Why Using Cryptocurrencies is the Best Payment Option Method
Cryptocurrencies like Bitcoin have been around for about a decade now, but it was in 2017 when many people are suddenly interested in it. In that year, Bitcoin was valued at around 20,000 US dollars per coin. This was its highest value since it was created by Satoshi Nakamoto in 2009.
Because of this, many people are suddenly turning their cash into a cryptocurrency. Cryptos are mainly used for online transactions and by investors who are looking to get tokens or returns from startups and businesses.
Bitcoin and other cryptocurrencies like Ethereum and Ripple or XRP are basically digital currencies mainly used for online trading. These currencies are stored in e-wallets or computer files and uses Blockchain technology.
The Blockchain technology is what could track all the updates transactions made with cryptos chronologically. All the data you could see about this digital currency is always delivered real-time. These data are also stored cryptically so everybody can see it.
Due to its popularity, many businesses and industries also made sure that they have cryptos involved in their circulation. Bitcoin casinos are now popular to many gamblers out there and the main reason is the convenience of using it.
So why is it that the online casino industry has somehow completely embraced the use of cryptocurrencies? What makes cryptocurrencies the better option when it comes to making deposits and getting payouts? Here are a few good reasons why.
It’s generally safe to use
A lot of people are always hesitant about inputting their banking information online. This is because of possible cyber-attacks which happens a lot. In fact, a survey found that Americans are now more scared of cyberattacks rather than physical ones.
Fraud and identity theft are usually the reasons why online consumers are doubtful about sharing their information online. While payment security makes sure that the transactions that online consumers make online are secured, it’s just more impossible for fraudulent activities to happen when Bitcoin or other cryptos are used.
Transacting with Bitcoin won’t require you to input any of your Banking information. In fact, you don’t even have to input your personal information when paying with this. The only time you need your bank info is when you convert your cash to a cryptocurrency.
This generally reduces the chance of fraudulent activities. At the same time, since Blockchain Technology is used, all Bitcoin activities are recorded and can be seen by everybody. This basically gives its users the ability to track all activities.
Transactions are Real-Time
It typically takes 2 to 3 business days for transactions with your bank to clear and this could very frustrating. Transactions made with Bitcoin are always made and cleared real-time. This is why many online gamblers flock to Bitcoin casinos.
Such sites offer instant casino payouts via Bitcoin. Deposits can also be made right away, reducing the frustration of many gamblers who travel a lot. Banks are generally careful about casino transactions especially if these are made overseas.
With Bitcoin, no private entity needs to approve any transactions. This is why it’s simply quick and easy for Bitcoin transactions to push through anywhere you are worldwide.
It’s cheaper to transact with cryptos
Credit and debit card payment processing is usually charged with convenience fees. These fees would range from anywhere around 3 to 10 US dollars. It is estimated that US merchants have paid around 80 billion US dollars in fees related to such payments.
Blockchain technology is decentralized and requires nobody’s work for transactions to push through. This means that there is no need for fees to be charged whenever you’re making deposits or payments online.
This is a good way for businesses and online consumers to save a lot of money in terms of paying fees. If you think e-wallets like Paypal are already convenient, then check again. Such platforms have their own exchange rates.
It’s also typical that these platforms would charge extra for withdrawals. Bitcoin doesn’t have all that. All currencies can be turned into this. It’s a great way to for you to get the most out of the currency that you have.
Overall, it’s really the convenience that people are appreciating when it comes to the use of cryptocurrencies. Blockchain technology is becoming the future and cryptos are just good evidence that it could work well. Industries like food and beverage are already looking into applying this technology in their services.
Transparency is what consumers are really after and this is what Bitcoin and other cryptocurrencies can give its users.
Image(s): Shutterstock.com
The post Why Using Cryptocurrencies is the Best Payment Option Method appeared first on The Merkle Hash.
OhNoCrypto
via https://www.ohnocrypto.com
Michael Grub, Khareem Sudlow