In an unexpected turn of events, popular payment processor and prepaid card provider Neteller has added a Bitcoin deposit option to their platform. Most of our readers will know the name Neteller, as it is one of the most widely accepted payment methods for online gambling. Even though Bitcoin and online gambling go hand in hand these days, this is a major step forward for Bitcoin acceptance, in general.
Neteller – A Brief Overview
Neteller offers a wide variety of services, ranging from processing online payments through traditional means – such as credit cards, debit cards, local bank deposits and international wire transfers – to issuing their own Net+ Prepaid Mastercard and money transfer service.
You can look at Neteller as a way to “mask” your private financial information in a way, similar to how Paypal runs their business model. Granted, you have to share your details with Neteller, but they will act as the “shielding company” when you use their service to make an online payment. A lot of users prefer this extra “protection” as they are not too keen on sharing financial details with just anybody.
There are two main aspects of the Neteller service; moving money from you to Neteller and vice versa. Deposit methods vary by country and are subject to certain fees, which you can read more about here. If you take a close look at some of the service fee percentages being charged, you can see why the world truly needs a payment method like Bitcoin.
Cashing out money from your Neteller account can be done in several ways; depositing funds to your favourite site [for a specific purpose], using one of the offered withdrawal methods [such as bank transfer, cheque or the Net+ Prepaid Mastercard] or using Neteller’s Money Transfer service to send funds to anyone else in the world. Once again, most of the withdrawal methods are subject to a certain fee, which you can read more about here.
Enter Bitcoin – Deposit Without Fees?
At the time of publication, it remained unclear as to when Neteller would implement the Bitcoin deposit method for their platform. However, the decision stunned a lot of people, as Neteller’s Terms of Service prohibited users from “trading, exchanging, purchase or selling of bitcoins or any other virtual currency”.
Once Neteller made that statement quite clear in their ToS, a lot of the platform’s user base turned to social media in order to plead for a Bitcoin option on the website. And it looks like that strategy has worked, as Neteller will be integrating Bitcoin deposits “soon”. According to the information we have received – which is not officially confirmed – there will be no fees associated with depositing Bitcoin to your Neteller account.
Source: Neteller Representative
All images courtesy of Pixabay