Bitcoin vs. MasterCard Credit
We don’t doubt that you’ve run into popular online casino banking methods like Bitcoin and Mastercard when exploring your options. These payment solutions are quite prominent in the online gambling space, and most players are aware of the basics they bring to the table. Of course, they aren’t the only options you’re given, which is why it can be hard to discern them from some of the other payment services available on the market. The good news is, we live in the age of information, so with a little bit of research and elbow grease, you can learn enough to make an informed decision regarding online casino banking. Whether you’re a newbie looking for a beginner-friendly casino payment option or a gambling veteran with years of experience, in this text, we’ll try to answer an important question – Why use Bitcoin or MasterCard across online casinos?
About Bitcoin and MasterCard
No matter how you look at them, these payment services couldn’t be more different from each other. Bitcoin is a digital currency, retaining some of the most modern qualities one can find in a payment solution these days. MasterCard is practically on the other end of the spectrum. The service is a traditional bank card, relying on its well-established brand to offer a reliable and safe service. Despite this, the two methods share some traits while offering some unique features, respectively. Below, we’ll take a brief look at what these methods are and what they have to offer.
Bitcoin has been on the market for over a decade now. It first appeared in 2008, created by someone only known as Satoshi Nakamoto. While several people have claimed to be the famed creator behind the first cryptocurrency, none have provided any concrete evidence as of yet. As you probably already know, the service is the world’s leading cryptocurrency. It boasts a decentralized nature and is fully digital. The token might not seem like too big of a deal these days, but as the world’s first digital currency, it revolutionized the way we go about banking.
Although it’s been around for a long time now, Bitcoin is still a mystery to many. It functions as a peer-to-peer system, allowing users to transfer funds from one account to another through the blockchain platform it’s based on. Something to note about this cryptocurrency and its blockchain network is that it’s highly secure. Players can store, send, and receive coins with minimal effort, all while maintaining maximum safety and privacy. These last two traits, especially the latter, are what has made Bitcoin such a beloved online payment option in the first place!
Bitcoin might still be one of the best cryptocurrencies around, but it hasn’t had a perfect journey. The coin has been a part of many controversies in its time on the market, many stemming from its volatile nature. On top of the crazy fluctuations in price, Bitcoin has suffered from the effects of novelty and the many illegal activities surrounding it in the past. Mainly, Bitcoin’s pseudo-anonymity made it a beacon for shady dealings and scams of all sorts. While most of these have been eradicated, its reputation has taken what many consider to be a permanent hit.
In any case, the pros of Bitcoin made it a force to be reckoned with, and many industries recognized this immediately. One of these industries happened to be iGaming! The anonymity and security of the service made it a smash-hit with fans of online casinos. Since these budding businesses weren’t always known for their best practices, having these extra safety precautions was a massive advantage. Naturally, some of Bitcoin’s other perks gave players much to consider too. At the top of the list, we’d put the fast processing times that come with using crypto.
The other method we’ll look at in this text is MasterCard. Most people are familiar with this brand. It’s been around for a long time now, establishing itself as one of the leading bank cards worldwide! The service has had incredible success over the years, reaching a global user base that’s practically unmatched by any other payment service out there.
MasterCard has roots in the year 1966. It got its start as a USA membership organization founded by several banks and financial institutions. The big four that launched the service included the United California Bank, the Bank of California, Crocker National Bank, and Wells Fargo. Down the line, it grew to boast more than 25,000 financial institutions in its line-up of shareholders. Initially, the brand was known for its Master Charge cards. While these were exclusive to US territories, they were well-known far beyond that. As it picked up steam, the company rebranded into MasterCard, launching various credit and debit cards along the way.
What makes this service such a powerhouse is its global network. The service is available in over 180 countries and is used religiously for all kinds of payments. As expected, this also includes transactions in the online gambling field. With this kind of access, players can enter pretty much any online gambling site they choose and enjoy its offers through a reliable and safe payment method.
It’s worth noting that there are two types of MasterCard cards that take the lead at the moment. These include debit and credit cards. The difference between the two is subtle but important. With debit cards, players can only transact using the money available on their accounts. With a credit card, they can go over what they have available and go into debt. While both of these cards are popular in the online gambling space, one has been running into issues lately. If you keep up with the latest news in the online gambling scene, you might know what we’re referencing. The use of credit cards for casino payment has been prohibited in countries like the UK and Germany. While nothing has been confirmed yet, it seems like a few other countries might follow in their footsteps.
Getting Started with the Two Methods
Getting started with both of these methods is much easier than you might think. While most people think that getting started with crypto like Bitcoin is a difficult task, they couldn’t be more wrong! These services have grown exponentially over the years, prioritizing convenience for their users. These days, using them is easy. The same can be said for MasterCard. While it does take a bit more initial effort than some services, it’s usually well worth the trouble.
The first thing to note about getting started with Bitcoin is the need for a crypto wallet. Your tokens need to be stored somewhere, and platforms like Coinbase, Bitfinex, and Bitstamp are excellent options to look into. If you prefer, you can also check out hardware wallets for maximum safety after you obtain your coins. Going back to the platforms we mentioned previously, it’s good that on top of being a typical eWallet service, they’re crypto exchanges! Players can use them to buy and sell cryptocurrencies as they please, including Bitcoin. These wallets are practically your base of operations with the currency. They hold keys, passwords, and various addresses you can use to transact with the tokens you have available.
There are several ways players can obtain Bitcoin these days. In the past, crypto mining was the go-to method, but these days, it can seem outdated. The biggest problem with mining these days is it requires an insanely powerful system to be worthwhile. As you can imagine, the equipment needed to run the mining process is expensive. A few interesting modern methods of getting crypto have appeared recently. They include fun activities like Bitcoin games and even traditional work in the form of Bitcoin freelancing.
While these options can be enticing, we recommend going for the more casual route and buying Bitcoin. As we’ve already mentioned, you can do this through various exchanges that support this cryptocurrency. Essentially, you would be trading fiat currencies to get your hands on crypto. You can then use your tokens to transact online as you please or into crypto trading ventures! If you decide to go for the second option, we suggest taking the time to learn more about what that process entails.
Getting started with MasterCard is a process most adults are familiar with. To obtain a MasterCard credit or debit card, you’ll need to visit a local bank or financial institution that supports the service. The good news is, finding one shouldn’t be hard. Since most banks worldwide partner with the service, you’ll find that they offer various MasterCard options in their repertoire. Your next step would be deciding whether you want a credit or debit card. Both have pros and cons, so make sure to consider them carefully before making your decision.
Once you’ve landed on a choice, you can start the application process. First, you’ll need to fill out a few forms with details about yourself and potentially, your financial situation. It’s worth noting that the data requested can be pretty personal, so keep that in mind before applying for a card. On top of these forms, you’ll also need to verify your identity. To do this, you can provide a valid photo ID in the form of a driving license, government-issued ID, or similar documentation. After you submit everything, the bank will review your application and approve it accordingly. You might need to wait a few days before your card is ready, but you should be notified immediately when it’s available for pick-up.
Using Bitcoin and MasterCard Across Online Casinos
Using these methods to deposit and withdrawal in online casinos comes with a special set of pros and cons that can make or break your online gambling experience. While both of these options do well enough on all fronts of casino banking, the specifics of how they operate suit some users better than others. Thankfully, Bitcoin and MasterCard are pretty popular in the world of gambling. While the former is a bit more limited than the latter, they’re both available in some of the top casinos around!
If you’ve decided to go for Bitcoin as your primary online casino payment option, here’s how you can start the depositing process:
- Go to the casino’s Banking/Cashier page.
- Find the Bitcoin logo and click or tap on it.
- Log in to your Bitcoin wallet.
- Enter the number of coins you wish to deposit.
- Enter the casino’s public key.
- Double-check the key to make sure it’s the correct one.
- Confirm the transaction.
- Receive the money on your account and start playing right away!
The process of using Bitcoin for online casino withdrawals is pretty much identical to depositing. The difference players should note comes in step 4 of the list above, where you’ll need to select the withdrawal option and enter the amount you wish to withdraw. After that, you should copy the wallet address that pops up and register it in your wallet. Proceed to hand your wallet address to the casino and confirm the withdrawal. After the operator confirms that everything was entered correctly, you should receive your cash out instantly!
If you’ve landed on the more traditional method of the two, here’s how you can use MasterCard to deposit in online casinos:
- Choose the “Deposit with Credit/Debit Card” option.
- From the list of offered credit/debit cards, select MasterCard as your deposit option.
- Enter the card’s number, expiry date, your name as the cardholder, and the CCV2 code on the back of the card.
- Specify how much you wish to deposit and confirm the transaction.
- In an instant, the funds will arrive on your balance!
Before we explain the withdrawal process with this service, it’s worth mentioning that this option is sometimes limited to only deposits. Withdrawals with the service are possible, but they’re not viable with some operators. That said, if the casino does allow MasterCard withdrawals, it shouldn’t be too hard to make one. The only difference between withdrawing and depositing is specifying the amount you want to cash out instead of the amount you want to deposit. Once you complete the rest of the steps, it’s just a waiting game. Withdrawals with this service can take up to seven days, so make sure to stay patient.
Advantages and Disadvantages
There are undoubtedly some incredible upsides and disappointing downsides to using Bitcoin and MasterCard. Something that both of these services share and most players can appreciate is their availability. Since they’re generally popular payment options, they can be found in some of the best online casinos in the scene right now, giving players a chance to enjoy top-quality games and offers. On top of this, both services are reliable, safe, and pretty well-established globally.
With Bitcoin, the biggest pros are its anonymity and processing speeds. Since it operates through eWallets, there’s no need to share personal data with the operators you choose. Generally, this adds an extra layer of security from scams and hacks! When the service’s processing speeds are in question, there’s nothing to say, but they’re lightning-fast. It doesn’t matter if you’re withdrawing or depositing, transactions are instant. Of course, Bitcoin also comes with some downsides. Mainly, players are limited in their choice of games. Not all casino software supports crypto, so you might end up missing out on some popular titles.
With MasterCard, the pros are easy to spot. The service is exceptionally well-received in the world of online gambling, garnering easy access to pretty much every venue out there, and even special bonuses in a few of them. Unfortunately, the service does have a few cons. Since it’s a bit more old-school, it can seem like it falls behind most modern payment methods. This is especially apparent when processing times come into play, as they’re much longer compared to services like eWallets and cryptocurrencies.
Now that you have a wealth of information about these two options at your fingertips, we don’t doubt you’ll take the time to consider their pros and cons and make a decision that works to your advantage. Generally, both options are excellent, so it’s all up to your preferences in the end.
|Payment Methods Comparison|
|Payment methods name||Bitcoin||MasterCard Credit|
|Link to terms & conditions||https://bitcoin.org/en/||n/a|
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