Online casinos are generally happy to accept safe and secure payment methods, such as credit cards, prepaid cards and many other online payment processors. Now, another way to pay could become available. Bitcoin, which hit the online market in 2013, is a good candidate for online casino payments.
Bitcoin is a virtual currency that is about to become accepted by Ebay’s PayPal. Ebay’s Braintree subsidiary is about to start using Bitcoin as one of its accepted payment methods over the next few months.
The acceptance of Bitcoin by a company as large as Ebay not only means that their 152 million customers will be able to use this virtual payment method. It also means that other online companies and websites may follow suit. A trusted online payment processor such as Paypal leads the way and others will follow.
Paypal are not the only ones using the Bitcoin system. Dell started to accept Bitcoin payments for its computers in July of this year. Not only this, but Dish Networks Corp, Overstock.com Inc and Expedia Inc. will allow people to pay using Bitcoin. Around the world, about 63,000 business accept Bitcoin. Bitcoin has the advantage of being a fast and low-cost payment method means that it could be absolutely perfect for online gamblers, who want to spend their time playing rather than worrying about their online transactions. Not only that, some believe that due to the very unique nature of the Bitcoin system, new casino games could be developed which are based on Bitcoin usage. Now that would be interesting to see.
Not everything is rosy though. A Bloomberg Global Poll from July of this year indicates that financial professionals are still rather unsure about the long term viability of the virtual payment method. According to this survey, 55% of those questioned feel that Bitcoin trades at unsustainable prices and 14% of respondents felt that Bitcoin is on the verge of a bubble.
Despite this negativity though, there is still a strong push from hedge funds, technology entrepreneurs and venture capitalists for online companies to make use of the unique Bitcoin system of payment.
So when you weigh it up, we may soon see online casinos offering Bitcoin as one of their preferred payment methods.