Cryptocurrency – namely Bitcoin and Ether – has been on a decade-long ride which has continued to break milestones and ceilings for what a currency with no intrinsic value can become. In 2020 and in the beginning of 2021 numerous major corporations and companies invested in it and geared their products towards included or accepting it. More and more, the likes of the aforementioned Bitcoin and Ether, as well as XRP, have been and are becoming legitimised, even without national governments recognising them as legal tender.
As yet, they can only really be used online. There is no in-store method for paying for a pair of shoes, a sandwich, or for a hotel room using cryptocurrency. This, at the moment, currently stands a roadblock for the blockchain-based technology. However, its use and its success online shows there is a hunger for the kinds of benefits cryptocurrencies offer. Consumer wants access to alternative payment methods.
Alternative Payment Methods
Fintech startups have been regularly developing and producing digital banking solutions for an eager market. PayPal are good example of what an early alternative payment method was. The e-commerce giant’s digital wallet was widely used, and not just for its then parent company’s – eBay’s – platform. Since then, digital wallets and prepaid cards have ballooned to becoming standardised banking solutions.
Online casino gamers who frequent the likes of casino.netbet.co.uk have access to a wide variety of digital wallets and secure payment systems. It is one of the leading industries for embracing new fintech products which put security, faster transactions, and flexible exchanges in the hands of their customers. Many, including NetBet, have been quick to accept Bitcoin.
Online Casinos and Bitcoin
Let’s continue to use online casino as a case study for cryptocurrencies’ benefits for consumers.
Cryptocurrency, like digital wallets and prepaid cards, allow gamers to register to an online casino without committing their bank details. While online casino providers have rigorous and high-quality security systems and have to adhere to fairness and legislative safety measures, some gamers prefer the peace-of-mind knowing that their bank details aren’t attached to a website permanently. Cryptocurrency has strong security as standard and inherent in its design, which makes it very difficult to hack.
It also offers a much faster transaction speed. Like other payment methods, it needn’t go through institutional checks, which slows down the process. Instead, cryptocurrency transactions are validated on a decentralised peer-to-peer system – meaning there is no ultimate authority.
Finally, cryptocurrencies can be broken down into smaller units of tender than cents and pennies. For gamers, this is particularly valuable as their bets can be adjusted to their desires. At the same time, when withdrawing their winnings, they are able to exchange it into whatever currency they wish, making use of whatever the exchange rate is at that moment.
Cryptocurrencies use for consumers doesn’t operationally separate itself far from the likes of digital wallets. However, the upside for cryptocurrency is that it itself is a digital asset. Its value can increase. Will companies see its use as vital to their in-store presence as more and more payments become cashless?
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