Facebook recently announced that it would be releasing its own cryptocurrency service known as Libra. This product is supposed to make sending and receiving money as well as completing transactions through a blockchain setup simpler and faster than many other products today. What we want to know is how well is Libra going to work for gambling purposes? Facebook doesn’t answer that question specifically, but there are some promising features that would make Libra into an excellent tool for online gamblers looking to fund their accounts.
Set to Launch Sometime in 2024
Libra is supposed to launch in 2024 and start making it possible for more people to use a cryptocurrency to send and receive money. There’s no official launch date just yet, but when the technology comes out it will be interesting to see how it’s picked up and whether or not it affects the gambling market at all.
Designed to Work through Facebook and WhatsApp
This cryptocurrency is going to make monetary transactions possible quickly and simply through Facebook messenger and WhatsApp both. That means you could effectively send money to your contacts on these tools in just seconds simply and easily. It’s a powerful promise and it could be an exciting development as well as long as enough people pick up the technology and begin using it.
Simple Smartphone Transactions
Libra will allow quick and easy transactions at businesses in person and online through basic smartphone scans or swipes similar to some phone apps that are available today. There’s no way to know how many retailers will come to support the technology for completing transactions, but if there’s enough support Libra could become a commonly accepted tool at most locations.
Could Make Bitcoin Gambling More Accessible
Although we don’t have too many details about Libra just yet, the program could help bring Bitcoin wagering to a whole new group of online gamblers. Since the whole purpose of this cryptocurrency is to make moving money around with blockchain technology simpler and more accessible it could make it more common for online gamblers around the world. Once people get familiar with the tool and learn to move money using Libra through their Facebook app, they could use that familiarity to fund their casino accounts as well. This could dramatically increase the number of people banking at casinos with a cryptocurrency instead of something like a credit card or traditional bank transfer.
There’s still no information about how Libra will work for gamblers specifically, but we have high hopes that the technology will make this payment method more common than ever for online gamblers. We will have to wait until Libra is finally released to the public to see whether it’s picked up by the mass market or not, and then we’ll see how it affects the online gambling world as well.
