Could BitPay be the New PayPal?
BitPay Looking Ready to Grow
With news of new investment into BitPay, it's looking highly likely that some of us will be using Bit Coins as our payment and withdrawal method in the very near future. BitPay is an online payment solutions company that has been financially backed by a group of well known tech investors who have noticed the potential in the Bit Coin currency. Bit Coins have been use in the gambling industry before with some success however this new investment may see it do better this time around. Bit Coins are unregulated and therefore leave little to no paper trail unlike credit cards, also there can be no chargebacks making it a safer option from the merchants perspective. There are huge obstacles however with the main one being trust. As Bit Coins are unregulated many online gamblers fear that they may simply disappear at any time and this has been a feature of many forum discussions. It may be OK for the casual gambler to have a little cash tied up in Bit Coins but for a large player to be wholly reliant on them may be another story. The new currency is however growing fairly quickly and there are new merchants popping up each day and many have likened BitPay to PayPal in that it offers a fast money transfer service without the need for much personal information to be shared. The authorities are of course aware of payment solutions such as Bit Coins however it would take some time to enforce any laws upon them as there is no domain or website and those that use Bit Coins keep them stored in a 'wallet' on their computer. It is a peer to peer network which would mean dealing with each peer within that network on a separate basis. It will be interesting to see if the currency takes on and where it can go in the world of online gambling.