If Bitcoin is to become more widely accepted as a payment method, it needs important companies to begin using it. A big step forward was taken in this respect when Tesla announce that they would be doing just that. Will more companies now make a similar decision?
They aren’t the first major company to take this decision. PayPal did the same in October 2020. A growing number of online casinos and igaming companies are also embracing Bitcoin and allowing it to be used as a payment method on their sites.
Tesla announced that they had purchased Bitcoin to the value of $1.5 billion. Why? Well, they feel that this will give them “more flexibility to further diversify and maximise returns on our cash.”
That wasn’t all though, they also let it be known that they would be accepting Bitcoin as a payment method. The more companies that decide to go down this route, the more accepted the cryptocurrency will become and its value increase.
It’s the financial security aspect of Bitcoin that is going to see an increasing number of such sites using it. No one wants to see themselves become victims of financial fraud. Sadly, there is still a lot of that happening, but Bitcoin can help.
There is no central bank involved in Bitcoin financial transactions. The person who is making the transaction owns the Bitcoin that is being used. Another bonus is that there is no chance of their account being frozen. With this payment method, fraudsters will not be able to get hold of your payment details.
Online igaming companies will also be pleased that there is no government to have to deal with. They tend not to exchange Christmas cards or invite each other to parties.
With Bitcoin the transactions that take place are not taxed. Nor can they be reversed, and this will again please the sites you are registered with. Safety and a lack of hassle is something both sides of this financial transaction will always appreciate.
If you are looking for further information concerning the igaming companies that use Bitcoin, gambipedia.com has a great list.
There are still problems facing Bitcoin though. It may be a safe way to carry out a financial transaction, but it is still a volatile currency. There has been a rise in its value, but it is still prone to sudden falls in value. Companies will still be worried that the value of their Bitcoin could decline. That is the case with other more established currencies though.
Companies need to have trust in the payment methods that they allow on their sites. The growing acceptance of Bitcoin is a very encouraging sign. As more companies use it, especially extremely important ones such as PayPal and Tesla, the more likely it is Bitcoin will be increasingly used by igaming companies. Besides sites will want to attract business, so upsetting Bitcoin users isn’t the greatest of ideas.
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. bitcoinlinux.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
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Post source: Will more companies follow in Tesla’s footsteps and accept Bitcoin as a payment method?