phantom wallet and transferring the RLB to their Rollbit account.
When considering RLB, users may want to split their holdings into two parts – a portion for entering the lottery and another portion to hold for the long-term, given the deflationary nature of the token.
How to Buy Rollbit Coin (RLB)?
Rollbit Coin (RLB) is gaining traction in the cryptocurrency market. As the native token of the Rollbit platform, it plays a crucial role in various applications within the platform. If you’re interested in acquiring RLB, you’ll find that it’s not only available but also accessible through multiple channels. Here’s a comprehensive guide to purchasing Rollbit Coin, whether you choose to buy on Uniswap or directly on the Rollbit platform.
1. Buying RLB on Uniswap
Uniswap is one of the most popular decentralized exchanges, allowing you to trade RLB with other cryptocurrencies. Here’s how to go about it:
Set Up a Wallet: First, you need to set up a cryptocurrency wallet that supports ERC-20 tokens, as RLB is an ERC-20 token. Popular choices include MetaMask, Trust Wallet, or MyEtherWallet.
Fund Your Wallet: You will need to fund your wallet with Ethereum (ETH) or another supported cryptocurrency that can be paired with RLB.
Connect to Uniswap: Next, go to Uniswap’s website and connect your wallet. Simply follow the prompts to select your wallet type and grant the necessary permissions.
Trade for RLB: Once connected, select the amount and the cryptocurrency you wish to trade for RLB. Confirm the transaction and wait for it to be processed on the Ethereum network.
Please note that Uniswap charges fees for transactions, and these can be relatively high, especially during peak network times.
2. Buying RLB Directly on the Rollbit Platform (Recommended)
Buying RLB directly on the Rollbit platform can save you on transaction fees and provides a more streamlined process. Here’s how you can do it:
Create an Account on Rollbit: Go to the Rollbit website and create an account by following the on-screen instructions. Ensure that your account is secure with strong credentials.
Deposit Funds: You can deposit funds using various methods such as credit/debit cards, bank transfers, or cryptocurrencies like Bitcoin or Ethereum. Follow the instructions on the deposit page to complete the process.
Purchase RLB: Navigate to the section for buying RLB within the platform and select the amount you wish to purchase. Confirm your transaction, and RLB will be added to your Rollbit account.
Buying directly on Rollbit has several advantages, including lower fees and the ability to buy RLB with fiat currencies. It is recommended for those who want a seamless and cost-effective way to invest in RLB.
What is the RLB lottery?
RLB lottery is a decentralized lottery game built on the Rollbit platform. To participate in the lottery, players are required to stake RLB tokens. The more tokens a player stakes, the higher their chances of winning a prize in the lottery. The staking fee for each entry is 0.20% of the number of tokens staked, and half of the RLB generated from these fees is burned and permanently removed from the supply. The other half is distributed to staked Rollbots at the start of each month.
There are several multipliers that can be used to increase the staked RLB and therefore increase the player’s chances of winning a prize. These multipliers include rank multiplier, wager multiplier, and Rollbot multiplier. The rank multiplier depends on the player’s Rollbit account rank. The wager multiplier is based on the amount of RLB the player has wagered since the last time they used the multiplier. The Rollbot multiplier depends on the rarity of the ear trait of the Rollbot linked to the player’s profile. Using these multipliers will also increase the RLB yield for staked Rollbots.
Players can unstake their RLB tokens at any time before the winners are announced. The staking fee is only charged from the player’s RLB balance once the winners are revealed. Players can check their stakes, winnings, and information about past rounds by going to the appropriate tabs on the Lottery page.
As of January 16th, 2023, the RLB Lottery has completed 608 rounds and there have been 51 Jackpot wins, with the current Jackpot being $964,597.42. The total USD won through the lottery is $10,326,166.27 and the total RLB staked is 37,501,059,723,641 RLB.
What are RLB burns?
The initial supply of RLB was 5 billion and it’s expected to decrease over time, with the RLB Lottery being the primary driving force for its demand and supply reduction. The RLB Lottery allows participants to stake RLB for a chance to win from the large prize pools, and there’s a 0.2% fee for staking which includes a 0.1% payout to staked Rollbit holders and a 0.1% burn. The RLB Lottery has so far burned over 34% of the initial supply and has contributed to the reduction of the RLB supply.
Since the launch of the RLB Lottery, there have been three RLB burns so far. The first burn took place on January 26th, 2022, and 210,387,311.83 RLB was burned, which had an approximate USD value of $574,357.36. This burn reduced the RLB supply from 5 billion to 4,789,611,833.47, or a decrease of 4.39%.
The second burn took place on May 17th, 2022, and 434,979,239.67 RLB was burned, with an approximate USD value of $1,322,336.89. This brought the total RLB burned to 645,598,287.47 and the approximate USD value burned to $1,962,618.79. The overall RLB supply burned was 12.91%, reducing the supply from 4,789,611,833.47 to 4,354,401,712.53.
The third burn took place on January 17th, 2023, and 1,056,646,719.32 RLB was burned, with an approximate USD value of $15,849,700.79. The total RLB burned to date is 1,703,018,995 and the approximate USD value burned is $17,812,319.58. This burn decreased the overall RLB supply by 34.06%, reducing it from 4,354,401,712 to 3,296,981,005.
What are Rollbots?
Rollbots are a type of non-fungible token (NFT) that provide utility benefits for users of the Rollbit platform. Rollbit is a casino and trading platform that allows users to play games and trade cryptocurrencies.
Rollbots come with a certain percentage Rollback, which is an additional rakeback applied to the user’s Rollbit casino and trading account. The Rollback percentage ranges from 2.5% to 10%, and is determined by the rarity of the body type of the Rollbot. The rarer the body type, the higher the Rollback percentage. For example, Solid Gold, Blue Gold, and Persian Gold Rollbots provide higher levels of additional rakeback.
To activate Rollback, a user must link their Rollbot with their profile. This can be done by going to the user’s NFT portfolio, clicking on the three dots on the top right-hand side of the Rollbot, and then going to ‘Link with profile’. Rollback can be claimed separately from the Rewards page after the user has wagered bets in the casino or made cryptocurrency trades.
Rollboxes are another utility benefit provided by Rollbots. Rollboxes are casino games that can only be created by Rollbot holders and provide the chance for the Rollbot holder to become the house in their own casino game. To create a Rollbox, the user must associate a Rollbot with it and then add prizes to the Rollbox. Prizes can be NFTs that the user owns, cash prizes that are fronted by Rollbit, or a combination of both. The creator of a Rollbox gets paid the revenue share, which is based on the clothes trait of the associated Rollbot. For example, if a Rollbox is created and the price is $100, the revenue share for the creator will be 30% ($0.75) for each opening if the associated Rollbot has the rarest Clothes trait.
In addition to Rollback and Rollboxes, Rollbots also provide benefits such as Market Stakes, Lottery Stakes, and Lottery Multiplier. Rollbots can be bought on the secondary market via the gas-less NFT marketplace on the Rollbit platform or via OpenSea.