It has now been over a decade since Bitcoin was released and made known to the public. At the time, probably nobody could’ve imagined the heights it would eventually reach. From that point on, it has become a global sensation, and people from all walks of life have started doing their research and getting involved.
At the time, it was a subject with a reasonably high technical entry barrier, meaning that if you wanted to participate, you’d have to do your due diligence with research and get familiar with at least the most basic requirements. It wasn’t as easy as it is today. Now, you can just hop on any of the major crypto exchanges, and gain access to a wide array of all the available cryptocurrencies. With the level of demand and popularity, these exchanges are doing everything they can to make it as accessible as possible.
The problem with Online Wallets
For the most part, the most popular methods of storing your cryptocurrency have always been online wallets on exchanges like Coinbase, Binance, etc, Wallet Software like Electrum, and physical storage wallets like flash drives.
The first one mentioned, meaning the online wallets, have always been the most popular, as crypto exchanges have managed to make this otherwise tedious and highly technical process very easy and accessible for regular everyday people.
Indeed, the level of accessibility that these exchanges have provided was one of the catalysts of the ongoing crypto revolution. However, despite the benefits mentioned above, it’s not all sunshine and rainbows when it comes to exchanges. There are several major issues that exchanges started having with the increased popularity of cryptos. Ridiculous waiting times, limits on purchase amounts and tedious compliance policies like having to submit your government id documents are a few among them.
However, by far the most significant disadvantage is that these online wallets, the wallets on your crypto exchange account, are tied and built into your account, and technically speaking, aren’t fully in your possession. To put it in other words, your wallet is at the mercy of the exchange, and if at any point the exchange decides to suspend your account, for whatever reason that maybe, your wallet will be gone along with your account. If you look at it objectively, at the end of the day, the wallet isn’t 100% yours.
With these significant disadvantages in place, people that invest more time, money and energy into cryptocurrencies, are naturally more inclined and better-endowed to look out and take advantage of methods that are more favorable. Wallet software like Electrum and physical, hard-drive wallets are always more preferable and safer alternatives.
One of the major reasons why people get into cryptocurrencies in the first place is the level of security and privacy that they offer. This may be due to numerous reasons like making payments that you may want to keep private like gambling. Gambling is one of the most popular reasons why people use crypto, as it provides unparalleled privacy and helps residents of countries where gambling is banned. Casinos also provide very good benefits for crypto payments, as they’re cheap and instantaneous. This Betzest review showcases some of the benefits that are available for crypto payments, ranging from a 300% bonus for up to 600NOK to a 100% bonus for up to 3000NOK. A huge added benefit is the fact that Betzest has a partnership with Skrill and Neteller, both of which now offer almost-instantaneous Bitcoin purchase options. Companies like Skrill, Venmo, and PayPal are one of the newest players on the Crypto market and are now posing a serious threat to established exchanges.
The basic approach for these payment providers is to focus on speed and simplicity, which is what an average beginner is looking for when getting into the world of cryptocurrencies. On top of this, for the types of people who are looking for maximum safety that wallets like Electrum and hard drive wallets provide, they now can now enjoy a fast and safe medium of Bitcoin purchase and house it on their own personal wallet that is not tied to any external source like a crypto exchange.