Bitcoins as a payment method

Anyone who is interested in news from the area of “payment options” and “currency” could not or cannot escape a very special trend: cryptocurrencies. Bitcoins in particular have managed to be strongly represented in the media over the course of the last few months, among other things.

The question that many Internet-savvy people are still asking themselves here: how sensible is it to invest in Bitcoins? What are the advantages and disadvantages of this particular payment method? And what should be considered in connection with the cryptocurrency? One thing is certain: yes, it is definitely possible to make profits with the help of Bitcoins. However, there is no guarantee for this – as always.

What are the advantages of Bitcoin?

advantages of BitcoinAnyone who thinks of cryptocurrencies these days often thinks of Bitcoin first and foremost. After all, it is he who started this particular trend rolling in a certain way. Many websites now also offer payment options based on Bitcoins. Of course, you can still often pay with Giropay at an online casino or opt for purchase on account with regard to various online stores.

Basically, the person who decides to use the Bitcoin currency benefits, among other things, from the fact that this payment option is not supervised by a particular institution. This is an autonomous means of payment, which is accordingly largely independent of external influences.

Another advantage: even newcomers in the field of Bitcoins usually “work their way in” quickly and learn to comprehend the characteristic processes. The research for possible technical terms, such as “Wallet” and Co. can be realized comfortably via the Internet.

Bitcoins also prove to be an ideal solution when a transfer needs to be made quickly. This is because the transfer is characterized by a comparatively short time delay. Those who want to settle their bill or the amount for a certain Internet service quickly will get their money’s worth with this system.

Important: Bitcoins are not subject to inflation!

Unlike other currencies, Bitcoins are not subject to the risk of inflation. Even though everyday life shows again and again that the threat of inflation is often overestimated, this means that those who use this payment method can plan even more precisely.

Long-term developments can also be monitored even better in this way. Certainly, this particular advantage is also one of the reasons why the future of cryptocurrency is seen as particularly positive by some experts. In addition, the market shows time and again that many investors are quite willing to go new ways and try out modern solutions accordingly. A circumstance that could support the Bitcoin’s success course even further.

A realistic view of Bitcoin

  • Despite the aforementioned advantages, however, it would definitely be wrong to see Bitcoin as some kind of “sole beatific” solution. As always, there is of course a flip side to the coin.
  • Anyone who is about to decide for or against the Bitcoin should also take a look at its disadvantages and then make a neutral decision.
  • Whether the Bitcoin is a currency that is exactly compatible with one’s own aspirations depends on individual expectations.

The disadvantages of Bitcoin

disadvantages of BitcoinOnce you have decided to use Bitcoin as an alternative currency, you will – in addition to all the advantages that this cryptocurrency brings with it – also be confronted with various disadvantages.

These show up in the first step in the fact that the currency is not accepted by all providers. Even though Bitcoin has been able to record an impressive triumph, many companies, online stores and casinos still prefer to fall back on the tried and tested payment methods in the form of credit cards or instant transfers.

Furthermore, due to the virtual existence of the currency, there is of course also the risk of a hacker attack. The target of an attack is the wallet in which the Bitcoins are stored. Even though the security guidelines are quite high here, a certain residual risk cannot be denied.

Bitcoin as an alternative to the classic currency – yes or no?

Even the most passionate Bitcoin fan will certainly not be able to deny that it would not make sense to fundamentally rely on the Bitcoin currency and to regulate all transactions via this cryptocurrency. Even though many financial players are now concerned with the developments of this particular currency, its future is certainly difficult to predict.

What is certain is that Bitcoin is a viable alternative for anyone who is looking for a modern, virtual and, above all, tangible payment alternative.

Above all, the fact that Bitcoin is safe from inflationary fluctuations should convince even many doubters that it makes sense to at least give this payment method a chance. Just as convincing is the continuously increasing number of stores and sites that accept this cryptocurrency.

Which payment method should you use at the online casino?

It may not seem like the most important decision, however, experienced casino players take the time to decide on the right payment method. Why? Because each method has some advantages but also disadvantages. However, it goes further than just looking at which method is the fastest or easiest: there are some factors that should be considered.

Below, we will look at the most popular methods and payment methods that can be used for depositing and withdrawing at casinos. Our aim is to help you make a decision and provide a reasonable basis for your decision. You can then decide on this basis all by yourself.

Bitcoin

There has been a lot of talk about Bitcoin and casinos using cryptocurrency in recent years, however, you should be careful with it as the authorities are not so fond of it. Even Facebook’s cryptocurrency seems to have some issues. Wait until cryptocurrencies are reasonably regulated before playing with them in a casino. You can find a list of BTC casinos at FunSatoshis [1]. One of the most popular casinos that accept BTC is Bitcasino [2].

Bank transfer

The traditional method of depositing and withdrawing money, but it is now becoming increasingly unpopular. Many people shy away from entering their bank details online due to the significant increase in hacking attempts worldwide. However, transferring money directly from the bank is still a popular yet secure method.

Paying by cell phone

  • Be able to act anywhere. When paying by mobile, which shouldn’t be confused with options like Apple Pay or Samsung Pay, you use your mobile carrier to process the payment. So if you’re a Vodafone or O2 customer, for example, payments are added to your bill at the end of the month.
  • This method is also said to be very secure, as one does not have to provide any financial details. However, it is only possible to spend relatively small amounts here.

Credit/debit cards

An obvious way of paying, however one that fewer and fewer casino players use. The reason why players don’t like using these cards as much anymore is the often long time that withdrawals take. This is not the fault of the casinos, however, the card companies can take a few days to process. However, most players would like to receive their winnings a little faster.

Paysafecard

Arguably the most secure method of all. An online casino that accepts Paysafecard as a payment method can be extremely popular, as it means you don’t have to enter any financial details when making a deposit. Usually, people buy the vouchers from various stores and simply enter the code online to deposit the amount. Of course, one has to choose another way to withdraw money. Paysafecard is probably the most secure method of all.

Internet Wallets

  • Companies like PayPal, Skrill and Neteller have a huge impact on our habits when shopping and paying online.
  • These are also considered a very secure payment method (even though the financial details are stored in the internet wallet).
  • The processing times are much shorter than credit or debit cards.

[1] https://www.funsatoshis.com/
[2] https://bitcasino.io/