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Are E-wallets a Real Threat to Cryptocurrencies? 

| Updated
by Julia Sakovich · 3 min read
Are E-wallets a Real Threat to Cryptocurrencies? 
Photo: Monito - Money Transfer Comparison / Flickr

Even though the crypto market is experiencing not the best period in its history, it doesn’t mean that we won’t see mass crypto adoption in the future.

Cryptocurrency enthusiasts are eagerly awaiting the day when traditional payment methods and fiat money will be left in the past. Nevertheless, it may happen so that precisely these traditional options will greatly contribute to the mass adoption of crypto. Payment systems like PayPal, Paysafecard, and Skrill are better known for a wide audience and are widely used. The question is, whether these traditional trusted alternatives may affect crypto adoption.

Tough Times for Crypto

After the previous-year hype around them, Bitcoin and the other cryptocurrencies it inspired such as Litecoin, Bitcoin Cash, and Omisego have been experiencing not the best times in 2018. Last year their prices were increasing unbelievably fast but this year the market is affected by the bearish trend which has become a real reason for panic for a great number of crypto traders and investors.

In the condition of such volatility, some better-known methods of payment are still considered to be a more popular option for a lot of regular consumers when it comes to online purchases. Many traditional payment systems are doing their best to expand their opportunities and enter new territories with a view to attract more users.

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

E-Wallets Dominant in Online Casino Industry

PayPal is continuing its global dominance as an alternative payment method, and its net worth has now surpassed eBay at around $15 billion. The online payment platform is well-used in the online casino sector, but there are other options which are perhaps more popular in the industry.

Skrill is one of such options. Its digital wallet has over 35 million account holders worldwide. Casinos which accept Skrill tend to attract a lot of players, and it used to be one of Canada’s preferred banking methods. Nevertheless, it has ceased operations in the country.

Moreover, it has been announced that the service added XRP to the list of its crypto offering, which now includes five cryptos – Bitcoin  (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and XRP. Such an initiative could be a good way to boost the popularity of digital currencies. So, crypto enthusiasts just hope that Skrill won’t get pulled from more countries as it happened in the case with Canada.

Though at the current time, it may seem that the popularity of e-wallets and other online payment platforms could mean a threat to cryptocurrencies, it is not so. Such popular payment options as Skrill now are getting involved with e-currencies. And it could be good news for crypto enthusiasts.

Thanks to going through a trusted payment method like this, cryptocurrencies have good chances to achieve mass adoption in the years to come.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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