Is Bitcoin The Answer To Our Data Security Concerns?

Is Bitcoin The Answer To Our Data Security Concerns?

Bitcoin is the original type of cryptocurrency and it’s on the rise right now in terms of popularity. It was created back in 2009 by Satoshi Nakamoto and unlike other forms of currency it isn’t printed on notes like dollars or pounds, the currency is produced by people and businesses through computers around the world. This means when transactions are made there are no middle men. Without middle men that means there are no fees and transactions are more secure. So is Bitcoin the answer to our data security concerns?

More and more retailers, as well as casinos and sports betting sites are starting to accept Bitcoin as a valid payment method and this is largely down to how secure it is. Usually when somebody wishes to make a transaction online for example, there is not only a middle man involved but the person’s personal and financial details are visible and so are the recipients. This leads to a bit of an open zone where hackers could look to take advantage.

There are also websites out there that have been purposely set up in order to collect people’s bank details and personal information, phishing sites and the like. When it comes to using Bitcoin, there is no middle man and there is no area to be exploited during a transaction. People’s identities and details are never shared at all, making it one of the safest ways to pay online.

This is especially great for people using online casinos or those who are keen on sports betting. These sorts of services see a lot of money change hands every second of every day and by allowing Bitcoin as a payment method, it would alleviate some people’s real concerns about their details and finances being at risk. It would also be beneficial for the operators too who would be able to boast about a secure payment system in place which would require no details when players register for example. In fact, there are many established bookmakers like Unibet who are seriously considering implementation of this payment method in the very near future.

Remaining safe online is the biggest concern for most people these days especially where money is involved. If companies can do more to make their systems safer, that means they’re going to have a lot more happy customers who will then encourage others to use the same services or companies. While Bitcoin isn’t mainstream yet, there are enough people talking about it in terms of what it can bring to the table and safe transactions is the key pro in any argument.

So allowing Bitcoin as a payment method will not only keep people safe online and give them peace of mind, it may also encourage those who have been wary about doing financial transactions online in the past. Some people may have thought that it isn’t worth the risk in case their details are intercepted or their finances put at risk but with more people shining the spotlight on Bitcoin and other cryptocurrencies, these concerns could be a thing of the past sooner rather than later.

About The Author
Gardenia Boyle, aka "Deanie," is a freelance writer from Seattle. When she's not busy working on a variety of writing projects, she enjoys volunteering at the Humane Society or hiking. If it's raining though, which it does a lot of in WA, you'll probably find her with a controller in her hand playing one of her favorite games, WoW or Final Fantasy.