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Bitcoin as a Payment Method: Pros and Cons

The use of Bitcoin for online payments is becoming more common every day, as different online industries gradually add cryptocurrencies among their traditional payment methods. Cryptocurrencies like Bitcoin can now be used in order to buy clothes, stream movies or play games of chance at an online casino. This is great news for crypto coin owners who look for ways to put their digital money to good use.

The question of course is how using Bitcoin to pay for activities such as playing games on the Steam platform or at adds value to the overall online user experience. The answer is that Bitcoin can improve online payment transactions in a number of ways. The most important is the increased security that comes with using Bitcoin, or any cryptocurrency for that matter, to pay. No other payment method goes through the number of verifications and encryptions that crypto transactions go through.

A second and extremely important benefit of using Bitcoin for online transactions is the speed with which these transactions are being processed. This is the reason why a number of companies such as Microsoft accept Bitcoin payments. Imagine wanting to join a subscription-based network for an upcoming poker tournament or wanting to watch a pay-per-view event and having to wait for hours or even days until your funds are transferred in the website’s account. Or, think about how you would feel if you had to pay the fees required for a bank transfer. All that can be avoided by using crypto coins such as Bitcoin.

The Downside of Owning, Trading or Paying with Bitcoin

Unlike fiat currencies which have been around for a very long time, Bitcoin and other cryptocurrencies are still in the early stages of their life. This means that there are still a few   grey areas and many unanswered questions in regards to owning, trading or using Bitcoin for online payments. The value of crypto coins is not determined by a country’s economy or by a Central Bank. This automatically implies that – at least for the time being – certain rules, which would apply to the performance or value fluctuation of the US Dollar, are not going to apply to the performance or value fluctuation of Bitcoin, Ethereum or Ripple. 

Web developers working for commercial websites from all over the world, spend weeks in order to make every site’s cashier “cryptocurrency friendly”. Many websites do not currently allow Bitcoin withdrawals, because they cannot process that segment of the transaction. As a result, a player who would want to withdraw potential winnings from a casino site, will have to do so using a different withdrawal method. Another thing that many users find upsetting is that the maximum limit for a single crypto deposit is a lot smaller than the limits for traditional payments methods such as card payments and e-wallet payments.

How Long Until Bitcoin Becomes a Fully Integrated Payment Method?

Bitcoin has already gone further than any other cryptocurrency in whatever concerns digital payments, but everything that has happened up to now is probably only the beginning. Blockchain technology still has a long way to go and the more this part of the equation evolves, the more uses digital money will have in the real economy.

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