YOU’VE probably heard a thing or two about Bitcoin over the last five years. Most likely, you’ve seen headlines that read something like this: Bitcoin Price Soars to Record Highs. Other than knowing people use sites like Cryptomus to invest in Bitcoin, you probably don’t know much more about it. Well, before we get to the point of this article, let’s quickly explain what Bitcoin is.
Bitcoin is a cryptocurrency that allows value to be exchanged without the need for a central authority. The money you spend in shops or online is handled by a payment processor such as Visa or MasterCard. The process of buying something online goes like this:
● You find something you want to buy on a website (aka the vendor).
● You enter your card details to complete the transaction.
● The information gets sent to your chosen payment processor.
● The processor verifies the transaction and sends the funds to the vendor’s account.
● The vendor receives confirmation of the payment, and the product is yours.
This system has three separate parties: you, the processor, and the vendor. Bitcoin and other cryptocurrencies remove the processor. There’s no need for a central processor because transactions go through a blockchain. A blockchain is a sequence of interconnected blocks. These blocks are encrypted, and each new block must connect with the one before it. This process of decrypting blocks and connecting them verifies their authenticity.
Cryptos Make Transactions More Direct
What all of this means is that cryptocurrencies aren’t tied to a single banking company or country. Moreover, transactions can be processed quickly because there isn’t a proverbial middleman. Finally, because cryptos aren’t tied to a single country, anyone can use them. These are why some people believe Bitcoin and other cryptocurrencies will be how we pay for things in the future.
Some companies have raced to get ahead of the curve by allowing customers to pay with Bitcoin. That’s what we’ll focus on in the rest of this article. Companies such as Microsoft have been accepting Bitcoin payments for a few years. More recently, Tesla got into the crypto game and, as time goes on, more companies are likely to jump on the bandwagon. The problem, however, is that Bitcoin payments can be tricky if you’re a newbie.
Casino Companies Lead the Payment Revolution
Because it’s a new concept, there isn’t much infrastructure. Put simply, it’s not the same as using a debit card or eWallet. The crypto ecosystem needs to become more user-friendly and much of the responsibility lies with developers. However, businesses also have a part to play in making Bitcoin more accessible. The gambling industry has been particularly proactive in making crypto payments more accessible, mainly because operators are always searching for the latest innovations. In line with this, websites like Casino Days have simplified the payment process.
Users can create an account, go to the cashier page and use the dropdown menu to choose their preferred cryptocurrency. From there, the user inputs a cash amount in dollars, so they don’t have to worry about what the crypto equivalent is. Finally, the user can tap a button to open their crypto wallet or use their mobile to scan a QR code. Both options automatically fill in the information required to send Bitcoin tokens from a crypto wallet such as Coinbase to the casino’s wallet.
If these features weren’t available, you’d need to enter the wallet details manually. That’s where things get tricky because any mistakes will cause your tokens to vanish into the ether. So, while the process might seem simple, there are a lot of things going on under the surface. This is important because, as a user, you want things to be as easy as possible. Developers in the crypto space still need to make the ecosystem more accessible to mainstream consumers. However, breakthroughs are happening. Companies in the casino sector are leading the way and in time, others will follow. This means you could soon be using Bitcoin to pay for your shopping and more!