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Published on April 8th, 2021 | by Bibhuranjan

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Secure Payments with Bitcoin

Bitcoin is the most popular cryptocurrency, and since it launched back in 2009, it’s changed the world of finance and online payments. Using a peer-to-peer network and blockchain technology, Bitcoin is a decentralized currency that offers secure and simple payments anywhere in the world. While cryptocurrencies are still outside the mainstream compared to other forms of payment methods, they’re growing in popularity. Big payment providers such as PayPal are even starting to integrate crypto into their services.

As Bitcoin can be used to make simple online payments, it’s now accepting at a range of different sites to pay for items or even gamble. More online casinos and betting sites are beginning to accept Bitcoin and other forms of cryptocurrency as a form of payment, sometimes offering big bonuses exclusively to those who deposit using Bitcoin.

While new casinos like Winny, offer the latest in secure payments and withdrawals. There are still some things to be aware of when playing, and paying, online.

Is Bitcoin Safe?

Bitcoin might be considered a relatively high-risk investment due to its price fluctuations and uncertainty over regulations, but is it safe to use? In terms of transferring money online, Bitcoin is one of the safest methods you can use.

When compared to a traditional payment method such as a credit or debit card, for example, Bitcoin is safer because you don’t need to enter any of your card details. When you usually make a payment online, you’ll have to input all of your card information. When making a payment using Bitcoin, you simply use your Bitcoin wallet to send a transfer directly to the wallet of the person or company.

Provided you never reveal your private wallet keys to anyone, your Bitcoin will always remain safe from theft. That said, unlike with money in a bank, your Bitcoin isn’t protected. If you lose your keys or accidentally reveal them, you could lose your Bitcoin forever. That’s why extra care is needed when storing your Bitcoin private keys.

How to Use Bitcoin to Make Secure Payments

While Bitcoin is seen by many as an investment, its primary function is to be able to send and receive money anywhere. To use Bitcoin to make payments online, whether it’s at an online casino or any other site, you’ll need to purchase Bitcoin first. You can visit any one of the major exchanges, such as Coinbase or Kraken. These exchanges allow you to purchase cryptocurrency such as Bitcoin before transferring it to your own wallet. Just follow these steps to begin:

  1. Create an account at an exchange of your choice and verify your ID before adding funds.
  2. You can then purchase Bitcoin. Remember that you don’t need to buy an entire Bitcoin, as they’re divisible into fractions.
  3. Create a free Bitcoin wallet and transfer your Bitcoin to your wallet.
  4. Go to the site you’d like to purchase something from and choose Bitcoin as the payment method.
  5. Copy the Bitcoin address and paste it into your wallet while transferring the correct amount.
  6. Wait for your transfer to finish confirming in order to complete the payment.

Other Advantages of Using Bitcoin to Make Online Payments

Aside from added security, Bitcoin offers plenty of other great reasons to use it over traditional payment methods. Some of the advantages of using Bitcoin to make online payments and transfers include:

  • Greater control over your finances – With Bitcoin, you’re in control over your own money instead of placing your trust in a bank. You don’t need to create an account and add personal details to operate a Bitcoin wallet, meaning anyone can own and use Bitcoin.
  • No middle man to pay fees to – Unlike any other form of money transfer system, you’re not making use of a middle man who charges fees. While there are fees for moving Bitcoin, they’re generally much lower than those of other international payment methods.
  • Send money quickly from your mobile – Bitcoin can be used from anywhere, including your mobile, and payments are fast and simple to set up. Simply log into your wallet to send money to anyone, anywhere in the world.

Photo by Benjamin Lambert on Unsplash

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About the Author

Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.



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