The cryptocurrency world is booming and with more investment being made into the alternative payment method Bitcoin, it’s highly likely that many more types of cryptocurrencies are going to grow in popularity. There are numerous methods in which Bitcoin and other cryptocurrencies can be used, in both the online landscape and traditional financial environments. Here, we’re taking a look at four ways Bitcoin is changing the online landscape.
The online gaming world was one of the first advocates for this new type of technology, so it’s no surprise to see that Bitcoin has bloomed amongst this. With the development of the bitcasino, which offers players the chance to gamble their funds anonymously, with extra security, to additional features being developed in order to make online gaming much fairer – such as provably fair games. Bitcoin has been integrated into numerous online games, and with the likes of PlayStation and Steam backing the movement to this alternative form of currency, it’s easy to see how Bitcoin is revolutionising the online landscape.
One of the biggest benefits to Bitcoin is the high levels of security that the technology offers. Not only are Bitcoin wallets backed up and encrypted in order to ensure the highest standards of security, another exciting security perk is the fact that people can create a new bitcoin address in order to make one-time purchases. This form of anonymity can help to ensure that you are able to purchase what you want without any link back to you, but can also ensure that if the company you purchased from is hacked, all of your other personal data is not put in jeopardy. This level of security is highly important and is revolutionising the online landscape dramatically, with traditional financial institutions considering new ways to better secure their options.
Bitcoin offers a secure and anonymous payment method, as an alternative to traditional online payment options such as bank card, credit card and e-Wallets. Not only does this provide excellent benefits for users, but it is also increasingly becoming a viable option for businesses, as a result of the lack of fees that this particular method provides. Due to the interchangeable fees which is what issuing banks and acquiring banks can charge, there are numerous disadvantages for ecommerce sites when providing a payment method for their customers. With Bitcoin however, they are able to avoid these pricey fees, and the trouble of payment gateways, and save thousands of pounds a month!
One of the key areas in which Bitcoin is revolutionising the online landscape is through the element of trust. Unlike traditional banking methods, Bitcoin can give customers back control of their own finances, while ensuring that they are completely safe. As a result of the safety protocols in place due to the blockchain technology which makes up the cryptocurrency, the element of trust has led to an increase in popularity for the alternative payment method. In addition to this, Bitcoin offers a multi-signature feature which can help to protect against theft, as well as reducing the chances of fraud and embezzlement due to the fact that you can’t spend the same coin more than once with every transaction recorded on the public ledger. Trust is vital in the survival of new technologies, but not only is this technology trusted amongst the online landscape, it is actually proving to be a substantial push for traditional financial institutions to adapt their policies.