Visa is a technology company specializing in electronic payment services. Used in over 200 countries, Visa is one of the most far-reaching financial services corporation. Despite its ubiquitous namesake, Visa itself does not deal with consumers. Instead, Visa uses other financial institutions from banks to retail stores to provide Visa-branded products to everyday consumers. The financial services Visa sell their services to then control many aspects of the credit debit, and other programs Visa facilitates such as the issuance of cards and setting of rates and fees.
With its headquarters located in Foster City, California, the advanced networks Visa uses processed 98.4 billion transactions in 2014 alone with a total volume of $7.4 trillion. That means that most players will be able to easily locate an online casino that accepts Visa as a method of deposit.
Visa was not always the massive corporation it is today. It began in 1958 when the Bank of America launched a credit card program BankAmericard. The idea behind BankAmericard was to simplify the many credit accounts with multiple merchants that a large percentage of Americans had into a single account. This would be far more convenient for consumers since one account meant one bill a month instead of several separate bills.
Bank of America and Visa Cards
Bank of America was not the first bank which had attempted something similar, but it was the first large bank and thus had the advantage of greater resources. Despite the goal initially being to offer BankAmericard to just Californians, Bank of America began licensing the card to banks in other states forming a network across the entire country.
In the 1970s changes occurred that changed both the state of BankAmericard and the entire credit card industry. With the new name Visa, BankAmericard shifted from being a part of Bank of America to be an independent entity. The new name was chosen by the founder, Dee Hock, who picked it for its universal meaning in several languages.
As a now independent entity, it was still in a different form than it is today. The company had completely separate branches for different regions including Visa U.S.A. Inc., Visa Canada Association, and Visa Europe Ltd., all of which belonged to the worldwide entity Visa International Service Association.
The 2007 Visa Merger
In 2007 all of these were merged to form the single entity Visa Inc. Today Visa keeps current with the ever changing needs of its customers with its extensive offering of payment services. Payments can now be made by card, smart phone, or computer in nearly every corner of the globe including the United Kingdom, and Canada. Constantly striving to deliver more secure and reliable transactions, Visa Inc. is leading innovative force in electronic payments.
The global company “MasterCard Incorporated” (also referenced by its stock ticker at “NYSE: MA”) and also known as “MasterCard Worldwide” is a United States company with multi national locations. The company, which is generally known as a credit card company has expanded its services to provide financial services to its global clients.
The company’s base of operation is located in New York, (Westchester County). The wider global operations for international financial services is based in O’Fallon, Missouri, which is located just outside of St. Louis, Missouri. MasterCard is one of the most prominent international brands known throughout the world.
MasterCard Worldwide, which is the official corporate moniker now, went public in 2006 and has been a publicly traded company ever sense. Prior to going public the company was organized as a business cooperative which was owned by more than 25,000 banks and other financial institutions. All issued the MasterCard branded cards. MasterCard, was originally branded and known as the “Interbank/Master Charge” and was created by several financial institutions and banks in California to compete with VISA’s predecessor, BankAmericard which was issued by Bank of America.
The first banks supporting MasterCard created the “Interbank Card Association” (“ICA”). Joined later by New York’s “Marine Midland Bank”, which is now the “HSBC Bank USA”, “Master Charge: The Interbank Card” was created. MasterCard gained entry into the European market with a joint venture with Eurocard and then the Access card from the United Kingdom.
In late 1979, “Master Charge: The Interbank Card” was rebranded simply to “MasterCard”. As the company’s international operations continued to expand, in 2006, MasterCard changed to MasterCard Worldwide. During 2010, MasterCard also expanded and developed its e-commerce services with its takeover of the British company “DataCash”. The company was one of the United Kingdom’s top payment processing as well as fraud protection and risk management service provider. MasterCard’s expansion continued when In 2012 the company announced the development and expansion of its global mobile “contactless” payment program which included financial and commercial markets throughout northern Africa and the Middle East region. The company’s expansive plans included its 2014 purchase of an Australian top rewards program management company called Pinpoint. Also during this year, MasterCard joined forces with Apple to install a new mobile wallet feature in the Apple iPhone product line which enables iPhone users the ability to use their phones as forms of payment instead of cash or carrying cards.
MasterCard recently worked with the Country of Nigeria to initiate a corporate branding of all Nigerian identification cards. Recently in late 2014, MasterCard reached an agreement with the government of Nigerian, through its “National Identity Management Commission,” to produce new Nigerian identification cards will all bear the MasterCard corporate logo. The cards will contain the cardholder’s personal data as well as doubling as electronic payment cards. Some have found this new initiative to be suspect as a sovereign nation is being viewed by some to be subjecting itself to the control of an American company. Others are finding the new efforts promising and could be a way for a country to streamline costs as well as monitor census relevant data of its citizens.
In 2008, MasterCard, the financial institution Comerica Bank N.A., and the United States government through the Department of Treasury entered into a joint venture to introduce a Debit MasterCard designed on a direct express pay system (“prepaid debit card”). Agencies within U.S. states which have responsibilities for distributing federal disbursements uses these types of debit cards to facilitate the payment of funds electronically and directly to various individuals who do not maintain standard banking or financial relationships. The Comerica Bank is the designated bank for the issuance of the debit card. The card also provides its users with a number of protections similar to regular credit card holders.
In June of 2013, the MasterCard company also announced a joint venture with British Airways which provides members of the “Executive Club Multi-Currency Cash Passport” the ability to earn extra reward points and facilitate multi-currency transfers and payments.
Online payment methods have become much more beneficial and popular in recent years. With these formats, it is possible to electronically send money to different individuals, companies, and services without ever having to physically handle the money.
This keeps the money more secure and makes it possible to send money internationally without much of a problem at all. One of the leading electronic payment and money transfer companies is Skrill. Owned by the larger company Skrill Limited, it is based out of the United Kingdom and is previously known as Money Service Business. It is also licensed inside of the European Union, which is why it is the go-to method for electronic payments throughout Europe and growing into different regions around the world.
The idea of Skrill first started back in 2001 when the website Moneybookers.com was purchased in June of the year. Just over a month later, the name MoneyBookers Limited became incorporated inside of the United Kingdom (chances are, the name itself was filed before the actual website was purchased, but it takes time for the processing on the paperwork to be approved, which is why the incorporated name is later than the website purchase. By the spring of 2002, the service went love and allowed individuals to start electronically depositing and transferring money over the Internet.
In the first 18 months, nearly 2 million individual users opened an account for this exact service. By the fourth quarter of 2008, the company stated it had well over 5.5 million accounts. The business even started to spread out into the United States, as in 2014, it was officially approved by the New Jersey Division of Gaming Enforcement to become the only sanctioned electronic wallet method of payment throughout the entire state regarding Internet gambling. New Jersey was one of the first states in the country to approve and legalize gambling in order to monetize it (just like the state revenue generated casinos and lottery).
Now, Moneybookers did go through some different changes over the years, In 2007, it was purchased by the Investcorp Technology Partners for around 105 million pounds and then it was sold for 365 million euros. Now, with the popularity of the company, it has become an electronic payment method for many of the top Internet companies, including eBay and Facebook. In 2013, CVC Capital Partners purchased the brand, this time for 600 million pounds.
Officially, the online payment and transfer service were known as Moneybookers from its inception in 2001 up until 2011. At the one decade anniversary, the company changed its name to Skrill. Now, with such a large brand, the branding change does not happen overnight. The company believed some individuals, including many in the United States, confused the name Moneybookers for a gambling service, such as a sports booker who takes down bets. In order to change this ideology, the company decided to go with the Skrill name. When converting a nearly $1 billion company over, it is something that cannot happen overnight, as it needs to not only change all of its names around, but also make sure people are aware of the change. Due to this, the complete rebranding did not finish until the third quarter of 2013.
Skill remains one of the largest and most profitable companies in regards to electronic financial transfers and other similar services. It is still available throughout Europe and in the United States as well. It also sponsors the Conference football league in England with a three-year contract. This is why there were different league names that included Skrill Premier, Skrill North, and Skrill South.
In today’s fast-paced world, with ever-changing technology, we always need faster, more convenient ways to make purchases. Introducing Neteller, an e-money, service which allows you to transfer money to and from merchants. Specializing in the transfer of money online, you can deposit, withdraw and transfer money to online businesses. You can easily withdraw funds directly using the Net+ card, or transfer the balance to your own bank account. Founded in 1996, the company has headquarters in Douglas, Isle of Man, and is used in over 200 countries, including the United Kingdom and Canada.
Please note that NETELLER is not a bank, and does not provide loans.
The Net+ prepaid card looks just like your credit or debit card, but with one unique feature. You deposit the funds, so your bank account will never be overdrawn, and your credit card balance will never be too high. Set a PIN for security purposes and conveniently make withdraws at ATM machines. Also, make purchases anywhere the Discover Card is accepted.
Also enjoy the NETELLER Net+, a card that uses a different virtual card number for every transaction, for safety and fraud protection purchases. In instances of card theft or unauthorized payments or transactions, the transaction will be declined and the number is unable to be used again.
Unlike many prepaid cards, the Net+ has no annual or monthly fees, which use up your available balance. Reload the card at your convenience, and never worry about interest, or late payment fees again! Your credit rating will never be damaged, and your bank account will never be exhausted.
Online gambling payments began in the year 2000, when NETELLER processed payments for 80% of the world’s gambling merchants. Online gaming firms were responsible for 95% of the firm’s revenue at that time.
NETELLER VIP is offered to high turnover customers, which is a form of premium membership and includes additional features and lower fees.
Visit www.NETELLER.com to sign up for an account. The company accepts most major forms of currency, or money can be loaded from a bank, credit or debit card or other methods further described on the company’s website.
Click2Pay is the modern way of paying online for casino games and slot machines. It is one of the safest and convenient banking solutions in today’s world where funding and withdrawing from your account is easier than ever. When transactions using Visa and MasterCard are bound by strict banking rules and regulations, Click2Pay can come to your rescue.
Click2Pay which came into existence only a few years ago in the US is an alternative to PayPal and Moneybooker. It quickly grew to become the most recognized form of payment covering more than 200 countries. With Click2Pay making deposits and withdrawals from gambling account is as easy as pie because there is no need to deal with credit card companies that decide on how much one can withdraw or deposit or for what activities those transactions are valid. The user can use this method of payment anywhere where it is accepted without hassles. Funding a Click2Pay account is faster than other payment methods and this method even offers choices in various currencies, such as US dollars, euros and British pounds.
Click2Pay is one such banking option that is similar to eWallet where all money dealings happen between the user/player and the casino. So, there is no question of credit card rejections and third-party hovering around the shoulder. The account that user owns at any casino that accepts this option can be funded immediately via Click2Pay website using a valid credit card. Before anything, the user needs to sign up on the official website and become verified as well. The only downside of this payment method is that for every deposit made to the account via credit card, the company charges 3% transaction fee. But there is a workaround. One way to avoid this fee is to fund the Ckick2Pay account using ACH or direct deposit or direct debit from an existing bank account. This transaction option is free of any charge and completely safe to do.
Once the funds are transferred to Click2Pay account through bank deposit or credit card, the fund is now ready to be used. Users can proceed with transferring this fund to their online casino account via banking facility that the casino allows or eCash. At this point, the user will be asked to enter a username, personal account number or PAN which is a number that is assigned during the sign-up process and the amount that the user would like to transfer. Making withdrawals from Click2Pay is as simple as making deposits. Withdrawing money can be done either through EFT that deposits money into the user’s bank account or by requesting the company to send a check for the specified amount. Checks will usually take 1 to 3 weeks depending on the user’s location, and each check will cost around $2 as issuing fee. By choosing EFT option, the user can get access to the requested fund within 48 hours, and best of all, this service is free.
Click2Pay is rated as one of the most secure forms of payment options by many online casino fans. To get to this level, the company has invested a great deal of time, energy, resources and effort in making sure that their software and systems offer a safe environment for their clients. When a user registers on this website for the first time, that information is sent directly through a secure browser connection or SSL. Click2Pay uses multi-layer encrypted technology including firewalls to safeguard clients’ data. Everything the user does on the website is protected and meticulously logged which means their information and money are in safe hands.
ClickAndBuy has established itself as one of the leading online money processors in the entire world. The company sought out the simple mission of making the processing of money easier via the Internet. So far, they have amassed more than 14 million customers and greater than 16,000 online stores that accept them as a means of payment. To say that they have been successful is a bit of an understatement.
As a company with humble roots in Cologne, Germany, ClickAndBuy has expanded its reach to nearly the entire planet and nearly all casino online venues are now Click and Buy online casinos. Though they were founded just 16 years ago in 1999, the company has now moved its headquarters to London and continues to grow and seek out new opportunities from all around the globe. In doing so, they have made sure that they are becoming an increasingly popular household name.
What has helped to set ClickAndBuy apart is the fact that they accept transactions nearly worldwide. They process money in over 120 different currencies and are opening up the ability to shop at new online stores nearly every day. This means that the reach of this brand is continuing to expand.
It was very important for ClickAndBuy to gain such large numbers in terms of acceptance. They operate in an industry where there is a lot of mistrust. There are still plenty of individuals who do not necessarily want to exchange their money over the Internet for goods. They are afraid of fraudulent practices, and this can harm many payment processors that are just trying to make their way in the online business world. ClickAndBuy has done more than enough to bring their brand and name into the mainstream and encourage plenty of people to do their shopping using their service.
What ClickAndBuy has that others do not is the experience and the reputation of a payment process with greater than 15 years in the business. This means that they have in large part ironed out any bumps in the road that may have come their way in the early days. This is a leg up on other payment processors who frequently face some beginners mistakes so to speak. Luckily, for those who use ClickAndBuy, this is not a problem they will have to concern themselves with.
It should be noted that in 2010 ClickAndBuy became a wholly owned subsidiary of Deutsche Telekom AG. That is Europe’s largest telecommunications company. They own the brand because they believe in the promise and profitability that it provides, but they have also largely left the company as it was before they purchased it. They saw no need to try to fix something that wasn’t broken. Users still flock to this service for payment processing.
EcoPayz is a payment method that provides solutions to individuals and businesses all over the world. Their services include offering account and card-based payment solutions globally.
Since it’s inception in 2000, EcoPayz has provided their customers with a fast and safe to make cash flow around the world.
There are currently several EcoCard online casinos at this time.
As EcoPayz has continued to grow throughout the years, it has made a lot of significant progress. In 2008, the FCA authorized PSI-Pay Ltd (the company who owns EcoPayz) to issue electronic money as a specialized electronic issuer. This played a huge role in determining how the company did business.
The next year, 2009, proved to be an eventful year for EcoPayz. They were the first financial institution to ever launch an iPhone app, which is quite impressive. In recent years, they have continued to update their apps.
Also, PSI-Pay Ltd was officially to issue MasterCard for the first time in 2009 when they became a principal member of the company.
In 2010, EcoPayz made tremendous growth in their customer service department. The company introduced 24/7 multilingual customer support in order to assist any person worldwide at any time of day.
The company better organized their expenses by implementing the ecoPayz Business Account in 2011. This account was launched to make paying salaries, affiliates, and other expenses easier and cheaper than ever before.
Prior to the name ‘EcoPayz’, the company was formerly known as ‘EcoCard’. As it continued to grow over the years, the company decided that the name ‘EcoCard’ was no longer adequate for a company that provided a variety of payment options for individuals and businesses. Thus, it was rebranded in 2013 as the new ‘EcoPayz’ which offered products including ecoAccount, ecoCard, ecoVirtualcard, ecoPayz Business Account, and ecoPayz Merchant Account.
In 2014, the newly launched EcoPayz became even savvier with technology. They made great improvements on their ecoAccount app, which gave their customers the option to use their account with their smartphones and iPads. In addition, the ecoVirtualcard was relaunched in January of that year, and it now allowed customers to access a one time use payment card for online and telephone purchases. Also, they implemented a more secure payment system online by requiring customers to only access their account through their ecoCard PIN.
EntroPay is a prepaid account provider that offers virtual credit accounts and traditional credit cards. EntroPay account holders can open multiple accounts and use them anywhere Visa and MasterCard are accepted.
EntroPay does not charge interest rate fees, annual membership fees or a security deposit. EntroPay provides opportunities for people who seek to possess a credit account.
EntroPay offers two prepaid accounts that can be used worldwide; a virtual Visa account and a MasterCard credit card. When a client qualifies for a virtual Visa account, an account is immediately issued with a 16 digit account number, expiry date, and CVV code. The account is fully functional and can be used to load funds and make purchases. Opening a virtual Visa account bypasses waiting for a credit card to arrive in the mail.
EntroPay MasterCard credit cards are embedded with a Chip and PIN cards for use in international regions that accept the MasterCard logo. The EntroPay MasterCard can be used at ATM machines and bank locations.
EntroPay or entropay.com was registered in 2003, in the United Kingdom, by Iaxris Systems Ltd, (registered no. 4072405). Iaxris Systems Ltd, is a privately-held company that is managed by financial investors headquartered in London, England. Satellite offices for customer service departments are located in Malta. In 2003 EntroPay was the first company to offer virtual prepaid accounts in Europe. In 2010, Iaxris Systems Ltd/EntroPay began to offer (traditional) plastic MasterCard prepaid credit cards.
Virtual Visa account holders, and MasterCard credit card holders, can use their accounts in over 200 countries and regions, which include; the United Kingdom, Canada, America, Africa, Asia, Saudi Arabia, UAE, Mexico, international islands and more.
EntroPay offers safe options for obtaining a virtual Visa prepaid account or a prepaid MasterCard. New applicants are not required to fill out a credit application to qualify for an account; everyone qualifies regardless of previous credit history. EntroPay account holders are safe from amassing dangerous debt levels; accounts can only spend against funds that are deposited.
EntroPay virtual Visa accounts can be used for online transactions and billing transactions, which include; purchases, deposits, withdrawals and bank transfers.
EntroPay MasterCard accounts can be used for online transactions, ATM’s, bank transfers and at stores that offer point-of-sale terminals (for example, swipe machines).
Verification and Security
New EntroPay applicants must complete a mandatory verification process. The registration process is fast and simple, but every applicant must pass the verification stage before an account is issued.
Applications can be completed and submitted online at entropay.com. Users are required to provide their accurate information; name, date of birth, country of residence and email address. New users are also required to establish a username and password to gain access to their account management digital interface. Account holders can access their accounts from their mobile device.
EntroPay has an excellent track record when it comes to security. EntroPay monitors account for any suspicious activity, and accounts can be locked-out if criminal activity is suspected. Accounts that are deactivated can be reactivated with the proper identification information.
Making Deposits in Virtual accounts
EntroPay account holders can load/deposit money into their accounts by simply adding the required information from their funding source. Deposits made from credit cards are available immediately, deposits made from bank transfers are available within 7 business days.
EntroPay provides resources to facilitate ease-of-use for international and traveling customers. EntroPay offers currency converters that inform users about adjustments that will be made to their accounts before finalizing currency exchange transactions.
UKash is a simple way to make money accessible to everyone. If the location accepts Mastercard, they can then use the UKash card to pay for things in person as well. Easy to use online, the card allows money to be received and sent safely. Headquartered in the United Kingdom, the company is perfect for both personal and business use.
How does it Work?
The UCash system works by giving the user a voucher for online use. Once the code is entered, the site can validate the payment. The voucher cannot be sold or bought by another person or company. Money can be added to any account, and money can be safely, and efficiently exchanged online by anyone, at any time.
What’s the Fine Print?
The best thing about UCash is the fine print. There are no fees or added expenses to use it. Purchases have no extra expense. There aren’t any fess at ATM’s either. That’s the great part, its money processing the way it should be. When the user is in control, everyone benefits.
Online access to your money is great too. It’s all available online, so information is always available. The UCash card is a wonderful way to use money overseas safely. If something happens, users can easily block the lost card and send a new one to the listed address.
How Much Do Transactions Cost?
The only costs are the transfers between members, card closures or when replacement cards are needed. ATM withdrawals in the United Kingdom also require a transaction cost. Everything else is free.
The vouchers work great for many online sites that use safe and anonymous forms of payment. That’s exactly what most people want today. Remaining anonymous online is safe, and allows people to be private.
UCash began in the United Kingdom, and has been serving people online through 420,000 sites, and is able to be used in 55 countries today. It is growing daily, through users who have been happily using the business to do things safely and anonymously.
Where Can it Be Used?
It can be used virtually anywhere that accepts the vouchers. The UCash re-loadable cash card can be used in 55 countries today. It is important for users to know that the vouchers cannot be bought or sold. They can only be used on one of the 420,000 sites that accept them as cash.
UCash has become famous too! Seven awards have been given to UCash as the company has grown. Those awards speak loudly for the reliability and ease of use for the members. People that shop online, or play online games have come to love the ease of use with UCash.
The issues of internet safety and security when banking online is a modern reality and necessity to many people. It is extremely important to have an online payments company that is reliable and trustworthy to handle these financial transactions. POLi is the service to rely on when it comes to dealing with a trusted and reliable company that offers this type of service.
POLi is a company from Melbourne that specializes in providing an online payment system for consumers and merchants to use. This service acts as a third party that holds all of the financial information of the customer and completes the transaction without the need of the merchant gaining access to the customer’s personal data. This service is beneficial to the consumer as well as the business. Visitors to this site are able to buy as well as sell their merchandise.
The customer is able to place orders and pay for them immediately through the manufacturer’s website. Merchants of the sales receive their sales notifications sooner allowing them to begin production immediately. This third party service is available to the consumer and the merchants at no cost and they do not have to register to take advantage of this exclusive financial service.
POLi and these types of payments are commonly used in the areas of New Zealand. The merchants associated with this type of financial transaction include Air New Zealand, Sportsbet, Jetstar, and Sportingbet. Velocity prepaid debit cards are also active with this financial service. POLi continues to be the leading financial platform for many gaming sites in many areas of the UK.
There have been changes made in the structure of the system to accommodate safety and security concerns. This keeps the company at the forefront of the battle against identity theft and hacking. In the POLi system, there are different versions of the system that have been eliminated or revamped for better performance. The first version that was cut dealt with the ActiveX control. This type of security risk has been eliminated and the system has since operated on the .NET platform.
The .NET platform also offered it’s own challenges to the security of this company. This solution to the security problem is still in operation with many banking institutions in New Zealand. When creating this platform, the company focused a large amount of energy on the security of the system versus the user experience. This application requires the use of a plugin for Google Chrome and Firefox. This successful but cumbersome platform was replaced with the third version of POLi.
This third version of the .NET platform is exclusively in-browser. The users who utilize mobile devices or who operate on Macs were not able to access this system in the past. POLi has addressed the past issues with security concerns while expanding their availability to their customers.
The current version of this financial service is created with a URL that is supplied by the merchant. The URL can be utilized through a number of means such as text messaging, email, or electronic PDF. This simple but effective means of banking is attractive to gamers and merchants alike.
When it comes to safety and security on the internet, it is essential that the transactions be completed with the highest standards of security in place. POLi is constantly monitoring and adjusting their security practices to keep their customer’s banking information safe and secure when making transactions online. With their focus on their customer’s security, this company is a trusted service for financial transactions online in the UK and other available areas.
Bitcoins are a form of digital currency that uses a mathematical inflation in order to calculate the value of a single bitcoin. Unlike with government currency, bitcoins can’t be inflated at will be simply adding in more currency, as it is set at a maximum value of 21 million coins that will never grow or shrink. With this being the case, how can inflation exist with bitcoins if there is never any new coins removed from the system or added back in? Currently, only 11 million of the total 21 million coins have been unlocked through a process known as bitcoin mining. Using highly complex mathematical computer programs, these systems are able to unlock more of the coins and add them to the owner’s personal wallet. These programs take a high amount of processing power, so developers have to use a ton of hardware to run the software that unlocks more coins. This makes the process difficult, and creates a slow yet steady amount of inflation.
Let’s slow things down a little bit. You might be getting a BIT confused by all of this mumbo jumbo. Bitcoins are complex with many different variables that cause this currency to work well, and so let’s take a different approach at looking at them.
We can pretend that both of us are sitting on a bench at the park, and I happen to have an apple with me. Now, if I were to decide to give you this apple it’s possession would change from me to you. I would no longer have control of the apple and wouldn’t be able to exchange this apple to somebody else. On the other end, you would now have an apple that you are free to exchange without worrying about the apple being given to someone else outside of your control. It is yours, and it is no longer mine.
In order to process this transaction all we needed was two people. We needed a possessor to give the apple, and a receiver to take the apple. No third parties needed to be involved, we didn’t need to pull in a witness or judge to verify that the transfer of the apple was legitimate. A third party is not able to forcibly take the apple and give it back to me, and a third party cannot increase the value of the apple that you have been given. It is simply an apple with the value of itself.
Now let’s shift forward a little bit to digital currency. Digital currency is much different than physical currency because it can be replicated. If I were to give you a digital apple, who is to say that I don’t have a copy of this digital apple that I can then give to someone else? This would increase the exchange rate that I get for my apple, while in turn diminishing the value of the apple that you received. You have no way of knowing if I have distributed this virtual apple to multiple people., just as they have no way of knowing that I distributed this apple to you. This creates a very apparent problem.
A currency that can easily be copied and adjusted is not a sustainable way to exchange. It gives exchanged currency no value. Unlike physical objects, digital objects don’t necessarily have to change possession when given to someone else. This problem has been named the “double spending problem”.
In order to avoid distributing copies of the same piece of currency, there needs to be a form of tracking. With currency, this is done using ledgers. A ledger is basically a record of exchanges and currency to keep track of who owns what. However, this creates another problem of its own. If someone has control of the ledger they can freely add more and remove currency as they please. This also takes away from the one on one exchange that we experienced earlier at the park bench when handing off the physical apple. If we bring in a third party, we give them power to judge the transaction and alter it how they please.
There needs to be some form of check and balances that puts everyone on equal footing and doesn’t give power of the currency over to a third party, but at the same time we need to be able to track the exchange of the bitcoins to avoid duplication. The solution is to give everyone access to the ledger so that each transaction that occurs lives on every participating computer. This creates a system that is impossible to cheat. If I were to try and send you a digital apple that was a copy of an apple I already exchanged to someone else, the ledger wouldn’t match up with everyone else’s and it would be an obvious copy of the original apple.
As the system grows and more and more ledgers are distributed the security system only becomes stronger and harder to bypass. This also takes away the control from a single person and makes it impossible for anyone to add more currency into the system. You can keep your own personal ledger updated and compare it with others before transactions are processed to ensure that you are receiving actual currency and not copies.
This complex apple exchange system is exactly what is used for bitcoins. Although simplified down quite a bit, this is the basics of how bitcoins are able to process as a digital currency where an actual exchange removes control of the object from one person to another. The code is open sourced so that it can continually be improved maintained, while remaining impossible to add more bitcoins into the system so that nobody has extra power.
The public ledger system of bitcoins is quite unique. It has proven to be a successful way of handling digital currency and has allowed for bitcoins to rapidly grow in popularity. Here are some of the major benefits behind a public ledger form of management:
Bitcoins are considered to be an anonymous currency because personal information isn’t needed in order to send and receive this currency. While it is possible to link bitcoins to a specific person, it is quite difficult and will typically require some carelessness on the other person’s part.
Bitcoins are pseudonymous. This means that exchanges occur under a pseudonym, or false name, instead of a real identity. The only way to figure out the real identity of a bitcoin user is to link their pseudonym with their personal information, which is quite difficult to do if they choose not to give this information out. Every exchange that occurs by this person is permanently recorded under the pseudonym. The pseudonym is basically used just to record ownership of the currency without actually giving out personal information.
Each transaction that occurs gets recorded into the blockchain. This is the name for the public ledger that is accessible for everyone. This recording is meant to exist permanently and will never be alterable. The pseudonym of each transaction gets written into the public ledger, which allows for other users to check their balance and see any activity done by that user without knowing who they actually are. About every 10 minutes a new block will be added to the blockchain once verification has been done to validate all newly recorded transactions.
A pseudonym is stuck to a specific wallet, which means that it is actually possible to own multiple pseudonym if you have access to multiple wallets. This is a common technique used to ensure anonymity and there are actual programs out there that allow for a person to manage multiple wallets from a single program. One such program is called MultiBit, which is a simple and light program that works on Windows, Linux, and MacOS.
Another popular technique is to use mixing services to retain anonymity. These are services that perform a large amount of transactions for users, and hold all the attained bitcoins in a single mixed pot. These bitcoins are then strategically sent out to their correct user’s wallets in a random pattern to make it very difficult to track the transactions. There is a risk to using mixing services though. Due to the anonymity power given to all users, it is possible for a service such as this to decide to take off with all the coins and become untrackable. For this reason, finding a reliable mixing service is essential.
Even without these services users are pretty secure when it comes to remaining anonymous. Any person can create a brand new random wallet address at any time, and these addresses don’t require any person information on the user’s part. Control of an address is done through private keys, so whoever has the information to the private keys is able to create transactions with the user’s balance. Knowledge of information instead of linking identities creates a very secure system.
By now you know that bitcoins get stored in a wallet, which power of the wallet is controlled through a user’s private key. Bitcoins are not controlled by any sort of central agency, so there aren’t banks or other controlled assets that can hold these funds for you. Instead, a wallet from a third party service will help you manage your bitcoins.
It should be noted that a bitcoin wallet service doesn’t actually hold onto the bitcoins for you. Bitcoins are digitally stored along the blockchain, and users only have access to the private keys that connect to the public keys of the specific coin. Wallets help by managing these keys for you so that you can create transactions. Guarding the private key in a secured wallet is crucial, as anyone who gains access to this key will be able to take control of the bitcoins that are associated with it.
Since bitcoins use a key based system, it is actually possible to control a single bitcoin from multiple wallets. This can make it easy to keep a record of all coins in a central wallet while having individual control over part of the total assets in side wallets.
When choosing a wallet there are several things that have to be considered. The most important piece is the operating system that you are using. Some wallets are capable of running on all operating systems while other wallets require a specific system. The most common wallets will run on the three main operation systems – Windows, Linux, and OSX. There are also wallets that are specifically designed for mobile operating systems that can be accessed on smartphones.
Above all, the most common yet least secured way of accessing a wallet is through a web-based wallet system. These systems can work on almost all operating systems that have access to a web browser. It’s a general rule to choose a wallet that runs straight from your device since it is more secure, but web-based wallets are good for small risk users. Those that choose to go with a web-based wallet system should choose one with enhanced security features such as two-factor user authorization.
Security with a bitcoin wallet is important. Unlike with a bank, if your bitcoins get stolen there is virtually nothing that can be done about it. There isn’t a central agency that can return the bitcoins and remove them from the thief, and due to the anonymity there is no way to track who stole the bitcoins and even where they went. This is why the most highly recommended and most secure wallet to use are offline services. Being offline removes a hacker’s ability to access your wallet from afar, and these wallets only go online to process transactions. Some users go as far as storing their wallet onto a USB thumb drive so that it isn’t even sitting on their computer.
If you’re interested in learning more about picking out a quality bitcoin wallet you can always head on over to Bitcoin.org, the official Bitcoin Foundation website. From here you can view side by side comparison of various wallet options and see all the unique features and security elements that come from the wide selection. For those looking into a mobile wallet, Google Play and the Apple App Store are good places to check out because they allow for user reviews that can assist in determine the quality of the bitcoin wallet program.
Bitcoins have taken the world of online gambling and gaming by storm. There are significant advantages to using bitcoins for gambling over traditional government currency. Here are a few of the many reasons why you might consider using bitcoins for gaming.
For starters, bitcoins are a virtual currency that only takes a few moments to transfer back and forth. This means that bitcoins users can expect faster payouts, whereas users that use government-issued currency can sometimes have to wait weeks in order to have their winnings hit their bank account. Once bitcoins have been exchanged into your wallet, they can be traded for real-world currency or saved for another time. The biggest worry of a new online gambling site is whether or not you are actually going to be paid your winnings. Waiting a long period of time for this transfer process is stressful and unnecessary. Most players will stop playing during this time to ensure that they are actually paid out their winnings. Don’t miss out on the fun due to a long waiting period when you can use bitcoins as an alternative to traditional currency.
There are typically fees that are applied when playing on an online gambling website. These transfer fees cover the cost of the programs used to provide the transactions and cover any bank fees that are incurred by the website operator. Banks charge fees on all transactions so that they make a little bit of money for offering the convenience, but this takes away from your winnings. By using bitcoins users can avoid these transaction transferring fees and instead take their full winnings home with them. Some sites do still require a small transaction fee, but these are either heavily reduced compared to normal fees or are just a flat amount for the authorization and customer support.
For many countries gambling is either outlawed or considered a “grey area” where it’s not quite legal but hard to regulate. Depending on where you live, bitcoins can bypass these laws and make it perfectly legal to gamble with them. The way they do this is through the legal definition of a bitcoin. Bitcoins are commonly referred to as a commodity rather than a currency in legal terms, whereas most laws will only prohibit the gambling of currency. In essence, this means that bitcoins are completely legal in many places that normal gambling is not. Being impossible to track, some people even choose to use bitcoins where it’s illegal because it can’t be traced back to them. Check your local laws before participating in a bitcoin gambling website.
Another big advantage of bitcoins is that it keeps a consistent currency for online gambling, eliminating a lot of confusion. Online gambling websites are globally used, meaning that currencies from all over the world get played. Bitcoins allows for these currencies to be converted into a single entity. This keeps consistency and helps to avoid confusion when it comes to the currency exchange rate.
It’s quite interesting to see that most bitcoin online casinos are more transparent than standard online casinos and keep a good public record of all transactions and risks. This is due to the fact that every bitcoin transaction is trackable to the origin address, allowing for intuitive gamblers to see how much a gambling site is raking in and putting out. These create a situation in which fairer odds are necessary to bring in business while also keeping a transparent record to ensure that the casino isn’t cheating players. Bitcoin casinos are an advantage for gamblers.
The idea of using bitcoins for gambling is still a fairly new concept that is quickly growing in popularity. As people try out the system and build faith in it we will see a growing popularity in casinos that offer it as a way of paying for the services.
“My personal take on it is that people don’t view it as real money yet”, stated BitSaloon representative Justin Pincar. “We have seen people raise their bets based on the amount of time they have spent on the site, which makes sense, as they’re building trust that we’re legit.”
It is now a standard for probably fair technology to be used in bitcoin gambling casinos and should be watched for before choosing a site to play on. Provably fair technology eliminates the ability for both the casino and the player to cheat by requiring data from both ends to determine an outcome. Bets and winnings are publicly posted so that all users have access to this information. You can see how well other players are fairing in various parts of the casino and decide where you want to put your money.
Regulation varies from country to country when it comes to bitcoins. The problem with creating legislature around bitcoin regulation is that most people don’t understand it, and even those that do understand how it works find it difficult to create laws regarding trading a commodity. Bitcoin has grown in popularity and many other virtual currencies have risen up, and so more and more countries have begun to look into trying to figure out ways to regulate it for tax implications and fraud avoidance.
Australia – Back in October of 2013 the Australian Bitcoin Bank was attacked by a hacker that led to over $1 million in bitcoin value being stolen. This brought about a bunch of attention to bitcoins in the area, and The Reserve Bank of Australia has stated that they want to begin looking into ways to place taxes on the virtual currency much like what is done with government-issued currency.
Bangladesh – Bangladesh is one of the strictest countries in regards to bitcoins and virtual currency. They have completed outlawed the usage of digital currency as it was found to violate the anti-money laundering laws that have been put in place. Lawmakers made it illegal in September of 2014.
Brazil – Brazil is one of just a handful of countries that regulates the creation of new digital currencies, but currencies already implemented have no such regulations. This includes bitcoins, that doesn’t have any laws restricting its usage.
Bolivia – The Central Bank of Bolivia has decided to completed ban the bitcoin currency because cryptocurrency is thought to be a way to avoid taxes and create fraud.
Canada – Bitcoins and other forms of virtual currency are not considered to be a form of legal tender, and so there aren’t any laws that restrict their usage. The Canadian Revenue Agency has announced that they will be looking into ways to place taxes on these such currencies, however.
China – Although most country laws will refer to digital currency in general, China has actually outlawed the usage of bitcoins. Financial institutions and banks are not allowed to invest or deal in bitcoins. Back in late December the Central Bank of China labeled bitcoins as a “virtual commodity” and have restricted it from being considered a form of currency.
Equador – Equador has taken an interesting route when it comes to virtual currency. They have completely banned the usage of bitcoin and other third-party currencies, and are working on creating their own form of the electronic money system. This system would be controlled and regulated by the Central Bank of Equador.
European Union – The European Union does not consider bitcoin to be a regulated currency and warns people about using it as such. There has been a lot of debate on how exactly to classify bitcoins and other virtual currencies.
Finland – Finland does not limit the usage of bitcoins but have implemented a system to tax them. Any bitcoins transactions must be reported for capital gains tax.
Hong Kong – Hong Kong doesn’t have any laws that regulate or restrict the usage of virtual currencies such as bitcoin. However, they do have an agency that specifically watches the transactions performed with these currencies to ensure that fraudulent and money laundering activities are monitored.
India – India doesn’t actually have any laws that regulate the usage of bitcoins, but the Reserve Bank of India has released a notice that speaks about the security concerns that are presented with the digital currency. This caused the major India bitcoin trading platform to shut down several years ago.
Israel – The Israeli Tax Authority is actively working on a way to tax bitcoin transactions, but have no laws limiting the usage or regulation of the currency.
Kyrgyzstan – Bitcoins and other virtual currencies are considered to be “risky” and so Kyrgyzstan has banned them completed. They cite this law being made due to the lack of centralization of the currency.
Russia – Russia restricts the usage of digital currencies. It is considered to be a “money substitute” that can be used to launder money and to assist in funding terrorist organizations. As a result, there are heavy penalties imposed on those that are caught using this money system.
Taiwan – There aren’t really many regulations with bitcoins in Taiwan, however, it does prohibit the installation of Bitcoin ATMs anywhere in the country.
United Kingdom – The United Kingdom doesn’t have any regulations on the usage of bitcoins. However, it is taxed due to VAT being applicable for any goods that are sold or traded using the currency.
United States – Surprisingly, the United States is one of the most welcoming places in regards to bitcoins and digital currencies. There aren’t any rules that regulate bitcoins, but there have been a few regulations tabled that would create a framework of laws for the currency. As of now, nothing has been approved or made into law.
There are so many different ways that countries have reached out to regulate bitcoins, but there isn’t really a reasonable answer on regulation. Each country does things in its own way, and some countries even outright eliminate the usage of bitcoins as a simple solution to a complex issue. Most laws regarding bitcoins are created to avoid fraud and money laundering since it is impossible to track the possession of this currency and there isn’t a centralized system that regulates exchange. Most countries that choose not to regulate bitcoins will have some form of tax implemented on them, but these tax laws are very difficult to enforce due to the anonymity nature of bitcoins. Laws are continually changing and you should keep an eye out on how your country regulates bitcoins before getting too deep into them. As a relatively new thing, we can expect a lot of argument and modifications made to the current legislature as more people begin to understand just how it works.
Bitcoins are worth physical world currency and there are many users and investors that are continually trading in for bitcoins. Bitcoins are paid out when they have been exchanged for real money, which is typically done through an exchanging service.
An exchanging service helps you find buyers for bitcoins so that you can trade them off to other people for their physical monetary value. Exchange services allows you to accept offers and put up your bitcoins for trade, and then will collect the earnings on your behalf. From there, a person can choose to cash out their funds into their bank account. This will typically involve some sort of small fee for using the service that comes out of the final transaction. This all takes a very short amount of time since exchange services have thousands of buyers and sellers that are continually active on their sites. If you want to cash out your bitcoins fast, this is the easiest solution.
Of course, you can always directly trade bitcoins to another person. This is a bit less regulated and relies on one person trusting another to complete the exchange. There are even some services that offer to be the middle man between the transaction so that there isn’t any risk on either end. Once both parties have submitted the payment, the exchange is completed. Direct trade is usually a slower way to cash out bitcoins but users can sometimes get a slightly better deal in being patient.
Finally, there is peer-to-peer bitcoin trading. Rather than cashing out bitcoins for trackable physical currency, these types of services allow people to purchase goods with bitcoins. These goods are typically sold at a discounted price to offer an incentive for paying with bitcoins. These types of places get a reward of their own as they collect bitcoins so that they can sell them off to bitcoin investors. These types of services solve a mutual problem of cashing out bitcoins and obtaining them. There are many ways that this service can work for the person wanting to cash out. Some services have a store where they directly sell goods. Some places choose to allow users to create an Amazon Wishlist, and then someone else looking to pick up bitcoins will complete the order with a debit/credit card payment and will receive a certain amount of bitcoins in exchange. The bitcoin seller can typically indicate a discount percentage that they want for doing the transaction, which won’t normally go above 25 percent. On the buyer’s end, this does typically mean that they have to pay some form of fee for obtaining the bitcoins but it allows for the buyer to easily obtain bitcoins using just a debit or credit card. It offers incentives for both parties.
Buying bitcoins is a relatively easy thing to do, although it may be a bit more difficult to secure the best deals. There are several ways to purchase bitcoins so that you can deposit right into your wallet and either hold onto them for investment or use them for online transactions.
The first method of obtaining bitcoins is through cash deposits. There are exchange services that allow for bitcoin sellers to get paid physical money for their bitcoins, and then they sell them to buyers. These services charge a small fee for the exchange, offering a pretty decent price for the currency. They will generally let you choose how much physical currency you’re looking to spend on bitcoins, or the amount of bitcoins that you’re wanting to pick up. From there, you’ll get offered several purchase options and methods of transferring. These services will generally only serve a handful of countries, so ensure that your country is on their list. Bitcoin buyers will then submit a credit or debit card payment for their bitcoins, and will be sent them through their wallet.
Another option is to use peer-to-peer exchange centers. These centers allow for sellers to create wishlists and orders of material possessions that they want, and will set a discount amount that they want the exchange for. As a buyer, you can shift through these offers and select one with a low discount amount for the best deal. Complete their order, and when it arrives they will verify it on the site and you’ll receive your bitcoins. This method takes a bit of time and is kind of slow, but it is usually one of the best values.
Bitcoin ATMs are a pretty good option if they are available in your country. These ATM services allow you to buy from a secure site, but it does mean having to physically drive to an ATM rather than trade directly from your computer or smartphone. There are apps, such as Coin ATM Radar, that will indicate the closest bitcoin ATM location in your area to make it easy to find where one is at.
If you’re able to directly find a seller you can avoid the exchange rate of third-party services. Sellers can be found on various forums and chat rooms, or you may just know someone personally. Since there is more risk for a seller than a buyer, they will normally want the buyer to pay first before completing the bitcoin exchange. This method is the riskiest form of trading for buyers, but it comes with the smallest fee.
It’s easiest to buy small amounts of bitcoins at a time to add to your wallet collection rather than a bulk amount. Most people are small sellers that are looking to cash out, and this is often how you can get the best value. Collectors with lots of bitcoins are looking to make a profit and will only offer higher rates of exchange, making them less worth it as a buyer. Even bitcoin ATMs and exchange services have set limits due to the risk that is involved with bitcoin trading. In-person trading will get a buyer the best deal, but these types of trades are hard to come by and won’t allow for long-term deposits in most cases.
So what exactly are the benefits to using bitcoins as a form of online currency? With debit and credit card payments being widely accepted, it might make little sense as to why you’d want to use a new currency to handle transactions. There are quite a few reasons bitcoins are such a popular form of online exchange.
Low Inflation Risk – A major problem with working with multiple physical money currencies is the unsteady rate of inflation. Depending on how much of currency there is in circulation and how valuable a country is among a variety of other factors will determine the actual value of a currency, and so those that have to continually trade between currencies might find this a bit irritating. Most currencies depreciate in value as countries print more money, which is basically a small tax on a person’s wealth. Bitcoins have literally no risk of inflation since there is a set maximum amount of 21 million bitcoins. With 11 million already found and the rate steadily declining, the small bitcoin inflation rate has leveled out.
Low Risk of Collapse – Government issued currency relies upon the government that represents it, and these tend to fail from time to time. This is why countries go through recessions and depressions. These types of events can collapse a currency and have done so several times in the past. Since bitcoin isn’t a government regulated currency it never runs the risk of collapsing due to global events.
Safe and Secure – Most online payment processors will give purchasers the option to refund their money back for almost any reason at the expense of the seller. This is done so that buyers can feel secured in making purchases, which mainly just benefits the payment processor itself. It puts the burden of the refund on the seller and can sometimes even inflict penalties for these types of transactions, even if the seller isn’t at fault. With bitcoins, there are no refunds and no third parties that can force a refund. Once you own a bitcoin private key, the bitcoin is yours and yours only. It is impossible for a buyer to request a refund, or at least force a seller to give them one. Even exchange services cannot reverse transactions once it has been completed.
Easy to Carry – While this isn’t a big problem that society is seeking a solution for, bitcoins are convenient and easy to carry with you. They can fit into a USB drive, which can hold literally billions of dollars in wealth.
Untraceable – Being untraceable can be considered both an advantage and a disadvantage. The biggest benefit is that no organization or government facility can track your exchanges, but this has led to many countries completely banning the currency for fear of money laundering. This also gives bitcoin holders the advantage of having noncollectable funds that an agency can’t force them to payout since it’s impossible to get a private key from someone who chooses not to give it out. This will protect a person’s assets from these forms of collection activities.
Not Widely Accepted – Unlike government-issued currency, bitcoins aren’t widely accepted. You can’t go down to your local grocery store and make a purchase. While there are dozens of online places to use bitcoins, most of the time they’ll need to be exchanged for physical money in order to use them in the offline world.
Hard to Trade – It can be difficult and time-consuming to trade bitcoins. Exchange services make this easy, but they’ll charge a fee for such exchanges. It isn’t as simple as making an easy transfer from your bank account into PayPal. There are many convenient services popping up all over the place as the market fights to offer the best solutions, but it’s a work in progress.
Regulations – Some places have strict regulations on bitcoins and countries have gone as far as banning it altogether. While it is hard to actually enforce these regulations since bitcoins are untrackable, it does create inconvenience and can cause harsh penalties for those that break local laws to use bitcoins.
Still New – Bitcoins are still a new form of currency on the market as they are only a few years old. This means that it is always possible that someone will find a major flaw in the system, although highly unlikely. There are also limited services of the currency as this time, but the advantage of being a new currency is that there are very few regulations.
It should be noted that the growing market price of bitcoins has steadily increased. This is due to the rising popularity of bitcoins. As more users begin to trade bitcoins and use them, it creates less bitcoins available per person. This pull of supply and demand is causing the value of a single bitcoin to increase. As an investor, this comes as an advantage to make a lot of money. By buying bitcoins now, you may be able to sell them for a much higher face value in just a few short years. In May of 2012 a bitcoin was worth less than $10, and within a year the price rose to almost $225 a bitcoin. In the year 2016 a single bitcoin has risen to the price of $759. The value of bitcoins is expected to continue to grow.
Bitcoins are a great new way to pay for things and to invest. They serve a ton of benefits for bitcoin users and are a secure form of currency that is nearly impossible to steal. With a growing trend in value, now is a great time to invest in collecting bitcoins for a sizable profit. Many online gambling casinos have begun to accept them as a form of payment, allowing for bitcoin users to use their favorite currency in some of the highest quality casinos on the web. Join the rising bitcoin phenomenon today!
Paypal was started in 1998 by two people named Peter Thiel and Max Levchin. Originally, Paypal came from two previous companies that were named Confinity and X.com. Confinity was a company who’s primary focus was cryptography while X.com was focused on financial services. Eventually, the two companies merged in 2000 and became known as Paypal a year later. However, Ebay bought out Paypal in late 2002. During that time, Paypal already had 60% of their customers coming from Ebay. Interestingly enough, Ebay is currently talking about leaving Paypal. At the time, Paypal had over 153 million accounts and is able to transact 17 different currencies. Now, that number is over 163 million accounts and 50 different currencies.
Today, it’s the most popular online payment processor. The online payment processor is available all around the world, including Australia, Canada and the United Kingdom. Paypal’s headquarters are located in San Jose, California, Luxembourg and Singapore. The company’s revenue reached $2.16 billion in 2014, with a growth of 18% every year. Their loss rate is very low, averaging out to only 0.32%. Paypal is used by a large variation of people, including lawyers, businesses, employees and employers. The payment processor works by linking someone’s credit or debit card to their Paypal account, making it easy to deposit funds directly into their bank account.
Paypal now has made apps that make online transactions a whole lot easier. A simple transaction can now be made with a push of a button. According to a 2014 survey, about 45% of people use this mobile app to make Paypal transactions. One of these methods include scanning a product with a smart phone and paying for it with Paypal. Rather than using credit or debit cards, many see Paypal as a safer way to purchase online goods. This is probably due to the fact that Paypal digitally encrypts all private information. As a result, more websites are starting to accept Paypal payments. In fact, many freelancing websites use this payment method. Paypal’s simplicity and security is responsible for making it a long term, successful company. Ebay’s future split from Paypal in 2015 is said to drastically help both businesses.