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    Why depositing with cryptocurrency is the safest of these 7 payment methods

    Why depositing with cryptocurrency is the safest of these 7 payment methods

    10/17/2018

    When you are depositing money you need to know that the method you are using is safe and secure. In today's online world, there are plenty of different ways to make a deposit online but there are also more security threats than ever before. How can you find the most secure option when you want to gamble online?

    In this article you can find out all you need to know about the seven most popular ways to deposit money and find out why using cryptocurrency is the best way to ensure the safe movement of your funds from one place to another, especially when you want to play your favourite casino games. Some online casinos, such as us here at Bitcasino, even specialise in gambling using Bitcoin as the currency.

    PayPal

    One of the most widely used ways of transferring money online today is by using PayPal. One big reason for its popularity is that it is a global service and is used by many online vendors as their preferred method of payment. PayPal became a wholly owned subsidiary of eBay in 2002 and the connection with the world's biggest auction site helped to cement its widespread use, although today it is once again an independent company.

    However, there are drawbacks to using PayPal for both buyers and sellers. Fees can be difficult to understand and currency conversion rates can mean there are charges that you might not expect. Potential safety issues include making simple mistakes in typing the details of the recipient of a payment or deposit, and if this happens it can be difficult to rectify.


    Credit card

    Using a credit card is something that many people find to be an essential part of their day to day budget management. The fact that the major cards are accepted in so many outlets world-wide, both online and at physical locations, means that having a credit card can really make things easier wherever you might be in the world.

    The biggest drawbacks of using a credit card to make deposits or purchases is that you really aren't using your own money, you are essentially taking out a loan every time you undertake a transaction. So, if you leave a balance on your account you will incur interest charges. Safety issues can be even more worrying as identity theft is now such a big problem, and in most cases through no fault of the card holder. In a worst case scenario, if your card is used illicitly it can damage your credit rating without you even knowing.

    Debit card

    Although using a debit card avoids some of the pitfalls of a credit card because it is linked to your bank account, there are still drawbacks that can often be overlooked. One of the problems is that it is so easy to make a payment or deposit, especially with the latest contactless tech, that you can easily lose track of the state of your funds and a payment may be declined. Contactless tech also means that if you lose your card a thief doesn't need to know your PIN to make purchases or to withdraw funds up to a certain amount, leaving you open to inconvenience and potential financial loss.

    Money transfer

    A money transfer, especially international money transfers, have long been a traditional way to move funds from one place to another or between different accounts located in various places. Sometimes called a 'wire transfer' in the United States, essentially this was one of the earliest forms of an electronic transfer of funds. Today, the term really applies to any kind of transfer that is undertaken for you by a third party, so it could be a bank using the BACS system as easily as any other provider.

    Processing time can be a problem and costs and charges will vary greatly, with some seeming to be 'fee free' but making money on exorbitant currency exchange rates. Safety is also a big concern as a simple mistake in the details of the intended recipient can mean your money winds up in the wrong hands and then you face a long and complicated battle to get it back.

    eWallet


    There are now many major eWallets to choose from as the idea of digital wallets has become much more popular in recent years. Even the core banking industry has jumped on the bandwagon and the concept is sold heavily on its ability to transfer money easily, deposit funds swiftly and make online purchases too. Fees can be a major issue for the unwary who may find that eWallets live up to their reputation for being notoriously expensive.

    However, as safety is the primary concern of this article, the big drawback for using an eWallet service is that the various user interfaces and apps that are required can be targeted by malicious hackers. Having to make sure that your app is legitimate and constantly updated can be a worry, and although the major eWallet providers do a great job in trying to keep one step ahead of hackers, the misuse of their systems means they are at constant daily risk.

    Worldpay

    Worldpay advertises itself as having over 30-years' experience and processing more than 10,000 transactions per minute. They claim to be the UK's leading payment processor. Having begun life as a wholly owned subsidiary of the Nat West Bank in 1989, they fell under the wing of the Royal Bank of Scotland Group (RBS) in 2002. However, as a result of being bailed out after the 2008 banking crisis, RBS had to sell the business to Advent International and Bain Capital in 2010.

    Recently, payment glitches and data outages have hit the headlines and these are definitely the types of issues which will concern anyone looking for the safest payment method to deposit funds.

    Why using cryptocurrency is safest

    As all cryptocurrencies are based on strong cryptography, which usual employs a decentralised control distributed ledger technology (blockchain), they are the safest way to make a deposit. Having a database of financial transactions in the public domain means that a distributed ledger can never be altered or tampered with, so any financial transactions made using this system are, by their nature, extremely secure.

    As blockchains continues to grow in popularity, more people than ever are able to use cryptocurrency as a method of transferring funds. Bitcoin is undoubtedly the most famous of them all, but since it was released as open source software in 2009, over 4,000 other cryptocurrencies have come along. These include Litecoin, Ripple, Ethereum and Monero, and all offer different levels of access and adaptability based on their own secure tech. One thing they all have in common is that they beat all other payments methods when it comes to making a deposit with your favourite online gambling site.

    Here at Bitcasino, we value both your privacy and your peace of mind, and we back it up with a selection of games like no other. Come give Bitcasino a try today, and our new player bonuses will help you along even further.

    Words: Sean Mcnulty
    Images: PA

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