The system involves the use of digital currency units, which are better known under the name of cryptocurrency. This type of payments is actively used for online purchases, and even for some offline purchases in authorized stores too. There are also special exchange points where coins are converted into a user-friendly currency.How to use it
The users of the system install a special program called Bitcoin Core on their gadgets. It allows users to create a network for the exchange of data in which absolutely no third parties are needed. This is really a decentralized payment system, with all its pros and cons.
It is impossible to change the volume of coins, which are produced in a certain amount, which makes the system really stable. There are approximately 13 million virtual coins in circulation. The latest issue of coins will be in 2033 since it is programmed in the algorithm of the payment system. The number of virtual coins by that time will reach 21 million.
Unlike other electronic payment systems, the electronic system can boast a constantly changing rate. Thereby, it can be compared with all traditional currencies. As usually goes on markets, the exchange rate fluctuations depend on consumer demand for this type of currency.The uniqueness of the system
The main feature of the service is that the work is absolutely not controlled. There is no controlling states and organizations because it is a set of client programs with which users can make financial transactions. The system is also very secure - there are absolutely no ways that can help fraudsters in the production of counterfeit currency units. Of course, this guarantees the absolute safety of the client in the calculation. The transactions made are absolutely transparent because they are constantly in the service’s database — they cannot be changed, forged or deleted. However, the specifics of the system lead to additional requirements for security – in the case of hacking, there is no supporting organization that can help. This means that each user itself should think about his safety.How to use?
There are applications for smartphones and other gadgets, which allow users to use the system as an ordinary payment purse. However, with such a light version of the client program, the user will not be able to access the shared database. Anyway, for online gamblers, this version will be totally enough and will provide such needed qualities as usability and anonymity. Online gamblers can stay anonymous because the use of the system doesn’t require any confidential data from users.
All that user needs to do to start is to download and install the electronic purse program. The user will be assigned to a user’s address. It is securely encrypted and includes 34 characters. For comfortable financial transactions, the address can be turned into a QR code. An additional security thing is the fact that any financial transaction can be performed when a completely new address is generated, which can significantly reduce the risk of fraud.
The indisputable advantages of using the payment system also include the absence of hidden payments and additional fees. However, a client who wants to speed up a transaction can pay a certain amount for this service, which is quite convenient. Sometimes it is needed because with time block chains become really resource-overloaded (5 Gb and bigger). The main thing that is worth remembering to the user is that a financial transaction cannot be canceled. For example, to get your money back, you’ll have to create a new transaction. Therefore, users should be extremely careful when using the system. Anyway, the inability to somehow change the history of a financial transaction serves as an excellent protection against hackers.Concluding
The system can be a great alternative when depositing and withdrawing money in online casinos. Some of them even offer free spins and deposit bonuses to newcomers with such way of payment. Bitcoin is not tied to any asset or a particular currency, and since no one controls it, its liquidity is determined by the demand of users. No one can influence this, which gives stability.
Unlike other payment systems operating on the Internet, this service does not require providing personal data. The wallet is generated randomly, and the user eventually gets a name from a random combination of numbers and letters – the highest confidentiality online.