Alternatives for Cryptocurrency
Online payments are now more diversified than ever, and you don’t need only a bank account and a credit card to use your money. The sector of eCommerce and online services is growing every year, and there is no surprise in the fact that financial settlements require different forms and methods. Everyone has heard about cryptocurrency, sometimes collectively referred to as Bitcoin, but is it the only possibility to pay online and keep the anonymity? Let’s take a look what are the alternatives for cryptocurrency and whether they can really be a substitution for it.
Different methods of online payment – why so many?
New methods of payment are most often the answers to the needs of the users. It’s only natural that some people prefer ways that guarantee anonymity (and not necessarily because they are involved in some criminal activity) while others require quick transactions, easy access to their money or a simple way to convert their funds into another currency. The reasons might be entirely different, but the problem is the same, a method that solves one problem can create another. That’s why there are so many options for online payments.
We already said that cryptocurrency is probably the most popular method of payment, and not in the sense that everyone uses it, but because almost every person has heard of it. The truth is that not many people can credibly explain how Bitcoin (and other cryptocurrencies) works, but even fewer can actually make use of it. Why do we keep hearing a lot about it, then? Mostly because cryptocurrencies ensure anonymity on a level no other method of payment does. This advantage itself is enough for many people, both private users and companies, to make use of Bitcoin and other digital currencies.
Why would anyone need anonymity in payment, other than in case of criminal activities? The truth is that there are numerous situations when being incognito is an asset. Even during simple entertainment, e.g., when playing in online casinos. For obvious reasons, you need to have secure and trusted payment methods to play and withdraw money, but not all banks enable it. Platforms like Casinos.co.za give access to casinos with different banking methods, among which cryptocurrency is the most popular one. In many countries, such entertainment is considered illegal, that’s why the players who want to be safe need to use such anonymous methods of payment. Only then they can have fun with a clear mind. Of course, such platforms as the one mentioned above allow their users to make use of other payment methods, some of which we will briefly describe below.
E-wallets – are they better than cryptocurrency?
Another highly popular method of payment, this time in terms of the number of actual users, is an e-wallet. Numerous service providers offer their platforms for all those who want to create such a digital wallet. It works just like a regular wallet in the real world, with the only difference being that it lets people keep their digital money in one place. The e-wallet can be used to store money, receive it and pay with it, as well as to add credit cards. The main drawback of this solution is that it is not entirely anonymous, but does not limit its users like official banking institutions sometimes do.
Are e-wallets a threat to digital currencies, and can they replace them? It’s unlikely for many reasons, but mostly due to the fact already mentioned in this article. One method of payment solves some problems , but does not solve them all. In other words, users with different needs will always choose different methods. One person can use both cryptocurrency and e-wallet for various purposes. However, in many cases, digital wallets can be an alternative for cryptocurrency, especially if anonymity is not the requirement, e.g., in the case of online casinos we brought up. The biggest downside of Bitcoin and other digital currencies seems to be the lack of stability typical for official currencies. Cryptocurrency is not regulated by any official institution, and unless you are mining by yourself (mining is the process of acquiring cryptocurrency with the use of your computer), you can lose a lot, but you can also gain quite much.
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