Online business has become an ever-increasingly large portion of the worldwide economy in the last few years, becoming the chosen favourite methods of shopping for many. Growing alongside this new method of business are the electronic forms of payment which we use to engage on this front. From Paypal to Skrill, and even cryptocurrencies like Bitcoin and Ethereum, the popularity of these systems leave the burning question: will they ever replace cash?
Before answering this question, we need to look at just how electronic payment methods have become so popular, and how widespread they have now become.
The biggest name in this market is undoubtedly that of PayPal. Originally launched all the way back in December of 1998, PayPal boasts 254 million users of 2018 according to official stats, and that number is only growing. The success of this and similar form of payment owes its progress to two advantages, efficiency and safety.
While it is true that credit cards can be equally fast, they also incur interest, and many who do not wish to enter avoidable debt evade their use entirely. Electronic wallets work only on direct funds, meaning users won’t fall into the trap of being left in the red.
On the security front, the advantages come from the separation which electronic wallets have from a user’s bank account. While security systems for these online systems are still strong, it works as an initial hurdle for potential theft so that even in the worst case situation, the majority of a person’s liquid finances should remain safe.
Aiding in the positive inherent qualities of these electronic systems are the wide variety of businesses which have driven their popularity. Online casinos have been one of the biggest in this regard, prompting significant international interest to electronic payment systems. For instance, Sloty online casino offers withdrawals over the likes of Neteller, Paysafecard, Skrill and EcoPayz, just to name a few. Given the fact that millions enjoy these online systems and the slots and live casino games contained within, and that other industries tend to follow the money, these casinos have added a significant amount to the proliferation of electronic payment systems.
The final step on this front is the growing interest in the newer realm of cryptocurrencies. These anonymous payment systems are still fluctuating, but represent enormous future potential, with some major brokerages like one in Brazil just recently allowing their trade on a larger stage than ever.
As for the future of these payment systems, current trends show them on a definite upward trajectory. This makes sense, as both increasing levels of online engagement and online purchases lead to a situation where electronic systems are becoming ever more useful.
This trend leads to the inevitable conclusion that they will continue to play a larger part of future payment systems. However, as to whether or not they will cause us to stop using cash altogether, the answer would have to be no. While there is little doubt cash will become less important, we always need to keep in mind that cash is reliable on a level which digital systems could never manage, and as such it is far too useful to abandon completely.
It is true that many of us effectively operate in a cashless manner anyway, but the option for cash as a backup is too useful to ever abandon, as 100% reliable electronics are still an impossibility.
Pros and Cons of Bitcoin in Sports Betting
Source: James Geibler via Twitter
The popularity of bitcoin and cryptocurrencies have opened up a new world of payments online, which has even spread into sports betting markets. New online betting companies are readily available, offering a wide variety of odds on almost every sporting event across the globe.
The new companies still have a long way to go before challenging the traditional payment forms of sports betting, who are firmly entrenched at the top of the market. Both have their benefits and their disadvantages, and we’ll now break down the reasons why the traditional forms of sports betting companies will continue to enjoy a stranglehold at the top of the market for a while yet.
Although the price of traditional currency can vary from day-to-day, month-to-month, and year-to-year, the movement in their value is minute compared to cryptocurrencies. For example, the British pound dropped significantly against the US dollar and the euro after the Brexit vote in 2016.
The value plummeted as low as 10% against the dollar and 7% against the euro. However, over time, the markets were able to stabilize; since then, there has been no notable difference in day-to-day life.
Source: Michael39352078 via Twitter
On the other hand, Bitcoin enjoyed a boom over the last five years, sending its share price soaring. In 2018, it suffered a dramatic decline. In 2017, 1 BTC was worth 19,772.59 CAD, compared to the end of last year when the same amount of bitcoin could be purchased for only $5,255.21 CAD. This volatility can be troublesome for online bookmakers pricing their odds and also for customers seeking to find the best exchange rates.
A huge win on a bitcoin sports betting service could be nullified by a poor rate of exchange when attempting to seek a transfer for traditional currency. Even the simple rewards structure highlights the issue; for example, when using Oddschecker to bet on odds from SkyBet or another service, bettors can receive a £5 free bet, compared to the 0.001906 BTC that would be gained in the cryptocurrency.
Traditional betting companies do enjoy excellent security, although as proven by the number of high-profile institutions that have endured lapses – no business is 100% safe from data loss. When the data include credit, debit, or even personal information, it can be dangerous for customers.
Although occurrences of data loss are rare, the concept of bitcoin and cryptocurrency provides a firmer form of security given that only the transaction code is maintained when a bet is made, keeping personal information out of harm’s way. It could be the draw that helps swing customers into their path in the future.
Is Bitcoin casino a good entertainment option?
What are the advantages of Bitcoin casinos?
As technology progresses it makes its way through every aspect of our daily lives like work, relationships, and entertainment. Blockchain gave birth to cryptocurrency which is spreading so rapidly that we can now use our digital currency for shopping, various payments, even test our luck at an online btc casino.
All the benefits of blockchain including anonymity, security, fast transfers, and absence of conversion losses are awaiting you with Bitcoin casino gaming. Nevertheless, let’s take a more profound gaze at some of the most important features of this sort of entertainment.
Anonymity – BTC Casinos don’t require personal information
Gambling is not allowed in many countries, both online and offline. However, when it comes to Bitcoin casinos any form of restriction becomes obsolete. Instead of filling out your personal information forms and providing credit card information, BTC casinos like FortuneJack are keeping your activities anonymous. Not only when making a deposit, but your information is also not requested even when you make withdrawals.
Licenced Bitcoin casinos are Safe and Secure
Thanks to the blockchain technology, and it’s decentralized nature, your activities are perfectly safe, as are your winnings and transactions which are performed under strong encryption. Furthermore, all the transactions are strictly peer-to-peer, which means no third-party entities are involved. In addition, with two-factor authentication, you can make sure that all your actions are authorized by you.
Bitcoin casinos offer Variety of Promotions
It’s always nice to feel appreciated for your loyalty, and Bitcoin casinos really know how to show their appreciation. There are always some promotions and bonuses available for players including free spins, bonuses on certain deposit amounts, partial retribution of monthly losses and others.
Another perk of blockchain technology includes almost instantaneous. There is no need to wait for days until the money is at your disposal. With regular casinos, it can take days until you have the money in your hands, and the transaction fees are always a rip-off.
A casino is only as good as the entertainment options it can provide. Bitcoin casinos are nothing less entertaining than regular online casinos, or brick and mortar for that matter. The choice of games varies depending on the provider; however here are some of the most notable gaming options.
Bitcoin dice is a well-known game of luck with fixed house edge where the player rolls the dices and bets on the outcome of the roll.
Bitcoin roulette is another famous game where player bets where the ball will end up once it’s dropped on a spinning wheel.
Bitcoin Blackjack is a card game where the player needs to beat the dealer by scoring closer to 21. Most Bitcoin casinos provide a versatile choice of Blackjack games.
Bitcoin Slots don’t differ from those you could play in Vegas. There are all kinds of slot games like 3D slots, Video slots, and classic slot games where all you have to do is to chip in and wait for the coins to start raining.
It’s important to know that there’s someone looking after your best interests while you’re having fun. With 24/7 support available you can address any issue that comes in your way. Most casinos have their own knowledge base as well, which is often more than enough to settle any perplexity.
Ways to Store Your Bitcoin
In this age of digitalization, technology precedes the expectations of human imagination. Financing and investment that started from the basic bartering system, has now metamorphosed into a cashless system where money can have no physical attribute, but a mere digital form of currency. Bitcoin is one such cashless form of currency that has taken the world by storm. Even in the casino industry, the best casino in the UK have accepted bitcoin as an alternative form of currency for deposit and withdrawal schemes. However, there is no one way to store this cashless economy. This article describes the gamut of options that lay ahead for gamblers and professionals who are proposing to invest in Bitcoins.
Electronic Wallets – the most preferred form of bitcoin storage:
On the advent of an emerging cashless economy and financial market, many investors were invested in the storage of such money in a digital format. And thus, electronic wallets came into existence where people no longer had to have a physical storage place but could store it into cloud computing software or on their desktop as well! And it didn’t stop there! These gave rise to a number of other forms of wallet as well:
Software and Online Wallets: One go destination where a wallet software could either be downloaded or Bitcoin could be stored on online servers through cloud servers. Users have the option to handle their own private keys in order to store their bitcoin in a safe way. These are mostly third-party sites that have the liability to store the user’s password and private keys for accessing wallets, as well.
Mobile Wallets: With the accessibility of mobiles and handset among millions of people around the world, it was perhaps evident that wallet software could be downloaded on one’s own private handset where the User has the liberty to use their own private keys for accessing without the intervention of a third-party site.
Hardware Wallets – devices for your privacy:
Hardware Wallets are basically small devices that can connect to the internet and could be used to carry out a bitcoin transaction. They are highly secure alternatives since they are mostly offline and thus hacking of such devices could be avoided substantially.
Paper Wallets – easiest form of storage:
These wallets are perhaps the easiest form of storing bitcoins. They are merely pieces of paper that enlist the site of the bitcoin wallets (a generator issued link) and also a mention of a private key to access the link. Even though virtually inaccessible by hackers, these wallets do have the liability to get damaged over physical and environmental conditions. They should be kept safely since they are no longer just a cashless form of money storage medium.
Bitcoins have certainly paved a way to revolutionize financial storage mediums. However, one must consider the vices of such e-wallets since they are liable to get hacked by online criminals – those who can access such digital wallets illicitly. Wallets are the best way to store one’s bitcoins and so should be preferably considered over any other alternatives.