Bitcoin Stock Falls: What Could It Mean For Bingo Players?

Dec 8, 2020 by

In this hi-tech world of online banking and contactless transactions, you may be right in thinking that a cashless society is on the horizon. Whilst this is a distinct possibility, there are those in society that have already brought into this idea and they have expressed this by investing in cryptocurrencies. However, many people still do not know what a Cryptocurrency is, let alone how to invest in one or play Twin Spin slot. 

Cryptocurrencies The Basics 

Cryptocurrencies are actually currencies that can be used to buy goods and pay for services online, just like normal currencies. The major difference is that Cryptocurrencies have no physical form and they only exist as digital transaction footprints in a virtual world. Transactions using such currencies are recorded by technology called blockchain. This is software that exists in a network of computers and it manages and records Crypto transactions. Though this entire setup may feel strange to traditionalist, the appeal is that this blockchain technology has proved to be highly secure. In fact, blockchain technology has proved to be more secure than traditional online banking and card transactions. 

Bitcoin 

If there is one Cryptocurrency that has hit the headlines and has gained much publicity, then it is Bitcoin. This is the most popular and most used of all the 2200 different Cryptocurrencies that are traded publicly. According to CoinMarketCap, as of June 6th 2019, the value of all Cryptocurrencies was valued at approximately $246 billion. Bitcoin were not surprisingly, still the most popular of all of them and stood at a value of $136 billion. The appeal of Cryptocurrencies is that they remove the power from banks, allowing for a more decentralized control of money. 

The Future Of Cryptocurrencies 

It is not clear whether the masses will ever buy into these currencies despite some advantages they obviously have over our current financial models. Apart from having to get used to digital currency, there are also stability problems with Cryptocurrencies. This is nothing new in the financial world but it can be harmful to a currency that has not become established. Bitcoin has had some big rises and falls in its brief history and these stability problems led to Bitcoin suffering a record low drop in 2018. These stability changes have led to the gambling industry taking a cautious approach to introducing Cryptocurrencies to online casinos and online bingo venues. The knock on effect is that the UK Gambling Commission is reluctant to license and register bingo sites that allow Cryptocurrency transactions to take place. 

The Future Of Bingo 

Bingo sites are happy to tow the line for now and only allow punters to deposit mainstream cash currencies. What is tempting however, is the secure nature of Cryptocurrencies and the safe transaction system they use. These could save many bingo sites a lot of time and money that they spend in securing their sites and banking methods. Should Bitcoin stabilize and continue to gain popularity then you may one day experience Bitcoin exclusive bingo sites.

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