Bitcoin Forum

Cliffnotes>  "customers can use bitcoin to buy other cryptocurrencies using the Skrill Cryptocurrency Service. This means their customers no longer have to convert their holdings in one cryptocurrency back to FIAT before purchasing an a different cryptocurrency, resulting in less transactions and lower fees.

The Skrill website now offers a BTC pairing for every cryptocurrency available in Skrill, with future pairings expected to be added soon."

Source: Gambling Payments Processing company Skrill launches “Skrill Cryptocurrency Service” (https://casinodepositbonus.com/casino-industry-news/gambling-payments-processing-company-skrill-launches-skrill-cryptocurrency-service/)

That's not news.
Skrill is accepting crypto currencies sine year ago.

I guess before they accepted only for funding your skrill account but now you will be able to buy any thing with your crypto balance of skrill accounts. It means you do not need to convert your cryptos to fiat inside skrill.

Skrill is not just a gambling platform type thing, it is a payment processor and you can use skrill anywhere you want. Sure that includes gambling as well but you can use skrill for purchasing and for other stuff as well, like sending money to someone, or even games, there are tons of games that are "free to play" but sells other stuff like VIP membership and what not, you can use skrill for that.

Skrill allowing people to use crypto would equal to a bunch of great ways bitcoin could be used for many many things. I hope it gets wider attention than just the gambling community, the gaming and the ecommerce industry is huge and crypto going into them would make the worlds difference to us for sure, and any type of "discount" for crypto would make adoption skyrocket.

And who says that Skrill started accepting cryptocurrencies? In this news it's stated that from now on skrill customers are able to use bitcoin to buy other cryptocurrencies and in future it's planned to be able of crypto to crypto exchange. And that news was published one week ago which is officially published on paysafe group's web page: https://www.paysafe.com/paysafegroup/news/
OP Skrill isn't only gambling payment processor so I think this place isn't right section to discuss about that, I suggest you to move this thread in economics section.

Stay away from Skrill - huge taxes, strong KYC and closing accounts over small things like matched betting.

I'm avoiding it and the Skrill's parent company - Neteller too. Also, never got the physical Mastercard, despite paying 10 euros and ordering it 4 times.

I can't tell about that since both Skrill and Neteller prevent their service for my country , but in the gambling forums I see the majority of gamblers using these two providers
also where did you hear about them closing accounts for matched betting ? I never heard of that and google search didn't show anything regarding that , in fact pretty much all the links I found were recommending skrill for this exact purpose ( unless the info is outdated somehow )

I don't know why the author of the article labeled it as a gambling payments processor! Maybe it has something to do with their former brand name "MoneyBookers" or because it's the most used payment processor by gambling sites!

Even if the casino consider matched bettings as "bonus abuse", then most likely they will only suspend your account with them and not your Skrill account.

My own wallet was closed due to matched betting.

I was using Skrill for many years before Neteller to buy it. Skrill was the perfect gambling e-wallet.
Then Neteller bought it and increased taxes. Then removed most of the VIP benefits, then the service become even worst. Now I'm playing only on crypto sites and I'm avoiding Skrill and Neteller at all cost.

I would never use any payment processor. They are very costly, it is better to use exchanges directly.

You never know when suddenly they will stop, most of them are controlled by big financial institutions.

That is the beauty of crypto currencies. You are the sole owner of your coins. There is no one who can stop you from taking financial decisions. Decentralized payment system can ban and close your account anytime they wish and want to without any notice. They can confiscate your funds without you doing anything. But no one can seize your bitcoins. They are all yours no matter what you do (as long as you hold your private keys).
Good you moved on to crypto casinos. They are far more better that normal online casinos.

I used Neteller in the past to fund my bet365 account. Like any other payment processor and just like Paypal you need to go through KYC to use their services. That is standard nowadays. The only thing I didn't like back in those days is that they had I think a requirement for a minimum €25 Neteller deposit. For some reason you had to deposit a min of €25 from Neteller but with other payment methods you could deposit less.
I haven't used my Neteller account in years and I know that it is limited since they requested some sort of documents from me. One of these days I have to check what that is all about. 

That is actually pretty cool. I always wondered why people used Skrill before when the fees were really quite high? I saw it a lot in my exchanged but with pretty high 3-5% fees. The exchange I use still says it now though, with no mention of Skrill Crypto Service. Maybe it takes time to roll out? But this feels like a different kind of stablecoin I guess! Or basically a Skrill Crypto wallet!

Skrill Cryptocurrency Service fee is 1.5% with EUR & USD, with other currencies the fee is 3%
Please note that at the moment you cannot transfer crypto to merchants (eg exchangers)

Skrill is a fiat wallet .... I have a VIP account and all bank transfer withdrawals are free

Yes we never know when they will stop but it's up to those who use skrill as payments processor. Skrill help many people using it and I think they'll use it again since skrill launched new cryptocurrency service which it is stated in the op. It's not a problem for those who have big amount of btc unlike he others that only have small amount.

Never knew Skrill is into gambling.

Sound like the company has been offering cryptocurrency payments before now. I guess that's what this means:

Your post appears as if the company is venturing into cryptocurrency for the first(maybe I misunderstood it).      It probably about pairing available cryptocurrencies. Kind of like a mini crypto exchange platform.

So what does this change? For me, this is not really big news. This means that if I want to switch from btc to another cryptocurrency I can use Skrill, which probably won't be worth it because of the conversion rate. I am assuming the conversation rate will benefit them more than me. I never used them, so If someone can let me know if the conversion rate is low, then perhaps skrill could be a place for those kind of transactions.

Neteller or skrill is not something I have used before but I know their systems, I can tell you that these are the companies crypto is killing first. Think about it, if you could buy from a place with your credit card, then you usually don't need skrill or neteller right? Why would you use another third party app when you can directly give your credit card there anyway.

Paypal was something important all due to having one account connected to your credit card where you can purchase anywhere online instead of giving your credit card info to everywhere all the time, all you needed to do was connect your paypal. Now that crypto is bigger, the place of skrill and neteller is now destroyed by crypto that could be done where credit card purchases can't be done.

In a way, you are right. Sure, cryptos can be used with fewer fees, personal info, and intermediaries. However, if a business wants to run officially and allow processing crypto payments, they tend to need to use a special payment processor to stay out of trouble, which is where Skrill comes in. Moreover, it allows to take money from the bank account and exchange it for cryptos to play, right? So it's useful for people who get cryptos only by buying them. Skrill looks like a service to rip off clients by increasing the fees they would pay if they only used cryptos, but at least for now, in the world strongly dominated by fiat, it's needed.

I think it is good site. It is like a good middleman in having and buying other coin using crypto bitcoin. I think many users and player will glad to use it because it brings less hassle and less service charge. The people behind that site is very wise because will they have a double income,while they earning in exchanging coin,they also start in saving and holding bitcoin.

You can use it for changing your crypto to items. Skrill and neteller are stuff that you could use to purchase stuff online because there are a lot of places that sells for skrill as well, so in the end your crypto could purchase some stuff where bitcoin is not accepted.

I know its not quite as simple as using crypto itself but there are those places (skrill is mainly used for gaming stuff for example) so yes it would be better if one day everyone used bitcoin for purchases one day but until then this is a good alternative that bitcoin is used for changing to skrill and then that is used for online purchases. Weird that people can't take bitcoin at face value, it does offer more for online shops than people realize but most people who have online shops don't utilize it unfortunately.