Bitcoin is nowadays one of the most popular and widely used cryptocurrencies in the crypto world. Opposite to important traditional currencies (fiat money), such as USD, Bitcoin is decentralized. It means that it is not influenced by the situations on the world trade market. As well as all other cryptocurrencies, Bitcoins are produced by mining. Quite similar to fiat money, Bitcoin can be used for trading, buying and saving purposes.
Although, world public became aware of the cryptomarket since the last peak in 2017 and many of the people became active or at least curious how to master the crypto market, Bitcoin has almost a decade long history.
Bitcoin has been created in 2008 by unknown individual or perhaps even a group of people under the name Satoshi Nakamoto. Bitcoin as we know now was actually a side invention of A Peer to Peer Electronic Cash System which is similar to Skrill and Neteller option.
Actually, since the 90's, there were several attempts to bring such a solution to the market, which indicates the importance of the technology. Probably Bitcoin succeeded because of the market maturity, based on the massive use of the internet and globalization.
In 2009 the Bitcoin software became available to the public and mining=producing Bitcoin was possible by anyone.
Since that time Bitcoin had its peaks and bottoms, furthermore other cryptocurrencies emerged and the market became highly competitive and complex. Nowadays, there are more than 1,600 cryptocurrencies in existence and the number is growing day by day.
Even if so, Bitcoin remains the most popular crypto currency and further a paying method.
To use Bitcoin, you will have to get a Bitcoin wallet. It is a digital platform, not a physical wallet. There are many available on the market, however, there are some more user friendly than others (i. e. Blockchain.info), some are more suitable for your mobile phones, some for desktops and some are safer than others. For this very reason, it is very important to make initial investigation that is called DIOR - Do Your Own Research.
Just as you require Skrill and Neteller e-wallet to send and receive fiat money (regular currencies), you need a Bitcoin wallet to be able to use Bitcoin in crypto market. Similar to Skrill and Neteller, Bitcoin wallet also requires prior registration and verification.
We compare Skrill to Neteller with the Bitcoin wallet as they support similar transaction activities, can be used together and allow a similar overview of the user account.
However, it is important to note that Bitcoin wallet only support cryptocurrencies which is opposite to Skrill and Neteller e-wallet where you can hold, upload, download and send only fiat money.
Bitcoin wallet is like Skrill or Neteller e-wallet since it enables you to:
|Function||Bitcoin wallet||Skrill e-wallet||Neteller e-wallet|
|Check your balance|
|Check history of your transactions|
|Sending money P2P||Yes, with Bitcoin address (long and unique combination of numbers and letters)||Yes, with e-mail address||Yes, with e-mail address|
|Upload money with several options||Yes, different exchange platforms||Yes, you have several options||Yes, you have several options|
|Download money to your bank account or other||Yes, even to Skrill and Neteller||Yes, you have several options||Yes, you have several options|
|Limits||No upper limit for your balance
No limits for sending, receiving, uploading and downloading Bitcoin
|No upper limit for your balance
Yes, limits are dependable on your Skrill status. VIP members have higher limits.
|No upper limit for your balance
Yes, limits are dependable on your Neteller status. VIP members have higher limits.
|Fees||Yes, fees for transactions, uploading and downloading Bitcoin.||Yes, fees are dependable on your Skrill or Neteller status. VIP members get lower fees.||Yes, fees are dependable on your Skrill or Neteller status. VIP members get lower fees.|
|Credit or Debit Card||Yes, Bitcoin debit card||Yes, Skrill Prepaid Mastercard||Yes, Net+ Prepaid Mastercard|
|Optimized for I-gaming, I-betting, Forex and e-commerce|
|Sync between Bitcoin, Skrill and Neteller e-wallet|
To start exchanging Bitcoins with other cryptocurrencies or make any other transactions, you have to buy some Bitcoins or even part of it, if one Bitcoin is too expensive for you. There are many ways to do that, however the fees will vary.
Similar to Skrill and Neteller fees for using reversible payment methods are a bit higher (credit card, PayPal, etc.) and fees for using irreversible ones are lower (i. e. wire transfer). Reversed payment methods are the ones, where you can dispute a charge in your balance and then get your funds back.
Once you have Bitcoins in your Bitcoin wallet, you can start using them:
You can exchange Bitcoins to another cryptocurrency or to regular fiat money. There are more than 1,600 cryptocurrencies in the circulation today and space to exchange them and to earn money became a rapidly-growing space. Many cryptocurrency platforms for the exchange has been created to meet the needs of the exchangers.
In the past few years, many companies have started accepting Bitcoins as payment and you can use it to buy simple goods such as pizza or highly demanding services such consulting services such as accounting. Of course, i-commerce industry is one of the first ones who accepted Bitcoin as payment method.
Bitcoin was made especially for online use and it is optimized for online gambling, betting and forex. It provides privacy, security, efficiency and ease-of-use, which are the core values of the people who are in this industry.
A Bitcoin debit card is issued by 3rd party companies which will take fees for their services, very similar to any other debit card options. Once you have Bitcoin debit card, you can buy all kinds of goods and services where debit card is accepted, on the internet or in physical stores.
The great thing about Bitcoins is that you can use them to return the money you have borrowed from a friend or family or use it if you wish to contribute to a group birthday gift or settling a bet among peers.
Bitcoin is optimized for online gambling and betting since was born on the internet. It enables a high level of security, privacy, efficiency and it is user friendly which are the core values for the key users.
You have an option to use your Bitcoin wallet as your saving account and hold Bitcoins until their value reach a certain level or until you need to make some sort of investment.