What's the first thing you should do when you have a lucky day at the casino? The answer is NOT to "let it ride!" and gamble away all your new money. It's to walk away. And with Altbet the answer is to get your ABET off of the gambling platform and into a wallet so you can earn passive income with it! First let's dive into the Altbet gambling platform, and then ABET proof of stake cryptocurrency that powers it.
I'm being entirely upfront here. I AM NOT A GAMBLER. I have rarely interacted with online gambling aside from a few websites to maximize the classic "sign up bonuses" they generally offer. So I don't often spend more than a day or two with one and when I do i'm getting in and out as fast as possible. Although I did get a bit into online poker once upon a time in my teens...This is all to say I have enough experience to comment but I'm not a wizard with the stuff!
Altbet.io is the gambling website that utilizes the ABET cryptocurrency for placing of all bets. A quick review of the general website is that the games are mostly quite simple but enjoyable. There's coin flipping, roulette, dice rolling, lotto, and slots. A lot of straight up 100% chance-based games with a slight house edge (usually 1%) making it so if you'll play long enough you'll always end up losing. Like any casino really! They do offer Texas Hold'em Poker in Beta which appears to be the only skill based game available. So the offerings are admittedly slim in the way of games and if it weren't for the potential to actually make money I wouldn't be here for more than a minute. The website is available worldwide and requires no personal information to make an account and play around with so there's little downside to exploring as setting up an account takes no more than a minute and the website is fast and responsive. But you guys aren't here to have fun gambling are you? Well maybe some, but most of my readers are interested in getting paid so by now you're wondering....
"How the heck does this gambling website offer me passive income?"
It does and it doesn't. The primary way to get free funds on Altbet.io isn't passive at all. You login daily and receive a bonus ranging from 5 ABET to 45 ABET. This bonuses follows a 5 day streak system. Day 1 being the lowest value and day 5 being the highest, each day you receive a progressively larger amount of ABET ending on the 5th day when you get a nice amount of 45!
This money isn't passive at all as you must check in daily. And the kicker (like with all casino bonsues) is you have to gamble the money before it can be withdrawn. The bonus system follows a simple formula where to withdraw 1 free ABET it must have been gambled 100x. The idea is that you'll likely always lose and keep coming back every day. Or potentially deposit your own ABET funds to gamble in the hopes of withdrawing the free ABET.
Don't fall into the trap! It's a nice bonus, so login day to day and gamble for 2 or 3 minutes and either win big or go back to other things. It doesn't take much time but has some solid potential to pay off so there's no reason not to.
There are other ways of earning merely with the gambling platform that ARE passive though.
Altbet offers one of the best referral systems for you to utilize for passive income. You can earn up to 87.5% of Altbet's house edge via this system! It's the best kind of referral for passive income because it offers you continuous rewards for the lifetime of your referral which is infinitely profitable! How it works is in a series of tiers.
- You Refer Friend A
- Friend A makes a bet of 1000 ABET on a coin flip
- The house edge is 1%
- You earn a reward of 5 ABET (50% of the house edge)
- Friend A refers Friend B
- Friend B makes a bet of 1000 ABET on a coin flip
- The house edge is 1%
- You earn a reward of 2.5 ABET (25% of the house edge)
- Friend C is referred and with the same bet you earn a reward of 1.25 ABET (12.5% of the house edge)
I'm also a fan of the referral system because it functions in the form of a link which is easy to integrate into articles such as this one. These are the best ways to get people to sign up with your link. The only negative is that there is no incentive for a user to use your link! This would be the final factor to push the Altbet referral system over the top. But as is, it still falls into a top tier spot for us who are trying to use it for generating passive income! Although you are relying on your referrals continuing the chain should you wish to TRULY maximize it.
Surely that's got to be about it for income from a gambling platform right? Well not exactly. Altbet has a few more random little methods you could utilize if you chose! And I find them interesting as I haven't seen them before...
1) If you become a member of the platform's Discord server and link it to your Altbet account you will be paid .1 ABET for every message you send on the server. Every month they will total up your messages and send it to your account! And yes, they have protections in place to prevent this from being abused.
2) If you are crazy enough to add Altbet into your Discord username they will pay you 5 ABET a DAY for this. Not my cup of tea but to each their own!
3) This one isn't passive but if you follow them on Twitter or other social medias they regularly share promotional codes with varying reward amounts.
Okay so enough of this gambling platform. It's fun. You can earn. Great. What about the cryptocurrency that backs it? YOU SAID THERE WAS PASSIVE INCOME THERE WANTANDABLE.
Well there is! See I'm an honest guy. As I've said ABET is the cryptocurrency that you will be gambling with on Altbet.io. It is a proof of stake currency that launched in December of 2019.
This crypto is a passive income wet dream. The block time is 120 seconds with a block reward of 0.25-2 ABET.
Every 120 seconds that block reward will be distributed and split between stakers and masternodes. A staker need only to have 10 ABET to begin participating in the network via staking. This is an extremely low barrier to entry and allows almost anyone to begin playing around with even small rewards gained from Altbet.io
I really like that the currency is easy to get via the gambling website, and then easy and quick to begin using to earn passive income. The low barrier entry is good for the currency as honestly a crypto with little adoption like this one needs to if it hopes to gain traction.
This low barrier is reflected in the way the block reward is distributed however. When the block reward is distributed, 10% of it goes to these stakers. A whopping 90% goes to those who operate a masternode.
A masternode requires a much larger investment both in terms of currency and technical expertise. But as such you earn your much larger reward! To operate a masternode with ABET you must hold 1000 ABET in their flagship wallet. While in comparison to other coins this isn't that large of an investment it does put it a bit out of reach of those merely getting their ABET for free via the various methods on Altbet.io
But then again with gambling it might only take a few hundred ABET and a few lucky flips of a coin for you to be there! So maybe you'll get lucky?
There is one other way to get your 90% portion of the block rewards of ABET without the investment. You can make use of pools like Stakecube. Stakecube is a website that functions as a wallet for many proof of stake coins. They operate masternodes for these coins so as to receive as much reward as possible for the funds they hold. And as a contributor to the total funds on Stakecube you will earn a proportional percentage of the rewards based on how much you contribute.
If you're below the 1000 ABET threshold for a masternode, or lack the technical expertise I recommend using Stakecube or a service like it to maximize your passive income. Make sure it is reputable though! After all not your keys...not your coins. If you do decide to make use of Stakecube you will quickly notice that they offer staking of numerous coins on their platform from more significant coins like Dash and PIVX to nothing-coins like TRBO.
I could go on and on about Altbet.io platform and the ABET coin. But I've already given you all the key information and I feel it's best left at that. The coin doesn't have a tremendous amount of adoption and is mostly used with this one gambling platform and I don't believe it's traded on many exchanges. I am aware that on Stakecube you can swap it for Bitcoin, Litecoin, or other cryptos on that platform fairly easily. However I find it a very interesting project to follow in regards to passive income due to it's numerous different methods of being earned and interesting marketing surrounding it.
There's also the fact that cryptocurrency based gambling platforms like Altbet solve a real problem with online casinos. It's very easy for traditional ones to cheat, whereas with blockchain involved this becomes impossible and it can be ensured that the house edge displayed isn't a lie. Let me know down below what you think if you've had experience with Altbet or if you start exploring it because of this article!
If there's anything I haven't answered I strongly suggest you head over to their website. There you can find links to the wallet you will be using should you choose to stake or operate a masternode!