Bitcoin as a virtual currency has had a great impact on online gambling. It is now among the popular banking methods available at several online casinos where players can make deposits and cash out winnings with Bitcoin. To begin with, Bitcoin is different from other payment platforms such as Skrill, PayPal and Neteller. If you are looking for more information or are confused about Bitcoin vs. Neteller, you’ve landed on the right page.
What is Bitcoin?
For the most part, Bitcoin is a virtual/digital currency that is created and held electronically. The owner does not physically hold the currency like one does with dollars or euros. It is produced by people using software that solves mathematical equations. The mathematical formula is open source and available for anyone to check.
Characteristics of Bitcoins
As compared to government-backed currencies Bitcoin has several distinct features.
- It is decentralized and therefore no central authority can tinker with monetary policy and cause a meltdown.
- Bitcoins are easy to set up in a few seconds. It only takes an online Bitcoin wallet account to get going with no fees payable.
- It also provides a great deal of anonymity to the user who can hold multiple addresses which are not linked. Even though details of every transaction are stored in a blockchain where anyone can see how many Bitcoins are stored in an address, they do not know who the holder is.
- There are no fees involved when transacting in Bitcoin.
- Transactions can be conducted in minutes. If you want to fund your online casino account you can have the money available in your account in an instant.
- Bitcoin is non-repudiable, which means the recipient doesn’t guarantee returning it.
What is Neteller
Neteller is one of the popular e-wallets supported by several online casinos. It can be used to make online casino deposits as well as withdraw winnings. To open an account you need to provide account information as well as personal information and then make a deposit. Deposits are instant via credit or debit card but usually attract a 1.75% fee while bank transfers can take between 2 to 5 days.
Bitcoin vs Neteller
Bitcoin and Neteller have their own distinct benefits and disadvantages as well.
Ease of use
Both platforms are easy to set up and use although Bitcoin is faster. However, currently, the number of online casinos that accept Neteller far outnumbers those that support Bitcoin.
At online casinos, transactions by Bitcoin are free whereas Neteller can attract a fee between 1.75 to 4% of the total amount.
Bitcoin transactions are instant while you can expect Neteller to from 24 to 48 hours to reflect in your account.
When it comes to Bitcoin vs. Neteller, the crypto-currency offers complete anonymity. On the other hand, you still need to link Neteller with your bank account or credit/debit card.
To conclude, when it comes to Bitcoin vs. Neteller both provide a number of benefits when it comes to funding your casino account or cashing out winnings. It all boils down to your preference. Just make sure to read the terms and conditions before choosing a payment method.