Technology has influenced our way of life. Look at bingo a few decades ago and compare it to what we have now. People no longer need to miss a bingo game because they can’t travel or live far from bingo halls. They can now consult best bingo sites and determine which one meets their needs. And all thanks to technology. There has been talk recently of making the bingo playing process even easier. And what better way to do that than by embracing cryptocurrencies? We take a look at their role in bingo games and if they have a future in this industry:
Does cryptocurrency have a future in bingo?
Cryptocurrencies have been around for over a decade. At first, people had a hard time understanding what they involved. The risk takers jumped in head first and made huge profits. And seeing this, many quickly followed and adopted these technologies because they offered the following benefits:
Bingo players have come under intense scrutiny over the past few years. They would earn money, and no sooner had they started enjoying the spoils than someone would have access to the money. But cryptocurrencies provide insurance against this by ensuring that no one can access accounts. Since there is no central regulatory authority, bingo players own their winnings and cannot have them frozen or withdrawn.
Cybercrime has been on the rise in recent years. People woke up to find their bingo accounts wiped out and mourned their losses. Of course, bingo sites have tried to curb this increase in cases by:
- Require users to have strong passwords
- Encourage players to change their passwords often, and
- Use of SSL Encryption on the Sites.
However, security always begins with the reader. Thus, cryptocurrencies provide an additional layer of protection by eliminating the need to disclose personal data. This way, cybercriminals cannot access or steal this data. Additionally, once a cryptocurrency transaction has taken place, it cannot be undone, allowing players to keep their money.
In the past, some bingo players have attested to the need to protect their privacy. After all, they don’t want their information falling into the wrong hands, especially their banks. And cryptocurrencies ensure this by removing personal information. Once you’ve received your money, people can’t tell how you used it. They might find your address on the public ledger, but that’s about it. And this confidentiality motivates more players to follow bingo.
When online bingo first started, people had to wait days or even weeks to access their winnings. And the wait time often frustrated gamers who wanted instant results. While e-wallets and card payments alleviated this waiting period, they were still relatively slow. Cryptocurrencies have changed that by allowing transactions to take place in minutes or less. So you can deposit money into your account and start playing right away. And if you win, you can access it just as quickly.
Transaction fees eat away at revenue. But that’s exactly the problem with cryptocurrencies – they don’t have intermediaries to facilitate the process. So the money moves from your bingo account to your crypto account and vice versa. You not only save time but also money.
Fiat currencies are prone to inflation, which makes their value unpredictable. But cryptocurrencies are not subject to the same factors because their values depend on demand and supply. It is easy to project the value of a cryptocurrency by assessing market dynamics. And for many people, buy cryptocurrency is an investment.
Given these advantages, more and more bingo sites have embraced the idea of introducing cryptocurrencies into their platforms. After all, it works to their benefit and that of their users.