The way in which we make payments online is slowly changing. Rather than just using debit or credit cards when playing at online casinos for example, other payment methods are becoming more widely used. PayPal is one way, but another is the use of bitcoin. An increasing number of online casinos are allowing its use but how viable is it as an online payment method?
Just what is Bitcoin? Back in 2009, the Genesis Block was created, and this was a computer file that can be stored in a digital wallet app. You are able to use this on your computer or smartphone, ideal for the way technology has changed in the years that have followed.
There are several factors that you have to think about when choosing which online payment method to use. Financial security is paramount, no one wishes to become the victim of online fraud. If you wish to know which are the best bitcoin casinos then there are sites that can give you all of this information.
With Bitcoin, there is no central bank. Funds are simply sent to other people and the legend is that the first item purchased in this way was two Papa John Pizza’s. Now it can be used in many other ways, particularly online gambling. You may still want to order a pizza though if it’s going to be a long night.
Using Bitcoin has several advantages. One is that the person making the deposit owns the Bitcoins and there is no chance of their account being frozen. It’s your payment details that fraudsters crave to possess. With Bitcoin, however, there is no way in which that can happen as no personal data has to be submitted.
Nor are the transactions subject to being taxed which is always a good thing. The transactions that you make cannot be reversed and this will put you in the good books of the online sites as their risks are reduced.
As well as there is no central bank, there’s also no government to deal with. Online bookmakers haven’t always had the best of relationships with law-making governments so they will appreciate a lack of regulation.
When you join an online gambling site, being able to keep up with all the action is important. That is achieved by downloading a mobile app. With Bitcoin you will be able to make deposits and withdrawals to and from your account on your mobiles. The transaction will take place almost instantly so no danger of any cash flow problems.
There are few drawbacks with the use of Bitcoin. The fluctuation in its value can be a worry but other currencies face the same problems. With more sites now accepting Bitcoin as a payment method, that in itself is a good sign. They wouldn’t be doing that if there were concerns over its use. It’s unlikely to replace the main currencies but the advantages that we have mentioned in this article make it an important development.