Are e-wallets a real threat to cryptocurrencies?

Photo: Monito - Money Transfer Comparison / Flickr

Photo: Monito – Money Transfer Comparison / Flickr

Cryptocurrency enthusiasts are waiting impatiently for the day when traditional payment methods and fiat money will be left in the past. Nevertheless, it may be that these traditional options contribute greatly to the mass adoption of the crypt. Payment systems such as PayPal, Paysafecard and Skrill are best known for a wide audience and are widely used. The question is, if these trusted traditional alternatives can influence encrypted adoption.

Hard times for Crypto

After the clamor of the previous year around them, Bitcoin and the other cryptocurrencies that inspired Litecoin, Bitcoin Cash and Omisego lived not the best times of 2018. Last year their prices were rising incredibly fast but this year the market is affected by the bearish trend that has become a real reason for panic for a large number of crypto-traders and investors.

In the condition of such volatility, some more well-known payment methods are still considered a more popular option for many repeat consumers when it comes to online purchases. Many traditional payment systems are doing their best to expand their opportunities and enter new territories in order to attract more users.

For example, the Paysafecard payment system has established a partnership with Google this year and has become a payment method registered in the Play Store. The introduction of options like this could become a real barrier to collapse cryptocurrencies.

Dominant electronic portfolios in the online casino industry

PayPal is continuing its global domination as an alternative payment method, and its equity has now surpassed eBay to around $ 15 billion. The online payment platform is well used in the online casino industry, but there are other options that are perhaps more popular in the industry.

Skrill is one of these options. Its digital portfolio has over 35 million account holders worldwide. Casinos that accept Skrill tend to attract many players, and it was one of Canada's favorite banking methods. However, operations in the country ceased.

Furthermore, it has recently been announced that the service plans to add the possibility of buying cryptocurrencies including Bitcoin and Ether. This initiative could be a good way to increase the popularity of digital currencies. Hence, encryption enthusiasts only hope that Skrill will not be pulled out of more countries as happened in the case of Canada.

Although at the moment, it may seem that the popularity of e-wallets and other online payment platforms could mean a threat to cryptocurrencies, it does not. Such popular payment options like Skrill are now being involved in electronic currencies. And it could be good news for krypton enthusiasts.

Thanks to a reliable payment method like this, cryptocurrencies have a good chance of reaching mass adoption for years to come.

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