E-wallets vs. Bitcoin: what’s the deal?

An online wallet or e-wallet is a new payment method that has been widely developed in recent years. On the other hand, cryptocurrencies like Bitcoin have emerged as a real alternative to process payments across the Internet.

Nowadays, many companies have included electronic payment methods, as Internet revolutions continue to grow. Now, it is easy to find practically any product on virtual stores or social networks like Instagram.

But, with so many options, what is the best choice?

The answer to this question is not easy, and it depends on user needs. Whether you want to join the best neosurf casinos in Australia, invest with extra money, or just shop on an online store, each payment method has its benefits and drawbacks.

E-wallets

E-wallets are the easiest way to spend money online. Usually, you transfer money to your electronic wallet using credit cards, bank transfers, local stores, etc.

After transferring money to your e-wallet, the balance will be available, and you can spend it in stores and sites that accept payments via this method.

You can also use an e-wallet to receive payments and withdraw money to your bank account or transfer it to other people. The companies behind the e-wallets are generally licensed and have a strong background and corporate governance to support their operations.

On the other hand, the use of e-wallets can be expensive since each transaction is charged with an administrative fee. Also, not all e-wallets are accepted in all businesses, and sometimes you’ll need to open a new account to purchase a particular item.

Bitcoin

Bitcoin is not only a payment method, but many people also invest in cryptocurrencies in hopes to catch a hype train and boost their profits. Last year, the Bitcoin rate jumped to $20k, making many people win lots of money. Of course, we do not recommend you invest in cryptos. We are just highlighting that it’s possible.

Bitcoin transactions are anonymous, a benefit for people who are especially interested in protecting their identity.

On the drawbacks side, Bitcoin isn’t regulated by any authority and is not backed by any central bank or government. In other words, the BTC price is determined solely on its supply and demand, but it has no intrinsic value.

It is also a bit more complicated to process Bitcoin transactions, as you may get scared after seeing that a BTC address really looks like a cryptogram.

Conclusion

Although it’s not possible to conclude which payment method is better, we can highlight situations one provides more benefits than others:

1. If you want to combine speculative investing with processing payments, Bitcoin offers both possibilities. However, modern e-wallets are mixing fiat money with cryptos to enhance their offer;
2. If your data is highly sensitive, Bitcoins give you anonymity;
3. E-wallets are safer as they are backed by large companies and operate with fiat money, backed by a central government;
4. Bitcoin transactions are cheaper;
5. E-wallets transactions are faster and do not depend on any confirmation;
6. Sending money to e-wallets is fully traceable.

In the future, both payment methods will evolve further to adapt to the new requirements of final users who are always looking for safer, faster, and cheaper options to move their money around.