How Bitcoins and Cryptocurrencies Revolutionised Online Payments
Bitcoin is a virtual currency and nowadays you'll find many online companies accepting cryptocurrencies as well as other digital payments. Evident in its secure transactions, Bitcoin has been created with online payments in mind. Offering anonymity, speed, security and no fees. This article will explore just how Bitcoin and cryptocurrencies have revolutionised online payments and after reading, you will be exposed to the wonders offered in their use.
Bitcoin and Cryptocurrencies
Created in 2009, Bitcoin is a cryptocurrency and was the first of its kind, with some believing the digital currency would change the world. Despite this view, many online companies were cynical and thus didn’t immediately adopt software to process virtual currency. However, the revolutionary payment paved the way for innovative online casino operators to open Bitcoin casinos. To begin with, such casinos lay mainly under the radar until the value and popularity of cryptocurrency catapulted. Bitcoin isn’t the only cryptocurrency. Although it may be the most common, there are others in circulation and widely used to conduct business daily. Nowadays you'll find more online businesses than ever before accepting cryptocurrencies. Keep reading to find out why.
Speed
Digital payments have become increasingly popular due to the speed they allow, particularly in processing deposits and withdrawals. Card withdrawals can take up to five working days. With Bitcoin and other cryptocurrencies, processing time is reduced to hours. One of the many benefits offered by Bitcoin and other cryptocurrencies is their speed and this has revolutionised online payments. Unlike traditional currencies, cryptocurrencies are completely decentralised, meaning they are uncontrolled by financial institutions and governments. By being unanswerable to third parties, online accounts requiring immediate funding can be confirmed without delay. Transactions are processed irrespective of whether the day falls outside of what is considered a “working day”. Without such need for additional checks often imposed by banks and governments, cryptocurrencies guarantee faster payouts on withdrawals.
No Fees
Call it a perk of the decentralised model Bitcoins and cryptocurrencies is governed on, but fees usually incurred through processing payments are non-existent. Regardless of the amount you spend on any of your purchases, these will be processed for free, without any cost to you or the business. There is of course an option to request even faster processing of transactions. For this additional “service” a fee will be charged. Popular online casino payment methods, such as Skrill and Neteller, both charge processing fees based on a percentage of the amount spent. Players winning big have to pay out hefty fees should they opt to withdraw. Players using cryptocurrencies are given greater freedom to spend as little or as much as they like without incurring any additional fees.
Security
Security is a major concern for people setting up online payments. Cryptocurrencies are extremely safe, secure and virtually hack-proof making it ideal for online transactions such as within a Bitcoin casino. This is largely due to the blockchain technology which supports them. Reputable casinos do employ the use of encryption software to keep your personal information safe, but the technology used in Bitcoin and cryptocurrencies is by far superior. For example; when using flat currencies and credit and debit cards for online transactions, you are required to enter your name and address along with your card number. Placing deposits or withdrawals using Bitcoin only requires your email address to complete the transaction, removing any risk of fraud such as identity theft.
Anonymity
Unlike banks and other payment methods, transactions carried out using Bitcoin are not tied to your identity or physical address. Anonymity using cryptocurrencies works similarly to that of cash exchanges. A revolutionary feature for those worried about details of their casino transactions showing on bank statements. When purchasing goods or services not even the recipient of the payment will have your personal information. Since your name, personal address nor email address is not included in the transaction, you’d be forgiven for believing Bitcoin is completely anonymous. Because your identity can be traced through public information such as your IP address, Bitcoin transactions are considered pseudoanonymous.
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