Bitcoin to become a standard eCommerce payment option

Bitcoin to become a standard eCommerce payment option

Tuesday, May 30, 2017 Posted by Luke Massey
Secure Trading has predicted greater acceptance for Bitcoin

Secure Trading Senior Account Manager Ronan Smith said that it is time to defy the resistance of traditional financial institutions and card schemes, by accepting that cryptocurrencies are out there “to provide an alternative means of payment”.

Smith predicted that we will see more and more eCommerce operations accepting it as a form of payment, given the strong push by the crypto industry to educate both operators and users on the benefits of currencies such as Bitcoin.

Launched in 2009, Bitcoin is a digital payment system that uses peer-to-peer (P2) technology to operate with no central authority or banks. However, while the global cryptocurrency market is now valued at $80 billion, adoption has been relatively low among online gaming operators.

“Bitcoin got a bad rap when it initially started making waves, because of the perceived complete anonymity of it, its association with all things dark web and the volatility of the value, but I think the industry has done a lot to clean-up its image since then,” said Smith. “It’s only a matter of time before it is a standard alternative across all eCommerce sectors, not just betting and gambling.”

Providing an update on the payment processing industry, Smith acknowledged that mobile devices are “fast becoming the predominant touch point for online operations”, with new mobile-based solutions that will both challenge and complement the more traditional methods.

He also pointed to Funanga’s CashtoCode, a prepaid cash method which enables users to deposit via mobiles, as an example of the shift “towards a mobile option”, while predicting that an operator will soon find a way to utilise near field communications (NFC) for deposits.

Totally Gaming says: Last year, NetBet became the first UK licensed operator to embrace Bitcoin for bets on its sportsbook and casino products. And whilst there remains resistance to cryptocurrencies within the gambling industry, it is expected to gain more acceptance, particularly as operators target the younger mobile-savvy generation.

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