Businesses have been evolving for many years, and often no longer even need a physical address to trade from. Now you can use reputable websites who only have an online presence and no equivalent land-based presence. The introduction and growth of blockchain and Bitcoin have been a boost for online retailers and service providers. Yes, Bitcoin may have been celebrated primarily as an investment in the past few years, but it is also a payment method. In fact, blockchain-based cryptocurrencies reduce transaction fees and help them to be more secure.
This is most apparent in online businesses that provide a virtual service, such as online entertainment, and we see more of them accepting cryptocurrencies all the time. Any service provider that deals with online payments assumes a small amount of risk, but blockchain and Bitcoin help to make their transactions far more secure, significantly reducing the risk while reducing their costs.
The Security Of Blockchain
Blockchain was originally created for the digital currency Bitcoin by the currency’s developer, someone named Satoshi Nakamoto, who isactually possibly an alias, as they haven’t stepped forward to identify themselves publically. The blockchain allows digital information to be shared by everyone, but not copied. There is no central point where data is stored, so nowhere that can be hacked to get information. No one owns the blockchain database, it is decentralised and available to all.
‘Bitcoin Blockchain Technology’ – Luke Descryptive via Flickr (CC BY 2.0)
If you consider the older method of making your deposits at an online gaming site, it would show instantly in your online account. In reality, the provider may have to wait days for your money to arrive, and some card issuers only pay the money over a couple of times a month. Cash-flow wise, this can be bad for any business. Blockchain allows for an instant transaction, where you can see the money in your account at the same time as the casino is paid. This speed is even more obvious when playing at Bitcoin-only establishments, such as Bitcasino. There are no provider fees for them or you to pay, as paying with Bitcoin is a peer-to-peer transaction, cutting out the middleman.As the transaction cannot be reversed once it has been confirmed, the casino knows their money is safe and it’s costing them less, so they tend to offer Bitcoin players better bonuses.
Since it was developed, the blockchain has operated without any significant disruption. The internet has a proven track record of over 30 years of being robust and durable. Blockchain is set to make it even more so. This will not just be in the financial world. There are many other ways this innovative technology could change the way digital transactions and collaborations are handled.
The Advantage Of Using Bitcoin
Like any other currency in the world, the value of Bitcoin can fluctuate. It started life being worth less than a cent in 2008. By the start of 2017 each Bitcoin was worth around $800, and by the end of the year, it had risen to $14,000. If you deposit cash into your online casino account, you will get like for like for anything you win. If you deposit Bitcoin, you usually have the choice of taking your winnings in the cryptocurrency or in cash. This allows you to choose the most advantageous financially, depending on value fluctuations, which can change day to day.
Never Used Bitcoin Before?
If you have never used Bitcoin before you may be wondering where to start. There are several ways to purchase the currency, including buying from traders, withdrawals from a Bitcoin ATM, or buying Bitcoin online. It is advisable to start with small amounts until you feel comfortable with the workings of this cryptocurrency.
The next stage is to set up a Bitcoin wallet, although not everyone does this. A wallet means you will store your money with no third party involvement. There are several sorts of wallets you can use, just some being:
- Mobile Wallets – as the name suggests these are run on your mobile device. Because they are portable and practical they are perfect for in-store use. If you are in a store that supports Bitcoin, you can point the camera at the QR code displayed on it, hit the scan button and the software will turn it into a Bitcoin address. All you have to do is click send to pay the store. Mobile devices tend to be less prone to malicious software than computers, making your Bitcoin transactions even more secure.
- Web Wallets – web wallets are user-friendly and convenient as they are always available on the cloud. These can be used on a Mac or PC, which will store your Bitcoin addresses and private keys on your hard drive.
- Hardware Wallets – These are extremely secure. If you are new to Bitcoin and want to store a lot of the currency, a hardware wallet is the way to go.
- Advanced Wallets – this is the type of wallet the Bitcoin developers envisaged, but if you are new to Bitcoin, it’s best to start with one of the simpler wallets initially.
‘Bitcoin Wallet’ – Luke Descryptive via Flickr (CC BY 2.0)
From there you move on to creating your own Bitcoin address. This will be a long string of what appears to be random numbers and letters, a bit like a drunk barcode. This list of randomly selected characters is probably one of the least user-friendly things around, but it enhances security and it works. You are not expected to remember this lengthy list, some wallets will let you copy and paste the address, and others will hide them somewhere in your computer or digital device, so only you can gain access.
Send a small amount of Bitcoin to the address you have created by using the withdraw or send function at the place you purchased your Bitcoin. For the first time, you may have to wait a few minutes for confirmation of your transaction, but then you will be certain you have done everything correctly and be in control of your own Bitcoin. You can download a Bitcoin wallet for free. It will handle your transactions and addresses for you.
Fortunately, because of technology and the top tech gadgets bitcoin and blockchain have not changed just the online casino world, they are altering buying and selling globally, making it all quicker and more secure, whatever types of online transaction are being made.