When you step back and examine cryptocurrency from a development standpoint, you have to appreciate just how creative it really is. That creativity continues to fuel platforms like Bitcoin and Litecoin today.
For example, how would you like to both purchase BTC and play MegaMoolah.com from the back of a London cab? Now you can.
In our search for great Bitcoin gambling news, we ran across a story out of London profiling a taxi driver who is affectionately known as the 'Crypto Cabbie'. Taxi driver Dave Jenkins earned his moniker by making the decision to start selling bitcoins from his cab during working hours. Any passenger he picks up is free to use specialized equipment in the back seat of the cab to purchase coins.
How it all works
According to Bitcoin.com, the hardware that makes it all work is supplied by a company known as Fastbitcoins. It allows Jenkins to accept fiat cash payments for BTC on-the-go. A receipt is provided to confirm the transaction.
The system is essentially a voucher system similar to purchasing BTC by way of a cryptocurrency ATM or exchange. In order to use purchased coins immediately after buying them from the Crypto Cabbie, the user would need to have access to an online system for redeeming the voucher. Assuming that is the case, the passenger could buy BTC, login to his/her favorite casino, and start playing.
Implications on many levels
This story may seem like nothing more than an amusement to cryptocurrency fans. But there are a ton of implications here, on many different levels. Those implications impact both the cryptocurrency concept and the practice of gambling online. So let us talk about them.
Beginning with cryptocurrency, what the Crypto Cabbie is doing demonstrates just how accessible an economy is when cryptocurrency is included. Remember, the Crypto Cabbie sells coins to passengers en route to their destinations. There are no banks involved. Anyone who has cash and wants to convert it into bitcoins can do so without issue.
Think about the implications:
- No Interference - A Crypto Cabbie transaction represents two individuals transacting business between themselves without interference from banks or government authorities. They do not need anyone's help to buy and sell between themselves.
- No Security Concerns - The Crypto Cabbie's equipment accepts cash in exchange for BTC. The purchasing passenger is then free to spend those coins online without having to furnish bank account or credit card information. Thus, there are no security concerns.
- Multiple Currency Options - The Crypto Cabbie's equipment also accepts numerous fiat currencies. Passengers can buy their coins using pounds, U.S. dollars, or euros. That means tourists can convert some of their cash to bitcoins at a better rate than they would get exchanging fiat for fiat at the airport.
- Business Partnerships - The same equipment being used by the Crypto Cabbie is also being sold to POS retailers throughout London. If they all banded together, they could develop business partnerships aimed at promoting Bitcoin. They could cross-promote one another as well.
In regard to that last implication, it's probably helpful to note that Jenkins only sells Bitcoin during his regular work shifts. Furthermore, he doesn't do it to make a profit. He only makes pennies on a single transaction. He sells Bitcoin from the back of his cab because he's interested in turning more people into crypto enthusiasts.
So, imagine you are a passenger in the Crypto Cab. You throw a few pounds into the machine, determine how much Bitcoin you want to purchase, and complete the transaction. You now have a voucher that you can use online to transfer the coins into your wallet. Before you reach the other side of London you are online playing your favorite game. How cool is that?
And by the way, Jenkins also accepts BTC as payment for passenger fares. So you can use the coins you purchase to both pay him and take your shot at winning a jackpot.
The online gambling angle
Being able to buy bitcoins from the back of a taxi is just half the story. The other half is realized when we extrapolate. From our perspective, what Jenkins is doing with his cab is similar to what online casinos are doing by accepting Bitcoin, Ethereum, Litecoin, etc.
Jenkins is giving his passengers access to bitcoins by selling them coins as they travel. In so doing, he is also giving them access to the wider cryptocurrency economy. Some of those passengers undoubtedly use cryptocurrencies already. Buying in the cab is little more than a convenient way to beef up their wallets.
On the other hand, other passengers in Jenkins' cab will be introduced to bitcoin for the very first time. Provided they have a good experience, they could become lifetime fans of crypto. For each one who does, Jenkins will have fulfilled his personal mission of turning yet another passenger on to bitcoin.
Online gambling sites are doing much the same thing. They are accepting bitcoin payments from gamblers already familiar with the cryptocurrency economy. But they are also introducing gamblers who have never used bitcoins before to the concept.
Now, think of the implications of this:
- Cross-Border Transactions - One of the big strengths of cryptocurrency is that it facilitates easier cross-border transactions. Online gambling is really the epitome of such transactions. People from all over the world can gamble on a single site located in Malta, for example.
- More Secure Gambling - Because cryptocurrency platforms are built to be secure at the core of the blockchain, there are fewer security concerns among players who choose to gamble with crypto. This makes gambling inherently safer for everyone involved.
- Mobile Gambling - It is only possible to play Mega Moolah from the back of a London taxi because certain online casinos have developed mobile play opportunities. As more people play via mobile, demand will only increase. That will spur platform developers to continue pushing mobile gambling forward.
Platform developers have made pretty impressive strides in developing online gambling capabilities over the last decade. But it is probably safe to say that one of their most important accomplishments in the last 18 months is the introduction of cryptocurrencies as gambling currency.
Made for each other
Our main priority at Coinbet.com is to educate our readers about gambling with bitcoin. We include a lot of information about both Bitcoin gambling and cryptocurrency because of crypto's undeniable influence on the online gambling space.
You could say that cryptocurrency and online gambling were made for each other. Each one benefits from the other in ways that would not be possible if the two were not intertwined. And as one evolves, the other evolves right along with it.
As evidence, consider the fact that there are growing number of online casinos now working only with cryptocurrency deposits and withdrawals. That would have been unheard of just a couple of years ago. Why? Because crypto was considered too unstable. Platform owners did not want to take the risk of dealing only in crypto and then losing nearly the entire value of their businesses in the event of a crash.
Though such concerns still exist, they have been mitigated considerably. Platforms like Ethereum and Litecoin have created healthy competition to Bitcoin, bringing additional stability to the market. In fact, there are now thousands of cryptocurrency platforms in circulation. All of them add legitimacy and stability to the crypto space.
The added legitimacy and stability make it easier for online casino owners to offer crypto deposits and withdrawals. As the number of casinos accepting crypto grows, confidence among gamblers also grows. They are more willing to invest in their chosen cryptocurrencies because they know their favorite casinos are on board.
All from the back of a taxi cab
Dave Jenkins sells bitcoin from the back of his London taxi every day. He does it because he wants to introduce more people to the cryptocurrency concept. Fair enough. But we wonder if he truly realizes what he is contributing to the crypto marketplace.
The majority of his passengers will probably complete their journeys without buying any bitcoins. That's fine. And among those who do buy, the majority will not think about much beyond redeeming their vouchers and getting coins into their wallets.
Still, there will be that small group of passengers who, through their Crypto Cabbie transactions, come to realize just how transformational cryptocurrency can be. They will have their eyes opened to what the crypto economy is all about and how it can empower them to take more control over how they spend and invest. For some of them, a trip in the Crypto Cab will be a life-changing experience. Not bad for a hack just trying to make a living and turn people on to bitcoin at the same time, right?
Next time you have the opportunity to visit London, you might want to look Jenkins up. The trip in his taxi might be well worth your while. And by the way, do not forget to play Mega Moolah as you work your way across the city.