On our website we talk a lot about playing video slot using Bitcoin (BTC) as your preferred deposit method. We do so because it is just a great idea.
Playing slots with BTC brings together two technologies that make gambling better than it has ever been before. However, we want to take a bit of a different angle with this post.
Rather than discussing more details about playing slots with BTC, we want to explore the possibility of buying BTC with winnings realized from one of the game's four progressive jackpots. So let us set this up by imagining that you have won a sizeable jackpot. Now what?
It might seem like winning that much money would solve all the financial problems you could ever have for life. In theory, that's true. But there are countless stories of people who have come into large sums of money rather quickly only to discover they were not prepared to handle it. They ended up broke after blowing every pound.
That's obviously not what you want. It is not what we want for you either. If you are lucky enough to win the Mega Jackpot, we want the experience to be one you will be thrilled about for the rest of her life. We do not want you to wind up flat broke and regretting that you ever played the game.
Helping others financially
If you are like most people who have won on slot games and lotteries, one of your natural instincts is to help others. Maybe you have family members who are truly struggling financially. Some of your winnings could go toward helping them get things shored up. You might also feel compelled to donate to a number of charities. That is also something winners do quite frequently.
Helping others financially should be one of the first things on your list. Generosity helps keep your feet grounded. It helps you remember that there are truly hurting people not as fortunate as you. And who knows? The generosity you show someone else might be paid forward at a future date when that person has the means of helping someone else in need.
Investing in Bitcoin
Next, let's explore the possibility of buying Bitcoin with a portion of your winnings. There are a couple of things to consider in this regard. First, there are some places in the world where Bitcoin is treated just like any other security. You buy it just like stocks and bonds, you hold it for a time, and then you sell it for a profit. Your profits are taxed as capital gains.
Assuming you live in a jurisdiction that views Bitcoin this way, it might be wise to use a portion of your casino winnings to purchase BTC. Despite its price volatility, BTC has proven to be a worthy asset in a lot of portfolios. Remember that just a decade ago, BTC was trading at US$1. Today it is hovering around the $10,000 mark. Where will it be in another decade?
The vast majority of the world's Bitcoin millionaires achieved their status by purchasing BTC when it was worth next to nothing. Then they just sat on it and let it grow. You could do the same thing. However, we are not urging you to put all of your winnings into Bitcoin. Just a portion.
If you are a major fan of digital assets, you can put money into other coins as well. Good choices include Bitcoin Cash, Litecoin, and Ether.
The benefit of buying multiple coins is that you can move funds between them in order to account for price fluctuations. Purchasing multiple coins instantly gives you diversification to help you manage losses.
Investing in Blockchain
Bitcoin is both a monetary system and an investment opportunity built on what is known as blockchain. One of the things we have learned from Bitcoin over the years is that blockchain technology has a lot of potential. While Bitcoin's blockchain is limited only to financial transactions, the Ethereum blockchain is not. Thus we are seeing tons of blockchain applications being derived from Ethereum as a base.
Investing some of your winnings in blockchain companies would put you on the cutting edge of technology that should prove to be exponentially more profitable as we move into the future. The more blockchain is being applied to daily life, the more blockchain companies are producing profitable applications.
Simply put, there is money to be made in the future of blockchain. If you are going to invest a portion of your £10 million in cryptocurrency, you might just as well invest in blockchain as well. Blockchain has the potential to succeed even in the unlikely event that crypto eventually crashes.
Start a tertiary business
You could also take your winnings and use them to establish a tertiary business in support of Bitcoin, Litecoin, etc. One example would be to start a payment processing company. Your company could process BTC and other cryptocurrency transactions in the same way other companies process credit card transactions.
Needless to say there is quite a demand for these kinds of services right now. As BTC and its competitors expand their utility, businesses of all sizes want to be able to accept cryptocurrency payments without having to worry about processing them. They look to cryptocurrency payment processors to take care of the heavy lifting.
The U.S. state of Ohio offers us a perfect example. The state wanted to begin offering BTC payments for certain kinds of taxes. Yet as a government entity, the state treasury is not allowed to deal directly in crypto. So what did they do? They contracted with a payment processor.
Ohio residents wishing to pay their taxes in BTC can do so seamlessly. They make their payment online through the state's website. But rather than their BTC going to the state, it goes to the payment processor instead. That company converts the BTC to fiat which is then forwarded to state coffers. They keep a small portion for themselves to cover the cost of doing business.
Just like there is money to be made in blockchain, there is also money to be made in tertiary businesses. The thing about tertiary business demand is that no one really knows how large it will grow. Cryptocurrency is still widely regarded as a novelty rather than a legitimate monetary system. Yet things are changing. As more merchants dive into the cryptocurrency pool, coins like BTC are becoming more mainstream. This means more tertiary businesses will be popping up in support of BTC.
Invest rather than spend
If you haven't caught on yet, all of the possibilities listed here - with the exception of helping others - revolves around investing your winnings rather than spending them. There is a substantial difference between investing and spending, a difference that could prevent you from going broke after winning a huge jackpot.
So many people who come into large sums of money get themselves in trouble because they don't know what to do with it. They proceed without any sort of plan, spending money here and there as though it is unlimited. But even a big win has its limits. Unless you make a concerted effort to grow that money, it will not last forever. Either you or your descendants will end up spending it all.
Investing changes the game. Investing takes the money you have already won and grows it. The goal is to grow in faster than you are spending. That way, you do not ever run out. You also end up with a nice nest egg to carry you through retirement and give you something to pass on to your descendants.
If philanthropy is more your thing, investing grows your money so that you have more to give away. There is nothing wrong with that. If you can grow it at twice the rate at which you spend, you will have that much more money to give to people in need. Think of how many people your money could help if you grow you money.
You have to play to win
Everything discussed in this post is mere fantasy if you are not actually playing the right games. For example there is no doubt that MegaMoolah.com is one of the most loved jackpot slots online thanks to its four amazing progressive jackpots. Yet you cannot win the jackpot if you are not playing. You have to put something into Mega Moolah to get something out of it.
Mega Moolah offers hours of online gambling entertainment. It also offers you an opportunity to win one of its progressive jackpots every time you spin the reels. If you are one of the fortunate ones to hit the Mega Jackpot, note that the minimum jackpot amount is $1 million. Right now it's around $4 million! That would buy a lot of BTC, wouldn't it?
Please note that Mega Moolah is not available to residents of the US.