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Why it's Better to Use Bitcoin or PayPal to Fund Your Online Gaming

Personal_Finance / Gambling Jun 28, 2018 - 03:59 PM GMT

By: Submissions

Personal_Finance If you want to play games online, you may encounter microtransactions or real money games you want to play. When disclosing these payment details, you may want to opt for PayPal or Bitcoin instead. We’re here to tell you why you might be better off using an alternative payment method instead of your credit card.

Credit Card Fraud

Although many people think that they are safe while using a credit card online, this isn’t always the case. The annual figure that’s lost to credit card fraud is over £1billion and each year 5.2million people cancel a credit card over fears of fraud. While some of these cards offer an element of fraud protection, there’s still a hassle associated with getting your money back from these.

Around big shopping days, like Cyber Monday, these figures peak and create an opportunity for cyber criminals. With many online systems feeling the strain from increased numbers, the smallest opportunity can lead to a payment information leak. Internally, the government are working to create strategies by which consumers will be protected, but on the whole it seems that consumers don’t have much faith in the government.

So what can consumers do to protect themselves? The answer may lie with alternative payment methods instead.

The Rise of PayPal

Using an alternative payment method often helps the user to mask their identity and also their credit card details. These often work as middle men, which move the funds to the site, without showing the merchant their payment information.

PayPal has become one of the leading payment providers in the world, as they work to make their users more secure. This has led to the number of active PayPal accounts rising to a massive 227million, with 17million merchants using their services too. They’re also taking more revenue than ever, which they accept from merchants.

A hefty majority of these transactions are actually made on gambling sites. Lucky Admiral share some PayPal stats that give an eye opening look into this industry. They’ve found the number of players using this payment method has drastically increased over the years. For these players, the main selling point appears to be trust, as PayPal can act as a seal of approval in this regard.

Many gambling sites have used this payment method to uplift their traffic, as it’s an element that attracts a lot of players to a brand. This can effectively bring in a new traffic source, as this can be a big priority for these players.

Bitcoin in Online Casinos

Bitcoin is also growing in popularity, with more transactions being made with this anonymised cryptocurrency than ever before. This has the impact of creating a marketing opportunity for casino sites that accept this coin, as they can draw in users that wish to deposit with it.

This coin has become a lot more widely accepted on casino brands, as they seek to gain an edge over the competition. As we continue on, we’re likely to see more of these sites coming to the fore, as players want more choice in where they play with this coin. This will mean that we see more places for these coins to be used, as the market will cater for demand.

The anonymity of a cryptocurrency appeals to a lot of players and on top of this, they can also play much more securely. The technology that underpins this cryptocurrency is ultra-secure and is almost invulnerable to hacking. While we can’t say that it 100% fool proof, it is pretty close to it.

With most sites now offering a host of different payment methods, it’s clear to see that there is a demand for it within the market. This has the potential to create a whole new selling point for players, as they look for sites that specifically have the payment method that they choose.

With fraud instances rising almost every day, it’s essential to be able to use a payment method that provides additional protection. In many ways, it seems like the onus to do this is specifically on the player, as they have to take security into their own hands and really protect themselves.

By Troy Reed

Copyright 2018 © Troy Reed - All Rights Reserved

Disclaimer: This is a paid advertorial. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2018 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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