Bitcoin Gains Publicity Through Powerball Jackpot
Considering the immense struggles and challenges that Bitcoin has to face just to fulfill its prime goal of mainstream market acknowledgement, it appears like all of its efforts are now paying off—at least in online gaming.
Following numerous optimistic developments that further stabilized the Bitcoin ecosystem, the cryptocurrency remains to gain more positive feats after several conventional merchants continue to integrate the usage of Bitcoin into their business.
Take for instance the newest progress of Bitcoin adoption in the world of lottery. Bitcoin holders who wish to purchase lottery tickets using the cryptocurrency are now able to do so through the innovative lottery mobile app, Jackpocket.
Jackpocket, which is available for both iOS and Android, has thrilled both the mainstream and Bitcoin community last Wednesday after announcing that its platform now accepts Bitcoin payments for ticket purchases in New York.
What made this announcement significant is the fact that on the same day, the Powerball lottery reached an overwhelming jackpot amounting to $1.6 billion, which was then won by three lucky individuals from California, Florida, and Tennessee.
Easy and secure lottery ticket purchases through Bitcoin
According to the Jackpocket CEO Peter Sullivan, his company’s decision to integrate Bitcoin as one of the payment options is in order to provide lottery aficionados with a lottery conduit that enables them to experience frictionless and secure ticket purchases.
“This means reducing friction and providing more options for players, utilizing playing data to fully embrace responsible gaming principles and ensuring the lottery itself is more safe and secure. Utilizing Bitcoin is one step in right direction to accomplishing our goal.”
Before accepting Bitcoin, the company is already experiencing issues and difficulties in processing payments due to certain factors, such as high volumes of activities among users and state restrictions, as well as regulations in the US.
Through the advantages of Bitcoin, the mobile app has finally and successfully resolved these dangling issues and is now enjoying the benefits of the cryptocurrency.
Sullivan also said on his Medium post that apart from these reasons, his company as a whole is extremely optimistic toward Bitcoin and the blockchain technology.
He added that this integration is just the first step for his company’s revolutionary take on Bitcoin in the mainstream market, and emphasized on the thought that app users can expect more groundbreaking products and features that are based on the benefits of the cryptocurrency:
“This is just the beginning of many new features and products we hope to roll out over the next few weeks. We promise that 2016 will be a very exciting year for Jackpocket.”
Bitcoin still vaguely recognized
Following the historic jackpot given away by the Powerball lottery, cryptocurrency users cannot help keeping their hopes up now that they are given an opportunity to win the same overwhelming jackpot amount using Bitcoin.
Although the Jackpocket Bitcoin adoption is undeniably one of the greatest milestones for Bitcoin in the conventional market, this integration appears to lack distinct qualities that truly showcase the mainstream’s acceptance toward the cryptocurrency.
Unlike the common transaction process with fiat currencies, the use of Bitcoin ends upon a purchase. In the case of online lottery, the winners are paid with real money as compared with casinos with Bitcoin games and lotteries like WinWSL that accept and pay bitcoins.
This means that companies and businesses that are open to Bitcoin payments still convert the cryptocurrency to fiat to carry on with the process.
According to cryptocurrency experts, the status of Bitcoin in the orthodox setup is still struggling since the majority conventional businesses only see Bitcoin as a payment option rather than a full-fledged currency.
Regardless, the acceptance of Bitcoin payments is a vital step for the cryptocurrency to fully penetrate the systems that operate millions of businesses, both offline and online.
Although it may still take a while for the digital coin to conduct a complete transaction process, the fact that it is already adopted by a handful of companies is a great start in fulfilling its mission that is to revolutionize the purchases and transfers.