What Is NoLimitCoin?
NoLimitCoin is a decentralized and open source cryptocurrency used for powering the No Limit Fantasy Sports Platforms. The coin uses proof of stake (PoS) consensus algorithm that rewards stakers with 4% interest every year.
- A brief history of the NoLimitCoin
Though the fantasy sports niche has been growing significantly, many people have complained that the chances of winning are very few because of low competition in the saturated market. The fantasy sports platforms generate most of the revenue from high withdraw fees, high rake fee, and high entry fee.
The NoLimitCoin (NLC) was forked from Bitcoin blockchain in 2015 and hit the market in the subsequent year, 2016. The NoLimitCoin was upgraded in 2016 with a subset of Peercoin and introduction of proof of stake (PoS).
Note that though the coin was designed for the fantasy sports platforms, it will be an investment grade coin for direct payments in other industries. This means that it is targeted to operate as a standard crypto coin such as Bitcoin or Ethereum.
- What is the performance of NoLimitCoin in the market?
When the NoLimitCoin entered into the market in September 2016, the value was $0.0012. The value remained within this range until June 2017 when it started rising steadily. Between July and August, the price grew slowly before shooting up to hit a peak of $0.28 in August and another of $0.5 by the close of the month. This was the highest mark in the coin’s history.
The positive show did not last. The price took a bearish trend sinking to $0.1 by 25th December 2017 before rising sharply to $0.49 in January 5th, 2018. Again, the positive rise did not last. Between January 2018 and the third quarter, the price took a downtrend reaching $0.015 by the close of September 2018.
What is the problem that NoLimitCoin Solves?
The term fantasy sports refer to a contest of skills where participants compete against virtual teams that comprise of experts in respective sports. The sports are quantified based on points based on individual scores.
Some of the sports include NBA, MLB, Soccer, and Cricket. The main issues facing the current fantasy gamers as outlined in the NoLimitCoin whitepaper and that the coin solves include:
- High transaction fees
The current fantasy sports services provide good income from players on fees charged for participating. The fee is called rake. The platforms rake more than 10%. Note that players with small buy-ins are charged more. The high cost has made a lot of people opt to stay away from the fantasy games.
- Complicated verification procedures
One obstacle standing on the path of high adoption of fantasy sports is the complicated verification procedure. The processes are lengthy and many potential players fall by the way for lack of some verification documents or burnout.
One example of the games that requires a very complicated process to join is Draftkins. A new player is required to provide a government ID and proof of residence in addition to other info that might be required. Another game that is highly complicated to join is the FanDuel.
To play FanDuel, you will be required to provide social security number before making withdrawals. The issues recur in platforms that use fiat currencies for gameplay.
- Very slow transfer of funds
Think of a situation where payment processing takes up to 21 days. That is the situation that happens to many fantasy games platforms. If you use DraftKings, withdrawing your profit can take up to 21 days if processed via a bank. Though electronic withdrawals are faster, users have to wait for about 8 days.
For platforms such as FanDuel that process such payments faster through a platform such as PayPal, the main issue is that they reserve the right to refuse withdrawals or even close accounts at their discretion.
How Does NoLimitCoin Solve The Problem?
To address the above problems, the NoLimitCoin platforms use NLC2 coins and target to become the most competitive in the market. Here are some of the methods that help to solve the issues.
- Lowering transaction fees
The main competitive advantage of NoLimitCoin is that it allows movement of the digital coins at a very low price. The price of using NoLimitCoin to make payment on the platform ranges from 1-10%depending on whether the user pays with cryptos or fiat.
If you pay with USD, the fee is 10%. However, the price comes significantly down to 1-5% when you pay with NLC2. Those who go for larger contests enjoy lower rates of up to 1%. This implies that players have the opportunity to make a saving of up to 50%.
- Faster verification
If you plan to join the No Limits Fantasy Sports, the process is simple and fast. You only need to fill a short form with a name and email address. Once you verify the email, the process is complete. Indeed, it will take you less than a minute to join the platform.
The target of No Limit Fantasy Sports is helping to build a highly satisfied customer base from the first step. Note that any person no matter the country of your origin, there are no limitations. Even for those from countries that ban play-to-play fantasy sports can still play if they are able to mask their addresses.
- Transactions are faster
Because transactions on the No Limit Fantasy Sports platform are confirmed on the NLC2 blockchain in less than one minute, it implies that payments are cleared almost instantly. This implies that users do not have to wait for days before payments are processed. Therefore, if you are short of funds and want to play more, simply load additional coins and continue playing.
For those who want to withdraw their profits, the process is equally fast. Because the profits are held in digital coins, NLC2, they only need to be confirmed by miners in the blockchain and get deposited into your account.
What makes NoLimitCoin better than it’s competitors?
The fantasy sports have for many years been a sensational attraction but few manage to join because of the many hurdles on the way. But the NoLimitCoin has introduced blockchain into the sector and everything is changing. Here are some of the things that make NoLimitCoin better than competitors.
- The NoLimitCoin system allows all people to join irrespective of location
Unlike the traditional fantasy sports that only allow people in line with know your customer (KYC) and anti-money laundering (AML) rules to participate, the NoLimitCoin system is different. Because the NoLimitCoin platform is decentralized, any person from across the globe can participate.
- NoLimitCoin uses proof of stake consensus
As a proof of stake (PoS) based coin, NoLimitCoin allows users to enjoy returns by simply staking the network. PoS cryptocurrencies are considered better than proof of work types because users do not need to have a lot of computing power to mine the networks. All that one need is staking some NoLimitCoin.
- The platform has been in the market for some time and proven stable and reliable
If you want to know how strong and workable a coin is, it is advisable to start by checking how long it has been in the market. When a crypto network has been in operation for a couple of years, it is considered stable because most of its features have been tested and proven to work.
Because NoLimitCoin has been in operation since 2015, most of its features and systems such as the proof of stake (PoS) consensus protocol have been tested and proven to work. This is the reason why its community and performance in the market has been impressive.
- The system is cheaper, reliable and fun to use
Unlike other fantasy sports in the market that take a lot of time to make deposits or withdrawals, ‘the decentralized system of NoLimitCoin network only requires few seconds. Why wait for days/ weeks to make withdrawals while the NoLimitCoin system allows instant operations?
- The system allows gamers to join and own the network
When you join the system to send value, game or stake the native coins, you also part of its governance. This implies that you could be called to help with decision making. As an open source platform, you can also participate in the platform improvement by suggesting changes.
- NoLimitCoin performance is expected to grow steadily in the coming days
Though the NoLimitCoin has been in the market for a short period starting from 2016, it has performed very well. By mid-November 2018, the market capitalization of NoLimitCoin was $2.15 million. This was way above other more popular coins such as NeosCoin with a market cap of $856,695 and Bitcoin Plus with $827,985.
How can NoLimitCoin be categorized?
NoLimitCoin is a decentralized cryptocurrency that targets to help extend the blockchain niche to the fantasy sports. The platform has helped to overcome the obstacles that people faced in joining, playing, and enjoying profits.
Though the NoLimitCoin system, joining and playing fantasy games is only a click away. The unique operational design is expected to make the demand for fantasy games and value of NLC2 to go up.
What’s NoLimitCoin’s vision on Security?
The NoLimitCoin founders and development team targeted to make the system a simple to use and highly secure platform for fantasy sports. To achieve the vision, the NoLimitCoin uses the following features and strategies.
- The NoLimitCoin system uses a high tech team that regularly reviews the system for vulnerabilities. All the identified vulnerabilities are addressed through updates.
- The network operates a completely decentralized network. This helps to ensure that the coins are evenly spread in the system to remove the danger of 51% attack.
Examples of NoLimitCoin’s use cases / applications
The effectiveness of any cryptocurrency or crypto network can be gauged based on its applications. Though most cryptocurrencies target to operate as payment networks, it is the extended use cases that make them more valuable compared to other networks. Here are the main use cases of NoLimitCoin.
- The primary application of NoLimitCoin is support for the fantasy sports. This means that you can use the NoLimitCoin platform to pay for games listed in its platform. Remember that this process is simplified so that you can easily join and play from any place even on your phone.
- The NLC2 coins can be used to make payments for goods and services in the markets. Like other coins such as Bitcoin, NLC2 can be used to make direct payments in stores that accept it. You only need to identify a store that accepts direct payments to make direct pay.
- NoLimitCoin has become a reliable method of saving and investing money. Instead of putting your funds in a bank, why not consider buying the native NLC2 coins? Because of the positive show that NoLimitCoin has shown since inception, the community expects the value to grow progressively in the coming days. Therefore, if you acquire some coins and the value takes an uptrend, you will enjoy some returns on investment.
However, note that the expected growth is only speculative. The moment of cryptocurrencies in the markets is dependent on a myriad of factors including the looming regulations, competition, and new technology.
- The NoLimitCoin can be used to send value on a peer2peer basis. As a completely decentralized network, it implies that you are allowed to send value without going through a third party. Whether you want to send value within your country or across the globe, it will be direct and simple. The only requirement is that you have ample NLC2 coins and the recipient to be on the same network.
- Trade NLC2 coins in the market. To trade the NLC2 coins in the markets, you will need to join an appropriate exchange such as HitBTC and Coinexchange. Note that you are required to start by joining the markets, depositing funds, and verifying personal details.
You will also be required to form an appropriate trading pair such as NLC2/BTC or XRP/NLC2. It is also advisable to learn how to trade the coins in the market because the markets are highly volatile.
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