September 27, 2023

Innovation & Tech Today


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Making Deposits and Transactions in the Internet Age: Are Web Wallets the Answer?

In a world where online transactions are expected by people to be easy and instantaneous, transaction and data security become paramount. After all, there are a ton of security concerns (some of the most terrifying are detailed here). So how can you feel safe and secure making transactions online? Here are a few ways.

Security in Bitcoin?

There are many ways to send money online. You can, of course, just use a credit or debit card, or you can use other, arguably more secure methods, such as web wallets. The confusing aspect for consumers is knowing which is best to pick.

This is where Bitcoin can come in. Bitcoin is now a widely accepted form of currency (or cryptocurrency if we’re being accurate) online. Having earned itself the title of “digital gold,” the currency is viewed by some people as the answer to the issue of security in the world of online transactions, since bitcoins are less at risk of fraud.

The security element to Bitcoin clearly isn’t an issue, and with a myriad of industries, including travel, iGaming and entertainment now accepting Bitcoin as a recommended means of transaction, the real issue surrounding its usage revolves around the threat of volatility in terms of the currency’s future, as well as the fact that many consumers still feel just a little bit confused by the world’s first cryptocurrency. The challenge has been magnified recently by the fact that the currency has experienced a split, which while initially received well by the financial markets, adds another slight layer of confusion for most consumers.

Where Else Can You Feel Secure?

“hacker” by (CC BY-SA 2.0)

There is no doubt that the preference for most consumers still focuses largely on traditional currencies, and transferring money from accounts to web wallets where money can be kept safely and securely is a real priority. For example, when you play online slots your casino deposit will be secured with the very latest encryption technology if you use the likes of Paypal and Skrill, all of which are recommended by iGaming companies due to the ease in terms of depositing and withdrawing.

These methods avoid the volatility that can affect Bitcoin, and they also have the great advantage of allowing you to limit the amount of money that anyone looking to hack your account would have access to; you choose to deposit a set amount of money in the account before then transferring it elsewhere using the secure transaction method (so, in the very unlikely event a hacker does get access to the account, the available funds would be limited).

The battle to stay secure and beat the hackers is ongoing. For consumers who are not keen on entering the uncertain world of Bitcoin, the chance to deposit and withdraw money using a web wallet is a great way to control funds while feeling confident about the security levels of any transactions taking place.

Featured Image “Bitcoin statistic coin ANTANA” by Antana (CC BY-SA 2.0)

By Alex Moersen

By Alex Moersen

Alex Moersen is an Associate Editor for Innovation & Tech Today, covering pop culture, science and tech, sustainability, and more. Twitter: @yaboii_shanoo

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