Stratis (STRAT) is a Blockchain-as-a-Service (BaaS) platform that helps businesses to implement blockchain technology and build their own private or public blockchains for enterprise use.
The platform is based on Bitcoin’s core code, but instead of being written in C++, it is programmed in C#, as it’s more sustainable and more predominant in business applications.
The platform was launched in 2016, aimed at combining the model of cloud computing with blockchain so as to make things easier for businesses to constantly maintain a full-running blockchain.
In this article, you will be able to find how does Stratis works and how you can use it for payments at online gambling websites.
STRAT is the native token of the Stratis platform, and while the platform is based on BTC code, the network uses a PoS consensus process with low inflation and restricted issuance.
It is a proof-of-stake cryptocurrency, which means that users who keep coins in their Stratis Staking Wallet for a period of time receive new STRATs. The staking reward is 1 STRAT every 60 seconds (block solving time).
Transaction wise, STRAT works just like Bitcoin or any other crypto derived from it, as you can store and transfer it to and from other compatible wallets. It should be noted that Stratis was not developed to become a store-of-value asset like Bitcoin but to power the transactions and apps of its native platform.
The platform enables the creation of custom blockchain-based applications just like Ethereum, but it also combines other features from Bitcoin and Waves blockchains.
Stratis reduces traffic congestion by deploying sidechains, which enable you to customize your chain without affecting others and taking advantage of the security architecture of the main chain. Another notable feature is the one-click deployer that can be used beyond the Stratis blockchain. Clients are able to deploy a sidechain to other major platforms, such as Bitcoin, Ethereum, Lisk, and BitShares, and use the features of these chains.
The main benefit of this coin is that it is inexpensive to purchase and works on a chain which prevents slow transaction processing times. Also, if you stake the crypto, you easily get rewards at a fast rate.
The biggest disadvantage would be that the coin is not widely adopted by many online platforms, including those from the gambling industry.
Who accepts Stratis? Like any other crypto, STRAT can be deposited and withdrawn from wallet to wallet and, in some cases, used as a payment method. Stratis casinos will usually feature in the payment section the link to their wallet address for each of their supported cryptos. After going through the wallet syncing process (if required), the player will then access his wallet or exchange account, and from there, he will withdraw his STRAT funds to his STRAT casino balance.
The coins will appear in the Stratis casino wallet a few minutes later, and the player’s casino account will show this sum in the platform’s currency with which he can gamble or bet. There might be casino sites that have Stratis in their payment list, but they first convert the crypto into BTC, and you bet or gamble on the platform with Bitcoin, not STRAT. This conversion is done through the use of third-party exchanges, meaning there will be a conversion fee added to your casino deposit. There is a possibility that a casino might have native support for Stratis, but considering how few sites are, this is highly unlikely.
The withdrawal process is also not complicated. You have to send the withdrawal request to the casino, wait for confirmation, paste the address of your online wallet or even a physical hardware wallet, and wait for your coins to be credited.
There are less than a handful of STRAT casinos that list Stratis as a payment option, and you will most likely encounter this coin at crypto-only casinos that are not so well-known or established. You probably won't be able to find many options, with the largest variety available being for slot games. Poker and sports betting punters should opt for using other cryptos.
STRAT gambling legality varies according to jurisdiction, and in some countries, it is completely illegal to gamble with any type of fiat currency. But in some instances, where the use of crypto is permitted, gambling with Stratis instead of fiat is not an infringement of the law.
If cryptos such as Bitcoin or Ethereum are allowed to be used in online Bitcoin casino as payment or there is no exact law for online gambling, then you most likely will be able to legally gamble with STRAT. But if making payments with cryptocurrencies is illegal in your country, then STRAT gambling is probably forbidden as well.
Because of its lack of adoption, there are very few exchanges that support the buying, trading, and selling of Stratis. The entire list of these platforms is Binance, Bithumb, Bittrex, Bittylicious, Bitvavo, CREX24, HitBTC, LiteBit, Poloniex, LiveCoin, SouthXchange, UPbit, VCC Exchange, and WazirX.
You will mostly find Stratis paired against BTC, but there are also ETH and USDT pairs. Moreover, there are a number of fiat options, such as three EUR pairs on Bitvavo, LiteBit, and Bittylicious, one GBP pair on Bittylicious, and one USD pair on SouthXchange. South Korean residents have the option of using the Korean won on Bithumb and UPbit.
There are few wallets that support Stratis (especially those for staking), but it is advisable for you to get the native wallet developed by the project’s team. Here you will be able to store your STRAT after you have bought the coins from the exchange.
After selecting the exchange which supports your desired pair, fees, and features, offer the required information to create an account. You will most likely have to provide ID for your account verification, as most exchanges that support fiat options are required to KYC policy. You will then be able to deposit your fiat or crypto funds and proceed to create an order to buy Stratis.
Stratis is especially useful for businesses looking to implement blockchain into their enterprises, but as a cryptocurrency for gambling purposes, not so much. We would recommend looking for a more widely accepted coin in casinos, such as Bitcoin Cash casinos as with STRAT, you won’t have many options.