Have you read the news about Betkurus? The Turkish online gaming platform recently raised $675,000 and partnered with CoinMatrix. It is now the first platform based on the digital currency bitcoin (BTC). It allows converting bitcoin to any currency used at a variety of online casinos (conversion happens in realtime).
In addition, Betkurus allows to place bets on a wide range of sport events. This alliance was received very positively from the bitcoin community. Besides the fact that this is a good sign for bitcoin indeed (showing progress in this field), one important aspect connected to its impingement on society went by entirely unnoticed.
A great number of digital sports and gaming events include things like gambling or betting. Others let players wager bitcoin to play. So far, the choices to bet with bitcoin were confined, due to the fact that the majority of online casinos doesn’t say yes to any sort of digital currency.
Furthermore, many players familiar with betting with fiat money favor doing so with their specific currency, say euro or swiss franc. Whereas now it’s simple to switch from digital currency like bitcoin to fiat money in realtime and then have fun with any game offered on this internet site.
I’m certainly not a scientist, but on observing the situation, I notice that a digital currency like bitcoin doesn’t look like holding the exact same weight as fiat money in the heads of users for a variety of reasons. Might be that $1 appears to be a petite percentage in bitcoin ($1~0.0041 BTC) or could be because bitcoin is to this day not regarded as genuine money by a lot of people.
So folks are maybe a bit more open-handed when using Bitcoin in online gaming than with USD. Unaware of the fact that they earned or paid for the bitcoins in their balance, they commonly put higher amounts at stake than they normally do with fiat money.
This means that just about every single one of them ends up shedding more than they have the funds for. On top of that, bitcoin and gambling can end up as a harmful combination for individuals with an acute gambling problem.
Just to stay on the side of caution, if you take pleasure in gambling (whether with digital money or fiat does’t matter), here are some signs that you should check:
- Shelling out more money on gambling while leaving expenditures unpaid
- Struggling to stop gambling on a number of occasions
- Running after losses with the expectation of winning back the gone money
- Not taking on the losses and arguing about gambling habits with family or friends
- Depressive disorders and suicidal considerations due to gambling losses
If you recognize any of these indicators, chances are that you could possibly have a gambling problem or dependency. It’s time to look for help.
Gambling addiction bears a substantial social cost, accounting for billions of dollars worldwide. It also brings about depression, suicide, and reduced productivity at the job, dysfunctional interactions or total breakdown of relationships, personal bankruptcy, and crime.
Digital currency has both positive and negative facets. It is the price of development. We just have to make certain that we take the right decisions and make the right choices to benefit from it. It is all the same pertaining to bitcoin and any other digital currency.
On the brighter side of things, regulators should be less worried about such transactions on the block chain.