The Emergence of PayPal and Bitcoin at Online Casinos
Safe and secure banking has become standard practice for many businesses online. As the need for online banking soared, so too did its availability, and these days you would be hard-pressed to come across a business that does not accept some form of online payment. Performing transactions on the internet transitioned from being a rather risky affair to a completely seamless process. Thanks to new developments, user demand increased, and we witnessed a equal level of supply with both online and offline ventures implementing virtual payment platforms to service the needs of their customers. Today, hundreds of industries thrive on the use of digital transactions, and it only makes sense that the multibillion dollar trades are cashing in more so than small to medium size concerns.
A perfect example is the online gaming industry who among the Forex and Binary Options trades, seem to be reaping the most rewards. The iGaming industry’s lifeblood solely depends on online transactions and with the inclusion of additional methods such as PayPal and Bitcoin, casino operators’ gaming revenue is sure to spike in the foreseeable future. Bitcoin and casinos seem to have a steady relationship progression as more players jump onboard for the anonymity associated with the digital currency. PayPal, a renowned e-wallet, is another highly demanded choice at online casinos and equally enjoys user growth in the market. While these banking options are on the same path towards gaining momentum, there are a few distinctions to consider when opting for either at an online casino. Read on to find out how each of these measure up in the online casino space.
Using Bitcoin at Online Casinos
While not all online companies have warmed to the idea of this digital currency, there are many casinos that accept Bitcoin as a primary or secondary payment method. With that comes many advantages to playing with Bitcoin, but before we jump right into it all, let’s learn more about this cryptocurrency and how it works.
Bitcoin is a peer-to-peer digital payment system that allows for safe, secure and anonymous transactions over the internet. These transactions take place directly between users, which means no bank or financial institution acts as a middleman, with complete anonymity between users. In order to successfully use Bitcoin at online casinos, a compatible e-wallet to store bitcoins and transfer funds is required. As Bitcoin keeps growing, more possibilities will arise within the industry.
Advantages of Bitcoin
- Quick, secure, fast transactions
- Complete anonymity
- Eliminates the risk of fraud
Disadvantages of Bitcoin
- Currently, only a few online casinos accept this payment method
- As a new digital trend, the future of Bitcoin remains unclear
- Some online casinos may require the setup of a Bitcoin wallet
Using PayPal at Online Casinos
PayPal has been around for quite a while and offers incredible safe and fast online transactions. Despite its popularity, some online casinos have still not opened up to PayPal, while many top online casinos have seen its value and accept it as a standard method of online payment. Some reputable names that accept PayPal include 32Red, 888 Casino and Jackpot City, to name a few.
PayPal is an e-wallet that acts as an intermediary between you and the casino. The method works on a process by adding funds to your PayPal wallet from your bank account, which is typically available instantly, and then using these funds to top up your casino account. Users can transfer money to PayPal or transfer from PayPal to a bank account quickly and easily. Like most other e-wallets, this means that you never have to share your private financial information with the casino.
Advantages of PayPal
- Established method of online payment in the digital industry
- Acts as an intermediary with the casino
- Strict security protocols
Disadvantages of PayPal
- Set-up procedure requiring documentation
- Not many online casinos accept PayPal
- Not entirely immune to hackers
Whether you prefer Bitcoin or PayPal, the truth is that both are excellent choices of banking on the internet and at top online casinos. Each come with its own set of elements, and by the looks of it will become two of the more preferred options in the near future.