Every day we pay for goods and services and, unfortunately, at the moment we can’t use bitcoin in everyday life (shops, gas stations, cafes). A number of bureaucratic moments, lack of information among people – all this create barriers to business and stall the development of both Bitcoin and, in general, Blockchain technology.
Fortunately, over the past year the situation is beginning to change. In some countries, bitcoin banks are opened and Bitcoin ATM network expanding, where you can easily buy and sell your coins. Going in step with time, businesses begin to accept bitcoin, and people trying bitcoin in mutual settlements (for example, when selling real estate).
The purpose of our site is to popularize bitcoin as a means of payment in online casinos. Bitcoin, for a number of good reasons, is very convenient for both casino owners and us – players. In this review, I will honestly describe all the pros and cons of using crypto currency bitcoin and electronic wallets from Paysafe Group Skrill and Neteller when gambling online.
Skrill / Neteller – the most convenient payment methods for casino players?
Electronic wallet Skrill, formerly known as Moneybookers, was created in 2001 and became a truly revolutionary product. Strongly secure and simplifying online payments – Skrill quickly took a serious part of the market.
The mission of the company, which is still actual today:
- Ease of use of all Skrill products, as well as easy integration to the merchant for business;
- Reliability and speed of operations;
- Access to wallet anywhere in the world and at any time of the day.
In 2004, Optimal Payments, which owns Neteller, processed 80% of payments in gambling, and 95% of the income was earned from online casinos transactions. A well-known event in 2006, when online gambling was banned in the United States, greatly shook the company. More than 250 thousand electronic wallets of US citizens were closed, and the profit of Optimal Payments fell more than 4 times.
In 2015, Skrill Group was purchased by Optimal Payments, its main competitor. After the merger, in fact, already with the new brand name “Paysafe Group”, the company became a monopolist in the online gambling payment market. And as we all know, monopoly is not good, and that was time for customers of both wallets to “tighten the belts”. In both services commissions have started to grow, withdraw limits from the system have been lowered, verification process has become more complicated and so on.
Let’s note the main advantages of Skrill / Neteller:
- Quick casino deposits;
- Reliability of payments;
- A lot of supported currencies;
- Good protection against fraud.
- You need to confirm your identity;
- High commissions for the depositing / withdrawing your own funds / transfers between wallets;
- Your wallet can be blocked for a variety of reasons;
- In many casinos there are commissions for deposits and cashouts via Skrill / Neteller;
- Various limits on payments.
On our website, we have described many times advantages of using bitcoin when gambling online.
I recommend you to read the following articles:
- A guide to Bitcoin – it’s simple!
- You’ve bought Bitcoin. What’s next?
- Bitcoin in gambling
- Bitcoin wallets
- What you need to know before starting Bitcoin
Comparing Skrill / Neteller with Bitcoin I see next advantages of BTC:
- Complete anonymity;
- Instant transaction;
- Very low commission – from 0 to 10 cents for each payment;
- No one can block your account;
- All payments are irreversible. Third parties can’t change info in Blockchain;
- Bitcoin is simple and easy to use.
- Volatility of exchange rate;
- Lack of places where you can spend Bitcoin (cafes, shops etc).
About volatility. For us, gamblers – this is more plus, than minus, and the trends of recent years shows only a further increase of bitcoin. The more people use bitcoin – the higher its cost and interest from the business. Progress does not stand still, so we can expect that in the coming months and years the rapid development of crypto currencies will push business to use Bitcoin and Blockchain deeper.
I will be glad to discuss this article with you in comments, you are welcome!