Although Bitcoin and other digital currencies are gaining popularity there are still a lot of people that may be sceptical about signing up. However here at PremierPerHead.com we are big fans of Bitcoin and the tips below will show you how to dissuade users of your online bookmakers to use them as well.
Of course there are lots of different digital currencies so you don’t necessarily have to use Bitcoin but the choice is up to you. We mentioned in yesterday’s blog post about understanding Bitcoin charts is the first step into increasing your profits from digital currencies. So after reading that blog post and then taking in the information below it will help you to understand the value of using Bitcoin and how to persuade customers to do the same.
Digital currencies are now widely recognised as real currencies where previously people were sceptical and thought the whole thing was a scam. But as many people now are making a great deal of money from trading Bitcoin’s they are widely accepted now as a legitimate currency.
Speaking generally digital currencies provide many different benefits to both you the agent as well as your customers. The key to success is providing the benefits that you are receiving is the agent through to your customers.
The Main Advantages Of Using Bitcoin And Other Digital Currencies
- No Processing Fees
Before Bitcoin was widely used most bookies accept payments by credit card, PayPal or Western Union for their online bookies. However, as you are properly well aware click are comely charge quite large fees because they see deposits to gambling companies the same as withdrawing cash and therefore you are liable to pay a hefty fee.
Also PayPal charge high fees but in addition to this they are notorious for causing problems especially when you start receiving large amounts of money.
Western Union, while they are less scrupulous when it comes to what the money is being used for they still charge large fees which you the bookie end up having to suck up.
Because digital currencies are effectively peer-to-peer there are no middleman fees to pay.
- Get Your Money Quicker
You will properly know that when you receive money free credit card transactions most credit card processors will keep the money for at least a week before releasing them to you. Our eyes this is unacceptable when trying to run a business with high cash turnover. Again, with PayPal when you start dealing with lots of money they tend to start adding 30 day holds on your money to prevent money laundering. Even when you prove to them that you have received the money legitimately they will still keep the hold on your money.
When you use digital currencies the money is generally in your account within seconds and when the Blockchain is complete (around about 30 minutes) you will be free sell those Bitcoin’s for whatever currency you choose if that’s what you wish to do.
keeping your finances safe and secure is probably the number one priority for any payment processor. The best part is that it is incredibly easy to keep your Bitcoin wallets very secure. Once you secure your accounts with password you also have special word clusters that only you keep to ensure that no one else can simply get a password and install your wallet on their computer. As is you practice keeping your password safe (i.e. printed out and locked in a safe or stored securely) then it will make your Bitcoin wallets even more secure than your credit card details et cetera.
If you can stress enough the importance of financial security when running bookmakers, then coming on ball with digital currencies is a no-brainer.
A lot of people in the bookmaking industry like to keep a certain level of anonymity especially with their financial matters. Bitcoin (and other digital currencies) enable you to do this easily.
You can get a Bitcoin wallet from the likes of Electrum, Keepkey and Trezor quickly and easily and within minutes you will be set up with a Bitcoin wallet that generates addresses for you to receive funds. There are online wallets as well such as blockchain.info which store your coins in the cloud. I highly recommend that if you are to use a cloud-based wallet then make sure you enable two factor authentication. The reason for this is that websites like that may well be targeted for attack at some point. My personal preference is not keep funds in an online wallet any longer than I have to.
Because the Bitcoin network works and surgical block chain which is a peer-to-peer system it means that the addresses are generated with no personally identifiable factors about them. The network simply sends currency through the Internet from one address to the other.
By using the information that we have provided you in this article as well as what we wrote about in yesterday’s post you should be able to get a good idea of why we really enjoy using Bitcoin over any other form of payment. Of course you’re never going this way that suit you everyone to use it however the strongly recommend that you become an advocate the digital currency.