Reasons why bitcoin is a great payment method

The Bitcoin exchange rate is increasing, and its acceptance among merchants continues to expand: Bitcoin has been on the rise for a long time and is becoming increasingly popular. In this article, we explain why the cryptocurrency is highly desired and which benefits it offers. 

High security

Bitcoin works via a blockchain process. It stores the account balances as well as all previous transactions. The blockchain is effectively a shared public accounting system to which everyone has access. The blockchain is stored decentrally, on the computers of its users. A transaction is the transfer of an amount between Bitcoin wallets which is entered into the blockchain. Bitcoin wallets contain a secret block of data, a private key. This is used to sign transactions, providing mathematical proof that they come from the owner of the wallet. The signature also prevents transactions from being modified by anyone after they have been sent. Thus, while the system is transparent and payments can be tracked, they are still anonymous and secure because no private data is visible in the blockchain and without a user's private key, the information in the blockchain is useless for cyber criminals.

Simple usage

Even though the technical process behind it is quite complex, laymen and new Bitcoin users don't need to understand this in order to use it. New users just need to install a digital wallet on their computer or smartphone, in which the BTC will be stored. If a provider, for example an online casino, offers cryptocurrencies, it can be assumed in principle that this is reputable, since cryptos like Bitcoin are among the safest payment methods. If you are looking for a suitable online casino that offers cryptocurrencies, you can use various comparison portals such as These are free of charge and allow with just one click to find an overview of providers with the best conditions, biggest bonus offers and the most extensive game selection. Hence, it is quite easy to find the best crypto gambling sites in India, for instance.

Widespread acceptance

Generally, many countries and merchants already accept Bitcoin and more and more are joining each day. In some places, for example in El Salvador, Bitcoin has already been a legal means of payment since September 2021 and can be used to pay everywhere. Some delivery services, including Lieferando in Germany, also already accept Bitcoin as a means of payment. Recently, companies like eBay, PayPal and Visa announced that they would soon add Bitcoin to their repertoire of payment providers. This would mean that you could soon use your cell phone and credit card to pay in any store via Bitcoin.

Independence and limits

Bitcoin is decentralized and independent of lobby interests, human weaknesses and corruption. In addition, the cryptocurrency is not subject to any central bank or politicians. Therefore, users do not need to fear state crises or bank collapses because the cryptocurrency is completely independent. Bitcoin cannot be manipulated and is easily transportable. It is deflationary, unlike our current monetary system. Likewise, Bitcoin is limited and the only commodity we can truly quantify with a number. Unlike gold and other resources where it is unknown how much is left in the world and which amount can be produced in future times, we know that Bitcoin's algorithm is limited and stops at just under 21 million units. The limited number of BTC ensures a strong increase in value.

Efficient and cheap

Bitcoin not only helps with transferring money, but also ensures that transactions are fast and cheap. It even has a low percentage of conversation rate compared to traditional money transfer. Bitcoin offers the most open payment system. There are various trading software programs that allow money to be transferred on an international level day and night which happens quickly and securely.

High returns possible

The prices are mainly determined by the supply of mined coins and the buyer demand, and this dynamic of supply and demand can lead to very high returns. The value of a Bitcoin was 0.03 dollar in 2008 when the cryptocurrency came to exist. In the meantime, the value rose to highs such as 75,143 dollars, allowing users to make a high profit.