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 out on a bingo game because they can’t make the commute or live far from the bingo halls. They can now review the best bingo sites and determine which one meets their needs. And it’s all thanks to technology. The talk has been rife recently about easing the bingo gaming process even further. And what better way to do this than by embracing cryptocurrencies? We 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. When they first started, people had trouble understanding what they entailed. The risk-takers jumped in head-first and made massive profits. And on seeing this, many were quick to follow and embrace these technologies as they boasted the following perks:
Bingo players have been subject to scrutiny in the past years. They would make money, and no sooner had they started enjoying the spoils than someone would access the cash. But cryptocurrencies offer insurance against this by ensuring that nobody can access the accounts. Since no central regulatory authority exists, bingo players own their earnings and cannot have them frozen or taken away.
Cybercrime has been on the rise in the last few years. People have woken up to find their bingo accounts wiped clean and mourned their losses. Of course, bingo sites have tried to curb these rising cases by:
- Requiring users to have strong passwords,
- Encouraging players to change their passwords often, and
- Using SSL encryption on the sites.
However, security always starts with the player. Thus, cryptocurrencies offer an extra layer of protection by eliminating the need to divulge personal data. This way, cybercriminals cannot access this data or steal it. Moreover, once a cryptocurrency transaction takes place, it cannot be reversed, allowing players to hold on to their monies.
In the past, some bingo players have attested to the need to secure their privacy. After all, they do not want their information to get into the wrong hands, especially their banks. And one way cryptocurrencies ensure this is by doing away with personal information. Once you have received your cash, people cannot tell how you used it. They might find your address on the public ledger, but that’s about it. And this privacy motivates more players to keep up with bingo.
When online bingo started, people had to wait days to weeks before accessing their earnings. And the waiting time often frustrated players who wanted instantaneous results. While e-wallets and card payments eased this waiting period, they were still relatively slow. Cryptocurrencies changed this by allowing transactions to take place within minutes or less. So, you can deposit money into your account and start playing immediately. And if you win, you can access it just as fast.
Transaction fees eat into earnings. But that’s just the thing with cryptocurrencies – they do not have middlemen to facilitate the process. So, the money moves from your bingo account to your crypto account and vice versa. You save not only time but also money.
Fiat currencies are subject to inflation which makes their values unpredictable. But cryptocurrencies are not subject to the same factors as their values depend on demand and supply. It’s easy to project the value of a cryptocurrency by assessing the market dynamics. And for many people, buying cryptocurrency is an investment.
Given these perks, more bingo sites have embraced the idea of introducing cryptocurrencies into their platforms. After all, doing so works for their benefit and that of their users.