📗FAQ overview
What is a BET token and how is it connected to Betfin?
BET is a utility token, known as ERC-20 standard. All transactions on the Betfin platform are settled only in BET token. That brings the BET token its utility.
Why does the BET token have a value and how is it derived?
BET token has a value because there is a supply which is generated by users that want to use the Betfin technology.
Price is derived only by demand and supply and there is no central entity that controls the BET token price.
Are BET and stakers holders protected against rugpull or team dump?
Yes, the key protection mechanism is vesting for initial holders which is in case of team tokens set for 5 years and starting after 3 years since project start.
Could the BET be considered as a security token?
BET token itself has no security function as it does not represent and is not backed by any asset, service or value. Its value if fully created by community demand
What chains are supported by Betfin?
BetFin currently runs on Polygon. Network name: Polygon Mainnet. RPC URL: https://polygon-rpc.com. Chain ID: 137.
d
Who owns and operates the Betfin?
Betfin is not owned or operated by any single entity as it is an autonomous web3 application that is created and promoted by Betfin community.
All revenues from Betfin are distributed among staking users so there is no single owner of the project.
Can I speak to someone from Betfin?
You can reach the customer support through the chat window on betfin.io official website.
BetFin support is managed by community members
Remember that if anyone contacts you as Betfin support it is not true!
Can I join the Betfin team?
Yes, anyone from the Betfion community can participate on the project. Reach the Betfin support with your abilities.
Is the project legal and what is its legal status?
From the legal point of view Betfin is a public platform that allows community members to use smart contracts with pre-defined functions and rules. Therefore there is no relation between user and betfin but only relationship between users through public Betfin smartcontracts.
It is your solely responsibility to find out whether participation in such contracts is legal.
Can I be banned from betting?
No, it is not possible under any circumstances
You can use any BetFin service unless you have Permit token and BET balance to play
Is it possible to reverse my bet in certain cases?
Unfortunately, once the bet is placed and confirmed by blockchain it is not possible to reverse in any case.
Can anyone stop the flow of games of Betin?
Once a Betfin game is deployed to the blockchain it is unstoppable. Blocking the flow of contract would mean to stop the whole blockchain that it runs on.
Can I place bets in other cryptos than just BET token?
It is not possible as all transactions are settled in BET tokens.
You can buy your BET tokens on uniswap.
Are there any limits for betting?
Each game has individual minimal and maximal betting limits. You can find them all here.
Can I bet on oposite sides in case of shared betting?
Yes, you have no limits just note that there is a winning fee
What if there is an undefined round result such as tie on bitcoin predict?
In that case all the bets are reverted without any fee and affection of bonus
.
Can I withdraw from the staking earlier than the predefined period?
No, staking runs for a defined period and there is no way to cancel such a transaction or withdraw until the staking finishes.
Consider your needs of liquidity before you stake!
What if I lost access to my wallet after I locked coins into staking?
If you are unable to recover your wallet access the token balance and all stakings are lost.
How can I verify that staking programs are legit?
All transactions such as bets or stakings are transparently visible on blockchain.
Each betting round generates a certain profit to staking. You can track all profits and connect them to real existing bets. Check out stats on staking page.
Is it possible to restake my staking revenues and get compound interest?
Yes, however you need to restake your tokens manually, we have no control of your wallet and therefore you have to claim your revenues and restake it.
Is it possible to use BetFin services without being affiliated?
No, BetFin services are available only for affiliated member
That protects those who invests their time and energy to share BetFin vision to get affiliate rewards
How can I recommend someone to Betfin?
You have two options how to do it:
You ask your friend for a wallet and you generate him a Betfin Permit token that connects his wallet under yours
You can send him a unique link that allows him to generate Betfin Permit token to his address.
Remember that issuance of permit token requires blockchain fee.
What is Betfin Permit Token (pass) and why it exists?
Betfin Permit token (pass) is NFT (ERC 721) that works as nontransferable entrance ticket. This NFT assures you access to Betfin services for ever.
What are the affiliate commissions in Betfin?
Direct affiliate is 8%
Depth affiliate is 10% from the weaker leg in binary tree
Maximum daily revenue is 5000 USD in betfin token
How are the affiliate commissions covered while Betfin is decentralized?
In unique Betfin tokenomy there is a reserve of 49% of all tokens that are locked in affiliate fund smart contract making them only available to unlock by affiliate commissions
Can affiliate conditions be changed
No, affiliate conditions are valid forever unless there are tokens in affiliate reserve system which will be for a long time.
Is it possible to change the sponsor?
Unfortunately it is not possible to change it but if you want to work with someone else you can ask your new sponsor to send you Betfin Permit token and create a new account.
What is the sorting logic in Betfin binary tree?
Sorting is from up to down from left to right
Users are always automatically filled to the position that is first empty if you dont specify other
Can I choose the exact position of my affiliate in the Binary scheme?
Yes, this great feature is available. You can choose an end user or even a networker with existing structure. Once you specify the user which should be the binary upline of your new downline then the default sorting is applied.
What should I do If my affiliate falls into the wrong position in the binary scheme?
Only possible thing is to register him for a new wallet.
Position can not be changed
Are there some restrictions on how to promote Betfin?
It is your own interest to promote Betin in a peaceful and respectful way to others on the internet. Please do not use spam or incorrect information as your affiliates will probably chose different sponsor and you lose your opportunity to earn from them.
.
How can I become a partner?
You visit our page betfin.io/partner, choose the games you would like to license and you simply deploy the contract by paying the onetime license fee.
How does the partner contract work?
Partner has a special contract that works as a variable symbol of the bet to recognise that the user placed a bet via Partner's license.
Who pays the partner?
In case of sharebets such as Bitcoin predict the partner is paid directly from the winning fee. In case of the lotto games such as Roulette, partners are paid from the affiliate reserve.
Is affiliate applied also to Partners contracts?
Yes, affiliate works completely the same for partners websites. This is why Partners are usually also active in affiliate system.
.
Last updated