{"id":10778,"date":"2019-06-29T09:15:00","date_gmt":"2019-06-29T09:15:00","guid":{"rendered":"https:\/\/coinpoker.com\/?post_type=help&p=10778"},"modified":"2024-08-28T07:29:50","modified_gmt":"2024-08-28T07:29:50","slug":"faq-what-is-chp","status":"publish","type":"help","link":"https:\/\/coinpoker.com\/help\/faq-what-is-chp\/","title":{"rendered":"[FAQ] What Is CHP Token and Do I Need It to Play?"},"content":{"rendered":"

This segment will help you understand what a CHP token is, what you can do with it and what the benefits of using CHP in a CoinPoker account are.\u00a0<\/b><\/p>\n

NOTE: You do not need CHP to play on CoinPoker, although using CHP on the platform is highly beneficial for you.\u00a0<\/b><\/p>\n

CHP (Chips) is an ERC-20 token that can be purchased on a number of exchanges and held on ERC-20 compatible wallets. It is used on CoinPoker for promotions, bets and payments made to and from your account.<\/span><\/p>\n

REMINDER:\u00a0<\/b>You should never transfer USDT, ETH or CHP to CoinPoker directly from an exchange.<\/span><\/p>\n

Here’s why:<\/span><\/i><\/p>\n

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 n<\/strong><\/span>o<\/strong> way for us to verify that it’s from you!<\/b><\/p>\n

The Benefits of Using CHP on CoinPoker<\/b><\/h4>\n

Although CHP is not an ingame currency, it\u2019s highly beneficial and adds great value to our players.\u00a0<\/span><\/p>\n

Rakeback<\/b><\/p>\n

Only players who use CHP to pay Community Contributions, receive a 33% rakeback, which can easily turn a losing player to a breakeven one or a breakeven player to a winner. Besides, with 33% rakeback and low Community Contributions combined, even players having less luck can see profits.<\/span>\u00a0<\/span><\/p>\n

Here\u2019s the technical side of it.<\/span><\/p>\n

You have two wallets in your CoinPoker app. CHP and USDT. Balances of both are visible in your Cashier.\u00a0<\/span><\/p>\n

If you have balance in your CHP wallet, it will be used for <\/span>Community Contributions<\/span><\/a> automatically. If you don\u2019t have any CHP, then you better get some, or you\u2019ll be missing out!<\/span><\/p>\n

Example: You\u2019re at the cash table and are paying Community Contributions in USDT (but you have CHP in your balance, too). Once you leave the table the total USDT amount you paid as Contributions will be converted to CHP and will be deducted from your CHP balance, while the amount in USDT will automatically bounce back to your USDT wallet.\u00a0<\/span><\/p>\n

Each Monday we calculate individual Community Contributions paid in CHP and players receive 33% back in a form of rakeback, which is paid also in CHP.\u00a0<\/span><\/p>\n

Withdrawal fees discount<\/b><\/p>\n

Paying conversion fees in CHP, always guarantees lower costs.<\/span><\/p>\n

You can choose if you want to use your CHP to get a discount on the conversion fees and compare what you save. All under the \u2018Withdrawal\u2019 tab.<\/span><\/p>\n

We will always look for additional uses of CHP on our platform.<\/span><\/p>\n

Where to Purchase and Exchange CHP Tokens<\/b><\/h4>\n

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.\u00a0<\/span><\/p>\n