Bitcoin Soars High Despite New Payment Innovations
Perhaps today’s society has reached a technological milestone through developing aspects in the field of business that were once impossible to achieve. Society has stitched the gaps of opportunity that have resulted in innovations that are deemed to change the world.
After Bitcoin, numerous payment alternatives were introduced to evade the dawn of cryptocurrencies. One of which is the Cupertino giant’s latest pride—Apple Pay. Needless to say, Apple Pay showed an astounding feat but is yet to exceed Bitcoin.
Likewise, Google tried to redeem itself after its failed attempt with Google Wallet through the introduction of Android Pay, promising a revolutionary step up in the field of online payments.
There is no doubt that both Apple Pay and Android Pay hold advantages that are certain to greatly enhance today’s payment transaction process. However, these payment options still possess errors that greatly hinder their effectiveness when compared to Bitcoin.
Apple Pay and Android Pay function as virtual wallet. The purchases are easier and faster with the use of these payment apps and this is largely due to the elimination of cash, credit and debit cards, and bank transfers.
However, for this method to work, users are required to provide sensitive information like credit card numbers and passwords. Thus, users’ personal data is now at the hands of these apps’ database, regardless of how fluid and faster the payment process becomes.
Moreover, acquired information from users is not completely safe considering the fact that giant corporations like Apple and Google are hot targets for cyber criminals, thereby posing grave risks of data hacking.
Bitcoin, on the other hand, allows users to do business with complete anonymity. There is no sensitive information required when doing transactions with this digital currency. Perhaps, the only ‘personal’ information required is the users’ Bitcoin wallet address, which only contains a series of numbers.
In addition, transaction security using Bitcoin is amplified by the fact that each Bitcoin generates its unique algorithm that contains all the information of a certain Bitcoin payment. This feature, which is exclusive to Bitcoin, negates all sorts of malicious intents like duplication of Bitcoin transactions and fraud Bitcoin payments.
A long way to go
Considering Apple Pay and Android Pay’s obvious advantages, both payment gateways are still on its ripening stage when it comes to mainstream flexibility. Despite having a number of businesses accepting these modes of payment, these technologies still need to further develop to be on par with Bitcoin, whose public inception was way back in 2009.
Bitcoin shows great flexibility when it comes to the possibilities users can acquire through this cryptocurrency. Moreover, several startups and multinationals have integrated Bitcoin to their businesses due to reasons regarding the cryptocurrency’s seamless aid to fluid transactions.
However, in contrast to the masses’ behavior toward Bitcoin, a total of 28 retailers have already confirmed they won’t accept Apple Pay after the latter’s introduction.
According to a survey conducted online, an anonymous company said that despite their refusal toward mobile payment services, Apple still continued to force the idea to integrate them in their business:
“They have been pushing hard and it’s been that way for months. They have called and tried to persuade us even after we communicated our decision to them.”
Regardless of this undesirable response, both Apple Pay and Android Pay still have great potentials to cultivate in this new generation of transactions.
Nevertheless, the companies behind them must be reminded that just like Bitcoin, it will take a while before the public will fully embrace their method of payments.
These two new mobile payment methods attempted to bridge the gap regarding payment inaccessibility. Fortunately, they have come up with solutions to achieve seamless transaction possibilities.
However, these solutions seem to show limitations when it comes to user accessibility. The systems of Apple Pay and Android Pay work effectively when it comes to online purchases and payments.
In contrast, their functions deteriorate when it comes to physical stores. To date, there are just a few businesses that accept Apple and Android modes of payments.
Moreover, these apps will only work if these stores have an NFC reader, which activates the application. In addition, this type of method is only predominantly functional if the user is in the US and in Europe to date.
Bitcoin, on the other hand, have eliminated these hindrances especially on accessibility. This cryptocurrency prides itself on the fact that it is dubbed as the ‘universal currency’ of today’s generation. Therefore, Bitcoin can be enjoyed at any point of the world.
Consequently, Bitcoin payments do not need the presence of any device for a payment to push through. All it needs is the users Bitcoin wallet address and from there, payments are done instantaneously.
Bitcoin’s edge in online gaming
Overall, Bitcoin holds a superb number of advantages that can further amplify transactions of today. One of the sectors that would benefit the most is the Bitcoin casino market.
The Bitcoin casino market continues to thrive as numerous websites are being launched almost on a daily basis. Since Bitcoin displays security, flexibility, and accessibility, casino startups have ventured into the Bitcoin domain and other existing online casinos have widen their scope for the sake of accepting Bitcoin.
For instance, Hong Kong-based Bitcoin casino Betcoin.tm known for its slots and other Bitcoin games has efficiently used the benefits of Bitcoin to further develop its service. Bitcoin bettors are granted unlimited control over their BTC prize even without using the services provided by Android Pay or Apple Pay.
Moreover, the features present in both online payment methods are also evident in Bitcoin’s technology. In fact, more businesses are developing technologies that make way for easier Bitcoin transactions. As such, it is safe to say that Bitcoin has technically the same structure, if not better, compared to these new payment options.
Nevertheless, with such diversity, there is no doubt that Bitcoin has proven its worth on both the Bitcoin casino and mainstream business ecosystem.