While bitcoin has faced several obstacles in its journey toward mainstream adoption, the cryptocurrency appears to be starting the New Year off on the right foot. Not only has bitcoin seen its value increase steadily over the past three months, but the coin has gained some fame, as merchants continue to adopt the cryptocurrency as a valid form of payment. The latest place consumers can find use for their bitcoins is the lottery, which has gotten a lot of attention recently due to its $1.6 billion Powerball Jackpot prize.

Bitcoin Payment

Mobile lottery ticket app Jackpocket has integrated bitcoin as a payment option within the app, meaning that people can purchase their Powerball tickets using the cryptocurrency. On Wednesday, the app announced its bitcoin addition, which garnered a lot of attention for the coin, as the Powerball Jackpot also reached a record high on the same day.

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Bullish On Bitcoin

For Jackpocket, the move was a great way to reach another demographic of lottery players and represents the company's faith in bitcoin's success. Jackpocket CEO Peter Sullivan announced the decision to incorporate bitcoin into the app saying that he and his team are "very bullish on cryptocurrencies and the blockchain in general."

Speedy Transactions

Not only will bitcoin add to Jackpocket's pool of potential users, but Sullivan says he hopes it will help speed up transaction times and reduce glitches. Heavy volumes of users trying to buy tickets have been hindered by regulations, according to Sullivan, and those issues have strained the app's relationship with credit card processors and banks.

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More Customers

It remains to be seen whether many Jackpocket users will use the bitcoin payment option, but Sullivan is hoping it will attract more affluent customers who have experience with technology, a group he says is likely to buy more tickets.

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