Withdrawals: Changes And Benefits
Here at CoinPoker we love our players. We want them to be able to have full control of their funds. Let’s talk about withdrawals.
Free deposits and unlimited withdrawals of all currencies have been our objective since day one. However, people who started using our in app exchange for investing purposes only, made it impossible to do. They had no intention to play either.
We faced a tough decision to either put a fee on deposits or a limit on withdrawals and we chose the latter.
The players met the decision with a wave of complaints. As a result we will be trying something new to ensure players can withdraw whenever they want, as much as they want.
Starting on the 8th of June, the 1 Million CHP withdrawal limit for all currencies is going to change in the following manner:
- ETH/BTC/USDT withdrawals will have no more limits making sure players feel safer and are able to withdraw their funds anytime.
- CHP withdrawals and P2P transfers will have a new limit which we’ll count according to the formula: Balance on the 8th of June + (CC * 20).
Note: the weekly 1 Million withdrawal limit for CHP withdrawals and P2P transfers will also stay active. However we will be looking to remove it if we find the solution to be effective.
Example: On the 8th of June player has a balance of 100,000 CHP. He then generates 1,000 CHP in form of CC and tries to withdraw.
If the player chooses ETH/BTC/USDT withdrawal options, there will be no limits. However, if he wants to withdraw CHP in particular, he will be able to withdraw his starting balance plus 20 times the raked amount for a total max withdrawal of 120,000 CHP.
As the player keeps on playing and generating Community Contributions his withdrawal limit will keep on increasing.
Based on player statistics we have found that even the most winning players have a CC to win ratio of 1:10. This means that the withdrawal limit should not cause any inconveniences for people who actually play at CoinPoker tables.
Investors who are not looking to play, however, will have to buy on 3rd party exchanges thus driving the price up.
Here are the benefits to the change:
- ETH/BTC/USDT withdrawals are no longer limited. Players can withdraw as much as they want when they want it. Were lifting the 1,000,000/week limit. You are now in full control of your funds again.
- This formula will prevent any future abuse, where players use CoinPoker as an exchange, instead of a poker platform.
- If this method proves to be successful in preventing abuse, we will remove the 1,000,000/week limit for CHP as well.
- CoinPoker will be able to hold larger amounts of funds on the withdrawal wallets and we’ll make sure to refill them more frequently.
Please have in mind that with these changes we aim to have free and limitless CHP withdrawals as well as deposits for all crypto currencies.
This is the first big step towards the goal.
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