If you’re new to CoinPoker, or you are a long-time player curious about the cryptocurrency that powers your bets, you’re probably wondering CHP is. This guide will help you understand what CHP tokens are, what you can do with them, and what their benefits are for you as a player.
CHP (Chips) is an ERC-20 token that is used on CoinPoker for all bets and payments made to and from your account. It is essentially a cryptocurrency, that can be purchased on a number of exchanges and held on ERC-20 compatible wallets.
Wait, What is an ERC-20 Token?
ERC-20 tokens are a type of crypto asset built on the Ethereum (ETH) network. ERC stands for Ethereum Request for Comment, meaning that CHP transfers are powered by Ethereum Smart Contracts.
Every time they are transferred from one wallet to another, or from an exchange’s wallet for that matter, an Ethereum Smart Contract is made between parties, and verified by proof of stake on the ETH blockchain. A great video by YouTuber, Simply Explained, breaks the concept down for crypto-newbies here:
REMINDER: You should never transfer CHP to CoinPoker directly from an exchange.
In order for us to allocate funds to the right Coinpoker account, we need them to be sent from the account’s verified wallet. When you transfer from an exchange, the deposit is done from the exchange’s wallet that pools the resources of hundreds of other accounts – meaning there’s no way for us to verify that its from you!
The Benefits of Using CHP on CoinPoker
One of the key advantages of CoinPoker compared to traditional platforms is that it eliminates the lack of transparency in traditional poker room transactions, and simplifies deposits and withdrawals.
Traditional poker rooms have lengthy and mysterious deposit and withdrawal procedures, and it is impossible for players to verify or check if a transaction is on its way.
The use of ETH Smart Contracts makes CHP transfers public, as long as you have your public address (or that of anyone else) you can track and verify if payments were made. CHP tokens also make it possible for payments to be processed incredibly quickly, the speed depending on two factors:
- Speed of the Ethereum Network: Depending on maintenance issues or congestion, CHP transaction speed is subject to delays in line with those on the ETH network.
- Amount of Gwei Used for the Transaction: Gwei (or gas) is what powers blockchain transactions, and for CHP transactions make sure you select 41. For more info on purchasing CHP click here.
To check CHP transactions made to and from your account, simply go to Etherscan. enter your public address and view your account records.
Where to Purchase and Exchange CHP Tokens
The list of cryptocurrency exchanges that list CHP tokens continues to grow. For the moment you can easily trade BTC or ETH for CHP on the following platforms. Note that you need to purchase these major coins before purchasing CHP tokens:
- KuCoin (Guide: How to Buy CHP on KuCoin)
Recommended Crypto Wallets for CHP Holders
If it’s your first time purchasing cryptocurrencies it is important that you get yourself a reliable and secure crypto wallet. CHP is an ERC-20 token, meaning you need a wallet that enables you to store these types of tokens.
Luckily there are plenty of options that not only support ERC-20 tokens, but plenty of other tokens and crypto assets. For a full guide on different cryptocurrency wallets for CHP holders click here.
If you need more help with purchasing CHP, or any other issue related to deposits and withdrawals, get in touch with support team on Telegram.