Latest BKB changes
We have tweaked the BKB buy back model.
Each month we will take the total profit BetKing makes from bankroll profit commission, trade fees on the exchange and 3rd party commission for licensing software.
Fifty percent of this profit will be used to buy back BKB at the current buy back price. The tokens we buy back or earn in fees over the month will be burned.
The buy back price is determined by:
Previous months BKB price + (monthly site profit in $ / total BKB supply)
BKB was snapshotted at $0.099 on 2018-10-21 00:00 with 20 million of 100 million tokens burned, leaving 80 million.
What can BKB be used for?
The token can be used to get 50% discount on Bankroll profit commission when you invest BTC, ETH or LTC in our Dice game bankroll.
BKB can also be used to get 50% discount on trade fees on the BetKing exchange
BKB can be used to pay for withdrawl fees when withdrawing BTC, ETH or LTC to your wallet.
BKB can also be used to play Dice and get rakeback and prizes in our leaderboard contests
BKB can be traded on our exchange for Bitcoin
Future of BKB and BetKing
BetKing will be moving away from gambling and rebranding to become a Bitcoin bank, exchange and payment processor.
We have already began work on this and we will launch in q1 of 2019. See https://bitsafe.io for more details and a working demo of the app.
Once the new site is live BKB will be converted to BTSC (BitSafe Coin) automatically using the exchange rate of both tokens at the time.
BTSC has similar utility to BKB in that it can be used to pay trade fees, merchant fees and any other fees on the BitSafe platform.
BitSafe will also use 40% of it's quarterly profit to buy back BTSC on the BitSafe exchange.
We believe these changes are best for BKB token holders and our future success together.