Tyler and Cameron Winklevoss, possibly the world’s most infamously litigious IT twins, have joined the Bitcoin poker industry with the lawsuit-inviting app name of WinkDex.
Bitcoin, of course, has become one of the industry’s most controversial growth areas in the last 12 months and with the new Winklevoss mobile app, its value could increase dramatically.
Although the WinkDex isn’t designed specifically for poker players, the blossoming relationship between the two industries means there could be some value in it for dedicated grinders.
With the Bitcoin digital cryptocurrency not backed by any governments or recognized banking systems, the currency has remained highly controversial, as the value of a single coin can change dramatically in a short space of time. This is where the WinkDex app comes into play. The Winklevoss-developed mobile software is designed to provide real-time reports on the value of a Bitcoin.
According to a 2013 article in The New York Times, the twins, who famously sued Facebook, own more than $11 million worth of Bitcoin. This connection to the market has seemingly led them to create this app that helps users track the ever-changing value of the cryptocurrency.
Over the last few months, a host of Bitcoin poker sites have sprung up in reaction to the growing interest in cryptocurrency. Although the number of sites is currently small and the uptake somewhat tentative, many industry insiders are predicting that Bitcoin and other digital currencies could be the way forward for poker players. In fact, in the last few weeks, Breakout Gaming has signed up a stellar cast of pro players, including Johnny Chan and Jennifer Harman, to represent its new Â gambling site, which will launch its own unique online currency called Breakout Coin (BRO). Players on Breakout will be able to cash out and deposit using Bitcoins, however.
With poker regulation across the globe becoming ever more complex and fragmented, there appears to be a number of benefits for players using the services offered by digital currency companies. Probably one of the most appealing is the ability to deposit, ante-up and withdraw without having to convert from one country’s currency to another and then back again, which is something that can cut down on currency exchange fees.
Although Bitcoin currency is becoming increasingly popular with tech-savvy consumers, there’s still a certain amount of skepticism when it comes to a currency that only exists in the virtual world. This, combined with the fact that it’s not controlled by any governments or backed by any banking systems, means the rate will often change more volitiley than traditional currencies. For example, at the end of 2012, a Bitcoin was worth $12, but by the end of 2013, it was worth $1,200. Because of thi,s there’s a definite need for quick information on the market, which is why the Winklevoss twins are hoping their new app becomes a hit.
So, why should Bitcoin poker players be interested? The nature of the market means that overnight, your online bankroll could increase or decrease in value by hundreds of dollars. Therefore, if you’re planning on playing any Bitcoin poker, it makes sense to use an app such as WinkDex. Maximizing value is the goal of every poker player and, while we’re not saying you should definitely use WinkDex, it’s apparent that apps such as this could certainly be a valuable tool for all online poker players in the future.
About the Winklevoss Twins
Cameron and Tyler Winklevoss, both now 33 years old, are not only Internet entreprenuers, but also Olympic rowers: the pair competed in the 2008 Beijing Summer Olympics. More famously, they are known for their $65 million lawsuit against Facebook founder Mark Zuckerberg, who the twins claimed stole Â their own ConnectU concept to spin into his social media empire Facebook.
Reportedly, they were among the initial venture capitalists for BitInstant, a Bitcoin payment processing system. As reported in 2013, they own nearly one percent of all Bitcoins in existence, so their interest in the success of the cryptocurrency is apparently not random in scope.