NETELLER says no to Bitcoin

[The Buzz]

NETELLER recently changed its terms and conditions to include a provision restricting use of the payment processing system to "facilitate the trade, exchange, purchase or sale of bitcoins, or any other virtual currency."

Considering NETELLER was on the forefront of the payment processing e-wallet system a decade ago, this may be surprising to many. However, the company is quite different today than it was 10 years ago, when it was processing payments in the United States in a decidedly gray market.

http://www.coindesk.com/online-gambl...snubs-bitcoin/

[universal4]

Not the most popular opinion I know, but I think this will end up being a good move for them.

They have first hand experience dealing with the DOJ and having a LOT of $$ confiscated, and they must suspect that allowing the coins would increase the risk of that happening again.

Rick
Universal4

[247casino]

BTC has to be operated now in neutral countries, I think the Caymans will be where major btc banks are soon located IMO

Bicoin is the future of OLG imo, it's a great way to avoid all the jurisdiction issues if you base yourself out of a neutral country.

[ocreditor]

Eventually everything will be legalized, even bitcoins, there is no escape from legality

[jpettersson]

I think long time will pass until BTC will gain a large adoption (from legal AND psychological point of view)

[Sherlock]

Neteller is ded company. I mean thay have some declining revenue. Ready for takeover. Skrill/Moneybookers are less and less progressive as well. Where are the 0.5 fees for p2p payments? Now it is 10 Euros for non VIP's.

They are all scared about BTC. And in short term it is indeed good for them to ban BTC (less hassle, less competition). In long term it will only help BTC with low transaction costs. Not to mention that it is impossible to proove that certain p2p transactions backed by BTC exchanges escrow were connected to BTC trade.

[TheGooner]

BTC low transaction costs? Markets like btc-e are charging 4% vig plus paypal & card charges between 5-7%!
That's a very inefficient market.

The only way you seem to get low transaction costs are direct person-to-person trade where you already know and can trust the person involved to pay the fiat price some other way. That's no solution for commerce or business.

[TheGooner]

Where are the 0.5 fees for p2p payments? Now it is 10 Euros for non VIP's.

Wait ... In my Bitcoin rant I misread this ... sorry.

Are Skrill really charging 10 euros for P2P?
I do several each month and am still being charged the 0.5 EUR - I didn't realise I was getting a VIP rate.

EDIT : Found it.
https://www.ewallet-optimizer.com/sk...november-2013/
https://www.skrill.com/en/personal/fees/

Still 1% beats the 4% BTC market charges.


Now I can do p2p in Neteller for free - I will have to go and see if that is the normal rate too.

[Sherlock]

I think Neteller lowered the fee for commoners to competitive rate and then set it higher.

You mix apples with pears.

P2p transactions in the same "currency" are the most favourable for BTC of course, because there is option between to have it free and wait until transaction is cleared or to pay a very small fee for it and have it instant.

When you go to (meanwhile illegal) exchanges from USD to Skrill-USD, EUR to Neteller-EUR exchnages, you get very high rates as well (many people do not use them, because you can simply withdraw to bank account for flat fee, but the xchanges are here).

It is different services what you talk about - p2p payments vs. exchanges. You do not need some exchange, when you send Bitcoinsor when you pay via bitcoins. You need just recipient's ewallet and of course it is based on trust, there are no chargebacks (as they are not by Skrill unless you use them as cc processor).

This is all mixed up now, because many people do not have Bitcoins, so they pay and exchange BTC at once and they think that is transaction cost of BTC. It is not.

BTC is low and getting lower, I missed the previous bubbles like idiot, but now my gf is starting to buy for us in heavy scale. Already bought some MDMA, it is working great. Drugs will not this currency die and that is important factor of BTC sustainability. What is needed for the currency to go on is more state regulation, greedy competitors like Neteller and best scenario are defaults of countries and currencies. All those 3 factors will happen in near future.

I also think that since the exchanges are simply just BTC escrow service on free market, their fees have a lot of space to go down. If I were not so busy and in need of money, I would do it for myself. It is great service with high ROI. Investment couple of tens of thousands and it can only grow. But even now the fee AT THE BTC EXCHANGE is 1% and not 4% https://localbitcoins.com/fees, which is for transactions under 100 Euros cheaper for Skrill VIP's p2p and under 1000 EUR for normal users p2p payment [the Skrill p2p payment is 1% capped at 100EUR for VIP and 1000EUR for small users].

[PROFRBcom]

Hmm on Skrill, as a VIP, all my p2p transfers are refunded in full each month (unless something changed very recently that I am unaware of).