Bitcoin vs. Flexepin

Players across online casinos like to have a wide array of payment methods to choose from, depending on their needs at a certain point in time, but with Bitcoin and Flexepin they are covered. These two are completely different payment methods, both offering an excellent service to those interested, and are especially important for online casino players wishing to make quick, safe and convenient transactions. The two are available all across the world and can be used by players from many countries. So, stay with us to choose, which one to use as your online casino payment method, Bitcoin or Flexepin?

About Bitcoin and Flexepin

You should know right away, as pointed out, that Bitcoin and Flexepin are two entirely different payment solutions found across online casinos. They function in an incredibly different way, and that’s why they are suited for different types of players. Bitcoin is a completely decentralized cryptocurrency and Flexepin a prepaid voucher. When the two are listed as payment methods across online casinos, players are given a choice. But they are also given two solutions, which, although different in nature, can provide them with easy, safe and fast transactions.

Bitcoin, as you probably know, is the world’s very first digital currency. The concept behind it was created by a group of people or a person calling themselves Satoshi Nakamoto. To this day, no one knows the real identity of Nakamoto, but we do all thank him/them for reinventing online banking as we knew it.

The token, a digital coin with no available physical representation, is moved via the underlying blockchain technology. Using a peer-to-peer system, it managed to keep its decentralized nature, and although there’s a ledger where all Bitcoin transactions are traced, the coin owners’ real identity is never revealed, thus the anonymity persists. As such, it cannot be controlled by any financial authority, and that’s why it was controversial at first. But when users saw its potential and understood its basics, not only did millions of them started transacting with it, but with time, the crypto started being embraced by governments and entire countries, like Gibraltar, for instance, or Malta.

Even though in 2008, when it was first launched, both industries and users were sceptical about it and believed that it wouldn't make it, today, Bitcoin is accepted all over the place. Not only did it make it, but it made a huge boom in the online banking scene, becoming a new way of transacting online. Due to its nature, and due to the things it can offer, the online gambling industry was among the first to embrace it. Today, not only can you find sites that accept it, but you’ll also find crypto or Bitcoin casinos that function entirely on the blockchain technology and do not accept fiat currencies. But more on that later.

Flexepin, on the other hand, as mentioned, is a prepaid voucher. It was launched in 2015 by a leading Australian financial technology company, Novatti, and operated by Flexewallet Pty Ltd, as a service that allowed users to shop and pay online without the need of credit or debit cards and without having to share any personal information with the online platforms. As a prepaid voucher, you can purchase it with cash in authorized petrol stations, shops and kiosks, for instance, or online, and use it to shop and pay anywhere across the world where the solution is accepted.

Initially, the solution was launched in its home country, Australia, but later, 14,000 authorized locations were opened in Canada, so the prepaid voucher arrived there, as well. Today, it is available in the UK and many other European countries, such as Italy, Switzerland and Germany, and across other continents, in countries like India, Brazil, South Africa and Malaysia.

The thing that makes Flexepin stand out from the rest is that it offers bulletproof security. Not only is it a holder of an Australian Financial Services License, but it is also regulated by the Australian Securities and Investment Commission. Shopping and paying with it reduces the threat of online fraud, as you never share any sensitive information with the online platforms. Plus, you can only use your voucher if you have the 16-digit code you’re given upon purchase.

To further show its dedication to users’ security, when you visit its official website, you’ll see a page Check Merchant Website, where you can actually check whether the site you intended to pay at using your prepaid voucher is actually authorized to offer Flexepin as a payment method. In fact, there's a list of sites that are banned, and the company has made sure to provide you with a tool where you enter the site's URL to check whether you're safe to pay there using your voucher.

Getting Started with the Two Solutions

If you’ve ever used crypto, you have the knowledge needed to get started with Bitcoin. You know that you’ll need to create a crypto wallet from where you can purchase, receive, send and store your future coins. In the past, when the cryptocurrency first appeared, people thought that the getting started process was too complicated. But today, you will see that getting started with Bitcoin is as easy as pie.

Previously, when Bitcoin was launched, people needed to mine for coins. But today, you can have clients or friends send you some coins, or you can purchase coins yourself, using normal fiat currencies. But first things first. You need to choose a wallet you’d want to use. Visiting platforms like Bitfinex, Bitstamp or Coinbase, you’ll be able to create your online wallet, even though there are other types of wallets where you can store your coins, such as desktop, paper and hardware. But as an online casino player, the online wallet would suit you best.

As soon as your wallet is ready, you would need to either be sent or purchase some coins. Now, if you wish to request someone to send you coins, you’ll need to specify how much you need and then copy the address of your wallet and send it to that person/company. But if you want to, you can purchase coins at popular exchange platforms, with fiat currency, at the exchange rate of the day for the market. See? As easy as pie. Before you do, though, check for Bitcoin’s value, as it constantly fluctuates.

To get started with Flexepin, first, you would need to decide whether you'd like to purchase it offline or online. Some land-based authorized stores in Australia and Canada include Hasty Market, BP, Daisy Mart and GAS+ offer it, but you can also purchase the voucher online at SCDKEY, TopMeUp by Payment Source, Korsit BV, OffGamers, SEAGM, and DPO Think Payments, among others. Or, you can simply register with Flexepin by creating an account on its official website and purchase the prepaid/voucher there.

The voucher can be purchased in many fiat currencies, not only Australian and Canadian dollars but also currencies like US dollars, Great Britain pound and the euro. If purchasing it online, you can use popular payment methods like AmEx, JCB, Maestro, MasterCard and VISA debit cards, PayPal and even Bitcoin! The voucher is available in a variety of amounts, from $20 to $500, which is the most you can top your voucher with. You can get up to 10 vouchers in your possession at once, therefore, use as much as $5,000 to pay or shop online with.

Using Bitcoin and Flexepin Across Online Casinos

Now, we've come to the part where we need to guide you through the actual transacting process with the two solutions across online casinos. Don't worry, because there won't be any complicated procedures. The first step would be, of course, finding a suitable online casino to join which accepts the payment methods. As mentioned, you have Bitcoin casinos to join where you only transact with Bitcoin, but you have other leading sites which accept both fiat and digital currencies, and across these sites, you’ll probably find Flexepin as an option, too.

To make a deposit with Bitcoin, you would need to join your chosen casino, and do the following:

1. Head over to the casino’s Banking/Cashier page and locate Bitcoin’s logo.
2. Click or tap on it and log into your crypto wallet.
3. Specify the amount of money you’d like to deposit and copy and paste the casino’s public key to the designated field.
4. Simply confirm the transaction and watch the coins arrive on your casino balance instantly.

Withdrawals with Bitcoin are as easy. Actually, they were kind of explained previously. After you head over to the casino's Cashier page and choose Bitcoin, you would need to log into your wallet, specify how much you'd like to receive/withdraw, copy your wallet address and paste it in the designated field at the casino's site. As soon as the casino approves it, your coins will instantly arrive in your wallet.

We must mention here that you'll need to be extremely careful when copying/pasting the addresses or specifying how much to transact because transactions with Bitcoin cannot be reversed. One wrong letter or number, and your coins will be gone forever. Once the transaction is confirmed, it goes through and it cannot be reversed.

Deposits with Flexepin are pretty straightforward. After you find an online casino that accepts it, you’ll need to join it. If not asked upon registration to choose a default depositing method, do the following:

1. Visit the casino’s Banking/Cashier page and select Flexepin from the offered payment methods.
2. A new window will appear, where all you’ll need to do is enter your 16-digit code, the one you received upon purchase.
3. Then, just specify how much you’d like to fund your online casino account with (up to $5,000) and confirm the transaction.
4. The money will immediately arrive on your online casino account.

As you would assume, due to its nature as a prepaid voucher, Flexepin cannot be used for withdrawals. At the moment, the withdrawal service is unavailable. Some players may think of this as an inconvenience, considering that most want to use the same method for deposits and withdrawals. But since no withdrawals can be made with Flexepin, you can always choose an eWallet, or Bitcoin as you could see, which provides you with instant withdrawals, or some other cryptocurrencies.

Advantages and Disadvantages

No matter which of the two methods you choose to use as your payment method across online casinos, you won’t be disappointed. Bitcoin is a global method, with no country restrictions, so wherever you’re from, you’ll be able to use it. Flexepin does come with country restrictions, but most of the accepted countries are huge online gambling markets, so there you go.

The advantages and disadvantages the two come with are pretty obvious. On the plus side, both solutions offer instant deposits and they are both perfectly safe to be used across online casinos. They are both easy to get started with. Bitcoin comes with one added benefit. It allows you to keep your identity private on the blockchain and transactions with it are untraceable by financial authorities and no banks are involved in the process. But this brings us to its major disadvantage, the fact that transactions with it are irreversible. Add to that the fact that its value keeps on fluctuating, and there you have all the pros and cons.

Flexepin, on the other hand, cannot be used for withdrawals and that's the biggest downside. That, and the fact that you cannot use more than $5,000 to fund your online casino account with upon deposits. Other than that, it is perfectly convenient to use, since you won't need to use a credit/debit card, nor share sensitive details with the casino. It is regulated by the Australian authorities and it is incredibly safe to use since no one but you can use the 16-digit code needed to complete a transaction.

There you have them, the most important pros and cons of the two methods. Compare them, and decide on the one to use. As mentioned, the two are available across many online casinos, therefore, whichever you decide to use, you can start playing with it right away.