Published on October 1st, 2015 | by neteller


The addition of Bitcoin Deposit Option is looked upon as a complete policy reversal by Neteller

The addition of Bitcoin deposit option by Neteller, one of the leaders in the segment of e-wallet has taken everybody by surprise. Financial experts feel that this step could be significant and this would indicate that it is the reversal of the company’s policy followed earlier by Neteller. Earlier Neteller prohibited any financial transactions of virtual money and bitcoins was such currency.

The addition of Bitcoin Deposit OptionWhat was the initial reaction?

Social media advertising has been extensively used to indicate the use of bitcoin feature. In fact a large segment of users is airing their experience in various social media tools and this could be the first step when selecting the bitcoin-deposit feature.  The official release on 25th March 2015 stated that the integration was undertaken under the patronage of Optimal Payment which was the parent company of Neteller and BitPay which is the bitcoin-payment processor. The President and CEO of Optimal Payment Joel Leonoff explained the simple fact that Neteller already provided its customers and merchants various easy online payment options. The addition of the Bitcoin deposit feature would further enhance the convenience which the customers would enjoy when they undertook their financial transactions. Joel Leonoff explains that the importance of crypto-currency cannot be ignored and he hoped that the growth would be very positive.

The significance related to the acquisition of Skrill

The acquisition of Skill by Optimal Payments for an enterprise value of $1.2 billion was a major event, which cannot be ignored. Neteller is popular and is associated with the online gaming-industry and in a major way. However a spokesman commented that this feature would not be currently available to the US customers.

Understanding a few interesting facts about Bitcoin

How was it discovered?

Biticoin is founded over the idea of crypto-currency. This idea was first floated by Wei Dai in 1998. The main idea was to create a new type of currency which would use cryptography technology and this technology would ensure that the transaction and the money are clean. The creation of bitcoin was undertaken by Santoshi Nakamoto, a software developer by profession. His many objectives were to create a digital currency which could be easily used and the service fee would be less. The concept along with its specifications was published in 2010 and then Santoshi left the project.

How is it run?

Many people are surprised when they understand the fact that there is no central authority associated in running Bitcoin. In fact the users play an important role here and they make various changes, which improves the performance of Bitcoin. To make the software work efficiently, all users have to follow specific rules and this ensures the compatibility. For a first time user, Bitcoin is simply a digital personal wallet which would allow the user to receive and collect bitcoins.

Who uses Bitcoin?

You would be surprised that people undertake business in various domains and extensively use bitcoins in their financial transactions. Online service companies like WordPress and Namecheap also use them. In fact, by August 2013, the popularity of Bitcoin crossed $1.5 billion and this just shows how this digital currency has become more acceptable to its common users.


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Send and receive money, store cards, link bank accounts and pay conveniently anytime and anywhere with your Neteller account.

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