Bitcoin

Published on October 1st, 2015 | by neteller

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The Deposit Fee of Biticoin is lowered by 1% by Neteller

The large network of Biticoin received a pleasant surprise when Neteller recognized the Biticoin deposit feature. Initially Neteller was against the use of virtual money. But the current CEO of Neteller felt that the time to recognize crypto-currency had come and this would play an important role in the future years. In keeping with this positive attitude, Neteller reduced the deposit amount of Biticoin by 1%. The original fee was 5%. In fact an ordinary person has little knowledge about Biticoin which is a good example of crypto-currency.

The Deposit Fee of Biticoin is lowered by 1% by NetellerHow is Biticoin different from traditional currencies we use?

You can use a Biticoin to buy things online. Dollars, Yen and Euros can also be used in the same way. But here comes the major difference and that is, no institution is responsible for controlling the biticoin. In fact it is decentralized. The basic principle of biticoin is based on simple laws of math. In fact software developers use mathematical formula to create biticoin. What is astonishing is that the formula is available on the internet as an open source and you can download and create your own biticoin.

How does it benefit the user?

The decision of Neteller to reduce the deposit of Biticoin to 1% is very significant. This would lead to more customers to use biticoin and they can send it anywhere in the world. Thus in just a few seconds you can send emergency money or receive money when you face exigency. The greatest benefit for customers is that banks are not needed any more. Also the transaction fee collected is less and it is cost effective when compared with service fees of traditional payment systems. Over the years more companies are accepting biticoin as a payment system and this has made more customers use it.

What happened when Neteller employed Biticoin deposit feature?

The recognition of Biticoin deposit feature by Neteller was a major victory for Biticoin network, as Neteller policy was against the use of virtual money. Biticoin was known for its less service fees and the introduction of 5% deposit came as a major shock. This was quite a substantial amount. But later on Neteller understood various facts and lowered the deposit rates to 1%. This has made Biticoin popular again. Here it is essential to understand that credit card payment costs around 1.9% while Paysafe card has a whopping surcharge of 7%.

How has this helped merchant?

Initially merchants were skeptical to use Biticoin. Here they did not need to pay extra service fees or set up any extra infrastructure. But when a popular online payment company like Neteller recognizes Biticoin and accepts it as a payment option, then the merchants would start using it more often.

In conclusion it can be mentioned that the growing use of Biticoin among various people all over the world, indicates that digital currency has been accepted and it would be the future of currency in the next few decades.

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