Benefits of Using Bitcoin for Online Gambling

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Are you a fan of online gambling? While there are many issues when gambling via the Internet, one of the main matters is payment options. Many people use options such as credit /debit cards, e-checks, etc. However, there are many benefits of using Bitcoin including the following ones:

  1. Security

If you use Bitcoin correctly, it can be one of the most secure digital currencies possible. The key is to protect private keys via strong passwords, don’t use coins with e-wallets, and keep most of the coins in cold storage, you probably won’t have any issues of someone stealing them.

Compare the situation with PayPal or credit cards. For example, if the online casino is hacked you could be the next target of the hacker if they obtain your PayPal or credit card information. There are also phishing/social schemes that can trick people into giving credit card info to thieves.

A key benefit of Bitcoin is that a person is asking for your e-wallet password or private key they’re trying to rob you.

  1. Privacy

This is one of the most important issues to consider when you’re playing poker, blackjack, bingo, and other games online. The reason though might be surprising.

One of the main issues is that gambling sometimes has a stigma in some parts of the world even when it’s legal. If people find out, you gamble it might cause some suspicions about your character and morality.

This might seem unfair, but it is what it is. A key benefit of Bitcoin is that you won’t have to worry about people taking negative reactions due to your gambling. It’s fair if people have certain views about gambling since everyone is entitled to their opinion. On the other hand, if it affects your ability to business there, it’s another story.

  1. Bitcoin is Cost-effective

Bitcoin is also much cheaper than other online payment options. They have fees that are much lower than credit card payments or bank transfers. There’s usually a service fee that’s a large percentage of your transaction amount.

The cost-effectiveness benefits both the website owner as well as the gambler. The gamblers can keep some winnings, and the casino saves the cost of credit card fees.

  1. Near-Instant Bitcoin Transactions

Bitcoin payments are very fast, which is another key benefit. Most transactions are confirmed in minutes, and only some take a couple of hours. It’s very rare for bitcoin payments to be confirmed in a day.

Compare that to bank transfers. They can take up to 5 business days to be completed. Meanwhile, international transfers can take one week or even longer to clear.

  1. Online Gambling with Bitcoin

Another key benefit of Bitcoin is that it’s optimized for online gambling. This makes Bitcoin a good option for Internet casino sites.

Credit cards/bank transfers can be used online, but they weren’t designed for that function. There are many disadvantages. They’re slow and expensive. The problem is that before Bitcoin there was a limited number of options, so they were stuck with using methods designed for real world purchases.

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5 Products that Are Making Credit Cards Obsolete

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The Digital Age has revolutionized everything from communication to shopping. It’s also had a major impact on payment options to make the process faster and flexible. Several online companies accept credit cards, but there are also certain payment options that are gradually making credit cards a thing of the past. Here are some of the main ones:

  1. Loop

This is different from standard mobile payment. That’s because it doesn’t require OR code scanning or launching mobile applications when making a purchase. The Boston startup started via a Kickstarter campaign.

Loop has a system that allows smartphone cases to function as the credit card magnetic strip. So the physical proximity of your handset is enough for making a payment. By putting your phone case close enough to the credit card swiper, a current is created that works like swiping a credit card’s magnetic strip.

The benefit of this payment option is that Loop works in any store.

  1. Smartphones

The figures for global smartphone sales are skyrocketing, with the number of total units expected to hit 2.1 billion this year, or about 28% of the world’s population. This has also boosted the popularity of smartphone payment.

For example, there are several mobile payment apps available today that makes it a cinch to pay using your handset. For example, some stores offer apps that allow smartphone owners to make mobile payments at participating stores. You just have to register an account using your credit card details.

Then when you open the app, it shows a code that can be scanned as your form of payment. There are many other mobile apps for making payments, and  they work differently. What’s important is that the process is more convenient than relying on a plastic card that’s easy to get lost or damaged.

  1. Venmo

This is often referred to as a social media version of PayPal. It makes it easier for a person to conduct money transfers without the need to visit a bank. The app gives you the ability to link to your bank info and do transfers through e-mails or messages.

The app is free to install. Most of the transactions are free except for a 3% charge for credit card payments.

  1. Social Media

Social media has changed the Internet, and there are often several queries on different social platforms. So it‘s logical to sell the products on people’s favorite platforms.

There are some innovative ways to make purchases through social media. After you complete the process of setting up your personal details, you just have to make a phone call to make your purchase.

  1. PayTouch

This allows you to make payments without using any device. It works by scanning your fingerprints or verifying your identity.

You start the process by signing up at a business with a PayTouch partnership. You then register your credit card details and fingerprints. The data is linked to your credit card data. Then your fingerprint will be enough to make payments.

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Top Benefits of PayPal over Bitcoin

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Are you looking for an alternative to Bitcoin? There are several, but you might be surprised by the alternatives that are available. PayPal is one, and you’re probably already somewhat familiar with it. Here are some of the main benefits to consider:

  1. Anonymity

You can find a history of all bitcoin transactions on the website. At first, that might seem like a potential for security breaches. However, the transactions aren’t linked to a bank account or person. They’re also basically anonymous if some safety precautions are used. My Wallet can hold a maximum of 1,000 unique Bitcoin addresses. It’s recommended that people change addresses on a regular basis to avoid creating a trail.

  1. Merchants

Services such as bit-pay make accepting Bitcoins very easy for merchants, and just as easy as PayPal. Funds can be exchanged instantly for domestic currency. Then exposure to exchange rates changes little.

The benefit for merchants is that since Bitcoin is digital cash it doesn’t support charge-backs, and funds can’t be frozen. Payments also can’t be blocked. These are all key benefits of Bitcoins that you should consider.

  1. Security

In theory, Bitcoin will maintain the title of most secure online Payment method that’s available. There’s no database that can be leaked. There’s also no accounts that can be hacked.

It should be noted that the Bitcoin user has a lot of responsibility regarding security. This can be a problem for people who aren’t familiar with how to use Bitcoin. That’s because the Bitcoin wallet contains the info required to make the transaction via a certain account. It’s now targeted by thieves and viruses.

The good news is that encrypted Wallets and new e-wallets make it easier to keep online wallets safe/secure.

If there are any advantages of PayPal over Bitcoin one key, one is that PayPal has had a head start in upgrading its user interface (UI) and checkout process. Payments can be made immediately with any credit/debit cards and require no intermediary. PayPal also has a charge-back policy.

That prioritizes buyers over sellers. That, in turn, provides more protections for Users in the case of a problem regarding their purchase. This is a big advantage for PayPal.

That said, keep in mind that PayPal has been in business for several years, so it’s had the ability to improve these issues. It’s likely that within time Bitcoin will catch up to PayPal in these areas and might even surpass it.

Bitcoin can provide customers with many key benefits. They include non-traceable, low collapse risk, low-inflation risk, easy to carry, simple, safe, and cheap,

When comparing PayPal and Bitcoin, it’s clear that Bitcoin has many benefits over PayPal. If you’re considering a way of sending or receiving money via the Internet, you should certainly consider Bitcoin. It provides a ton of benefits to make the process faster and easier. That’s a plus in today’s world when customers are looking for those kinds of perks.

There are also some risks involved with Bitcoin, but they’re fewer compared to PayPal.

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The Bitcoin System Is Quickly Growing

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Back in October of 2008, a group of programmers under Satoshi Nakamoto released a cryptography mailing list that was entitled, Bitcoin. The Bitcoin system is quickly growing on a global basis. This is because it is being utilized more and more often on a day to day basis by people everywhere. While this new currency is somewhat complicated to understand, it can be simply broken down so that everyone can easily understand it and begin to use it. Visit the Bitcoin website for a detailed and distinct description of how the entire system works. Continue reading here for a simple breakdown of the new currency- Bitcoin.

This consensus network named Bitcoin is a payment system which enables the trade of digital money. It works on a peer to peer network that is decentralized and powered through the people that use it. The only dangerous part is that it has no central authority. It has been referred to as cash accessible online. The very first Bitcoin block was mined about 7 years ago in 2009. The biggest distinction between money and Bitcoin is that Bitcoin is not by any means real money. It is digital money. It is a virtual currency exchange.

There are many advantages to using Bitcoin. One of them being the freedom when you are paying for things. You can send and receive the bitcoins at any given time and any given place. Bank holidays are a bitter memory. There are no borders and no sense of bureaucracy. It truly allows the people using it to be in control of the money they are transferring. Another advantage is that you choose your own fees. Receiving bitcoins does not come with a fee. When you are spending, there are various options that you choose the amount of the fee in which you pay. In some cases, when you pay a higher fee there can be a faster confirmation rate for the transaction with the higher fee. The fees are not correlated to the amount of money transferred. You can spend thousands in bitcoins and pay the same fee that you would if you were paying to send a single

Another advantage is that there are fewer risks that merchants need to take. Transactions through bitcoin are secure. They are irreversible but secure. They do not require personal information from a customer. Merchants are then protected from losses that can occur from fraudulent acts. New markets are easily expandable and merchants can see that their net results are lower fee wise. They also experience fewer administrative losses and costs. The amount of security and control that bitcoin offers is just another advantage. Users will be able to hold complete control over their transactions. Merchants cannot force charges that went unnoticed. Payments are made without information that can be sensitive from the user and tied to the transaction they played. Identity theft is then highly protected against. Encryption backs up and protects the money of the user as well.

Why do people trust Bitcoin you ask? Well, there is a variety of reasons. Bitcoin does not require trust whatsoever. It is an open source system that is not centralized. Developers all over the world have access to the source codes which explains exactly how the entire system works. There is no reliance on a third party to complete transactions through Bitcoin. A cryptographic algorithm is what protects the system and it has been peer reviewed. To understand more as to how Bitcoin works, visit the website for further information and the algorithm behind the process. Check it out!

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