Bitcoin Increasingly Relevant In Online Transactions
Garner cites the growing use of Bitcoin by internet users as evidence of its increasing relevance in the digital age. He added that many have gone so far as to say that it is, ‘the future of money’. Also, it has shed the image it once had as being used for illegal transactions online, as is generally accepted as a reputable form of payment.
Thousands of online merchants throughout the world, including those selling through sites like Etsy, Amazon, WordPress, and Overstock, now accept Bitcoin, lending their reputability to the digital currency. Gaming companies are also getting in on the action, despite the currency experiencing recent setbacks in the form of a $72 million Hong Kong heist, the Mt. Gox bankruptcy, and the blackmail of the FBI Silk Road.
Bitcoin Gains Acceptability In Gambling
When asked why he, as a gambling operator, would show a preference for Bitcoin, he dug right in. Driving his predilection is the growing acceptance of cryptocurrency, in general, by a growing segment of internet users. Garner believes that the future of online transactions is one that will more readily incorporate Bitcoin and that to stay competitive, online casinos needs to join in with that tendency.
Garner notes that the transparency of the currency is an attractive feature and that every transaction is recorded in a public ledger called Blockchain. This form of record-keeping prevents users from spending the same Bitcoin more than once and provides accountability for all who use it as a form of payment. Of great importance, too, is its ease of use and the speed with which transactions can be carried out. Users are able to transmit funds from peer to peer without the use of a centralized bank or other institution and can do so almost immediately.
For Garner there were other interesting facets to the payment type, but ultimately, he expressed that its primary benefit is that online casinos are able to fit into a niche using the currency. The business of running a casino, according to Garner, is the most important consideration and Bitcoin is effective at helping him do just that. He has worked hard to established trust with his customers and with using cryptocurrency as payment.