Ever since it was introduced and quickly became the next big thing, Bitcoin has divided opinion. It is one of the situations where it is tough to take sides. Both the sides have enough valid and logical arguments. While there is no doubt that Bitcoin offers come benefits including:
– Anonymity: transaction are not attached to a physical person
– No fee: unlike credit cards, Bitcoin merchants cannot levy extra charges without the permission of the customer
– No controlling authority to control payments
– Transparency: Everyone can see and verify all Bitcoin transactions
On the other hands, there are some cons as well:
– Volatility: Bitcoin is said to be almost 20 times more volatile than the US Dollar mainly due to lower volumes and no controlling authorities.
– Anonymity: This one is a double edged sword. Once the transaction is made, you do not know any personal information about the merchant. Hence options like exchange and returns are totally on the discretion of the seller.
– Frauds: The probability of frauds while buying selling and transacting with bitcoin is much higher than bank transactions.
Due to these disadvantages, a large proportion of the world population is very skeptical when it comes to using Bitcoin. This has led to several third party owned payment platforms that add layer s of security to Bitcoin transactions. Cubits is a similar UK based company that offers all Bitcoin services such as buying and selling. It accepts payments from credit cards and almost 20 currencies and claims to have users’ Bitcoin secure against any hacker attack.
The advantages make it a very useful in transactions such as those involving gambling. Bitcoin casinos are online casinos which accept payments in terms of bitcoin. They are just like normal online casinos with the same suite of games with an added advantage of Bitcoin being the currency thus maintaining privacy for its customers. However, number of people playing in these casinos is not very high due to the uncertainties associated with Bitcoin.
Integration of Cubits and BetChain
There is an obvious opportunity to marry online Bitcoin casinos to companies like Cubits. It is a win-win situation for both parties. The casinos too are cognizant of this fact the biggest indicator is that one of the casinos, BetChain, has tied up with Cubits to give their users a secure and anonymous gambling experience. Participants can make and receive their payments in currency such as Euros with Cubits doing the job of both converting the bet money into Bitcoin and converting the winning money into Euros again.
BetChain has a reputation as a very fair betting site where all participants can see the results their results themselves. It is not wonder that it has come forward to be the pioneer in endorsing Cubits.