There’s been a lot of talk about cryptocurrency lately, especially in the media. It does at times seem to be the talk of the town, and this comes after a decade of mostly being an underground phenomena. It’s Bitcoin that has made the breakthrough and this is fitting as this is the original form of cryptocurrency and the one most of the general public associate this new type of currency with. Now that the spotlight seems to be well and truly on, will we see cryptocurrency go mainstream?
While there are a lot of pros when it comes to cryptocurrencies there are already a few drawbacks too, and these have come about after the increased media attention over the last few months. Google for example have moved to announce that the advertising of cryptocurrencies will be banned on their platforms from June 2018 which is undeniably a huge blow.
However, there are plenty of positives which surround cryptocurrencies which should help it to become mainstream in some way, shape or form. One of the main things to note is just how secure the use of it is. Fraud will no longer be a problem as cryptocurrencies can’t be counterfeited and neither can anyone perform charge-backs, which has been a normal practice with credit cards over the years.
All the user’s details are kept safe too, so there’s no chance of personal or financial information being intercepted and misused. This is because when a transaction takes place, no information is shared between the two parties. It’s just a case of the user sending the agreed amount, there are no third parties and hackers won’t be able to listen in and attempt to steal data.
The fact that cryptocurrency is very much a peer to peer payment system and doesn’t have any third parties involved is a huge positive. Without banks or the government being involved users will have more control over their Bitcoin for example. There will be no chance of it being frozen or taxed.
Most of us are very security conscious when it comes to our finances and using them online, and this is certainly one area where cryptocurrency has the upper hand over other forms of payment methods. Furthermore, consumers expect transactions to be fast as well as secure, and this is yet another positive when it comes to using cryptocurrencies such as Bitcoin.
Payments are always instant whether someone is paying for goods online or services. Due to there being no middle man or third party involved it’s just a case of sending the agreed amount and voila, the transaction is completed. This has been a godsend for businesses like that of popular online casino brands, such as Unibet, where privacy, security and speedy transactions are paramount to the success of literally any retail business.
With mainstream casinos one of the main drawbacks has always been having to wait for withdrawals to be processed. Sometimes they can take two or three business days before they hit the person’s bank account. Cryptocurrencies would change all of that as withdrawals, like deposits, would be instant. This would also apply to consumers who have applied for refunds after shopping online for example.
Therefore, it is very much expected that cryptocurrency will inevitably become a normal and accepted method of conducting transactions online. One can argue that this trend will face a few obstacles, however, one would expect any issues would be resolved as a matter of course.
