Since the emergence of Bitcoin’s decentralized peer-to-peer cryptocurrency system, designed to allow users pay with digital units of currency in exchange for other digital currencies or goods and services, Bitcoin has changed the way consumers view the online payment system.
Some might wonder why there’s a need to consider Bitcoin for paying for goods and services online when there are e-wallets, prepaid, debit and credit card payments and even direct bank transfers available, but here are a few reasons why these options are viewed increasingly dimly by consumers:
It’s a centralized way of storing your funds
Whenever you deposit funds into a conventional bank account, prepaid card or e-wallet, you lose overall control of your hard-earned cash. That’s because banks and e-wallets are legally obliged to handle your funds and, in some cases, withhold it if they so wish. This can leave you hamstrung without a dime, even if you’ve done nothing wrong.
Expensive transaction fees can frustrate
Spending on credit cards usually incurs additional transaction fees of around 3%. Although e-wallets may charge just 1-2%, these fees all add up. If you’re spending $1,000 that’s $30 or two hours of work you’re forced to give away to the banks!
Daily or monthly spending limits
Bank accounts, debit cards and e-wallet accounts all normally have a daily and monthly payment limit, restricting the amount of your own funds you can spend at one time.
Depending on where you live or where you want to spend your money online, some payment providers are prohibited in certain countries. In the iGaming industry, online casinos may restrict certain e-wallets or online accounts from online promotions and bonuses, preventing new customers from getting the offers they deserve when playing online casino games. With a Bitcoin casino UK and even US-based iGamers can deposit Bitcoin into their gaming account instantaneously and most of the time there aren’t any fees to pay either.
By contrast, Bitcoin offers a solution to most of the above problems, which is why it’s seen by many as a superior way of sending and spending funds in an efficient, agile manner.
Bitcoin transactions are rapid
The agility and speed of Bitcoin transactions is what really sets it and other cryptocurrencies apart from conventional digital payment methods. Deposits can be registered on a blockchain within half an hour and can also move from wallet to wallet in a matter of seconds.
The cost of Bitcoin transactions is not affected by volume
You’re looking at a maximum of ten to 20 cents for a Bitcoin transaction. Better still, the cost remains the same, whether you’re sending one or two Bitcoins or one or two million Bitcoins. Bitcoin transaction fees on the Bitcoin blockchain are not influenced by volume.
Most importantly, Bitcoin is 100% decentralized
Best of all, the Bitcoin blockchain is the definition of decentralized payment freedom. There are no payment barriers or limits. Users can simply send money to whoever they want, whenever they want, wherever they are in the world. It’s therefore easy to see why Bitcoin payments are becoming the norm in the online entertainment world.
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