Bitcoin vs. MoneyGram

Across online gambling sites, players are showered with choices when it comes to choosing a payment method, and Bitcoin and MoneyGram are usually among the popular options. These two, although entirely different solutions have their own fans, and that's why they are offered across many online casino sites. The two provide these different player bases with instant and above all, safe transactions, and that's why players choose them over any other. What are Bitcoin and MoneyGram and why use them across online casinos?

About Bitcoin and MoneyGram

As we introduced them, Bitcoin and MoneyGram are two completely different payment methods offered across online casinos. The former is a cryptocurrency, while the latter a global money transfer service. Therefore, one is an alternative, decentralized solution, while the other is based on the traditional banking system. As such, they are suited for and chosen by different online casino players. But what they do have in common is the fact that they can process transactions in an instant and offer some of the highest security measures to ensure these transactions are completed safely.

Bitcoin is the first decentralized digital currency that the world heard of. It was designed by a group or a person, Satoshi Nakamoto, whose identity remains a mystery to this day. The entire concept behind it was to replace traditional banking as we knew and make online transactions completely digital and decentralized, with no authority overseeing them.

It is based on a blockchain technology, a ledger that records all transactions made by the coin owners. It functions on a peer-to-peer principle, and that’s how it managed to obtain its decentralized nature. The coin owner’s identity is always anonymous and the transactions are tracked on the chain, without any authority ever overseeing them.

We’re talking about coins, so you should know that you’ll be dealing with a completely digital currency, that only exists in a digital form and has no physical representation; you cannot touch it with your hands. The token, the BTC, can be mined, given by a friend or purchased with fiat currencies, processes which will be explained later. As soon as you obtain your coins, you can exchange and trade them at the proper platforms, and of course, use them across online casinos. Bear in mind that its value undergoes constant fluctuations, so beware of the moment you decide to get started with it.

When it was first launched back in 2008, people were both awed and shocked by the way it functioned. Rumours were that it was being used on the black market, for illegal transactions. But, with time, when people saw its potential of delivering quick transactions in an easy way, and when they realized that it can actually be quite useful across many industries, they started using it. Many countries and governments have publicly embraced it even, like Malta and Gibraltar, and the solution got the attention it deserved.

Today, Bitcoin is the top cryptocurrency used across the globe, even though plenty of others were invented throughout the years. It is used by many industries for safe and instant transactions, the online gambling industry included. It became that revolutionary asset that changed online banking for good, and today, people are using it for their everyday payments and purchases. But it is particularly present and used in the online gambling industry, across hundreds of online casino sites, mainly due to its ability to process both deposits and withdrawals near-instantly.

MoneyGram's roots date back to 1940 when the Minneapolis-based money order company Travelers Express was founded. This company laid the basis of how the solution will function, and then it merged with Integrated Payment Systems Inc. When it was first launched in 1998, it was only available in the US, but as of 2004, it expanded its services all across the globe and rebranded to MoneyGram International.

Today, there’s rarely a person who doesn’t know of or hasn’t seen MoneyGram’s logo in their country and city. The solution has a strong land-based presence, with millions of branches people can go to to make effortless transactions. Being a money transfer service, it allows users to request a payment, provide the necessary transaction details and the money, and have their transaction completed in the promptest way possible. Even though previously it had only a land-based presence, today it is leveraging its API-driven and ultra-modern platform and is a leading P2P digital payments provider, offering its direct-to-customer solutions digitally across the globe, thanks to its collaborations with global brands.

Its global retail network counts over 150 million customers since it is so easy to use and gives users many perks such as 20% off the fee for transfers after you’ve registered and Plus Rewards. While in the past, you needed to visit one of its global branches to send someone money, now, thanks to its modern platform, you can just go to its website or download its app, specify to whom you’re sending money and how they’d like to receive it and pay directly for the transaction using your card or bank account. That's one of the reasons why online casino players are choosing to use it nowadays, because, in a few simple steps, they can actually send money all across the globe, to any online casino, regardless of what their country of residence is.

Getting Started with the Two Solutions

Since the two are completely different payment solutions, the getting started procedure with both is pretty different.

With Bitcoin, since this is a cryptocurrency, you’d need to create a wallet, where you’ll store, purchase, send and receive your future BTCs. There are plenty of crypto wallet types you can choose from, hardware, paper and online, but the one mostly used and most useful for online casino transactions would be the eWallet. There are plenty of different eWallets you can choose from, so choose one and create your account. When you do, you'll get two addresses, the private and the public. These are your keys, your actual addresses you'll use when transacting with the crypto.

The next step would be funding your crypto wallet with coins. As mentioned earlier, you can obtain coins by mining them, but this is today considered an archaic way, as you can easily get some coins sent by someone in return for a service, or purchase them with fiat currencies. The last one is the best and simplest option. You can just visit exchange platforms like Coinbase, Bitstamp, Binance, create an account with one of them, and purchase your coins right there and then, using any of the currencies offered. You can use other eWallets, credit and debit cards, as well as other cryptocurrencies to purchase your BTCs, as offered by the exchange platform you’ve chosen.

To get started with MoneyGram, you need to first choose whether you’d like to do it offline or online. If offline, just go out on the street and look the nearest branch to go to, or go to its official website to find a location on the map, in the locator tool. Once there, you'd need to provide the transaction details and provide the clerks with cash for the transfer to be put in motion. But, as mentioned, MoneyGram has gone digital, so you can save yourself some time and request the transfer from its official website, without ever leaving your home.

You would need to apply for an account with it and set up your profile. After you enter your phone number, email address and password, just accept the Terms and Conditions and your account will be ready. You can, of course, also download one of its mobile apps, depending on whether you’re using an Android or iOS smartphone or tablet, by going to Google Play Store or Apple App Store. Once the app has been installed, go through the steps we just described and create your profile.

From there, to actually use the solution, you would need to specify how much money you’d like to send, to whom and in which way they’d like to receive it. The solution will calculate the fees needed, and tell you the exact sum you’d need to actually pay via your card or bank account. The fees depend on the payment method you choose to use as well as the receiving party’s, and the amount of money being sent, among other factors. After you’ve provided everything that’s needed, you’ll receive a reference number with your receipt which you’ll need to give to the receiver, in our case, the online casino.

Using Bitcoin and MoneyGram Across Online Casinos

You’ve seen how easy the two are to get started with, so let’s see how to use them across online casinos. First things first, the actual number of casinos that offer them. Well, there are more than 600 casinos that accept Bitcoin and over 60 that accept MoneyGram. Therefore, you’ll have a variety of options to explore before you decide on the one to join. As soon as you make your decision, join the site that suits you most and create an account with it.

To fund your online casino balance with Bitcoin, you would need to do the following:

1. Go to the casino’s Banking/Deposits/Cashier page and look for Bitcoin’s logo.
2. Press the logo and you’ll be redirected to a page where you’ll need to log into your wallet.
3. Enter the amount of coins you'd like transferred, copy the casino's address from the site paste it in the designated field on the wallet.
4. Double-check all the information you’ve entered and if all is in order, confirm the transaction and the coins will arrive on your balance near-instantly.

Do not skip the double-checking part, since this is crucial. Considering transactions with Bitcoin, and any other crypto for that matter, are not reversible, you must be extremely careful when copying and pasting the address. One wrong digit or letter from the alphanumerical string and your coins will be gone forever.

The same goes when you’re about to withdraw your winnings with it. Double-check all the details you’re entering. The withdrawal procedure is quite similar, only this time you need to copy your wallet address and paste it on the casino’s site. As soon as the request is approved by the casino, you’ll be able to get your coins on your wallet.

To make a deposit with MoneyGram, go through these steps:

1. Find its logo on the casino’s Banking/Deposits/Cashier page and click or tap on it.
2. Log into your account in the pop-up and specify how much you’d like to deposit.
3. If not pre-filled, fill out the required fields with the receiver’s (casino’s) information.
4. The solution will calculate the exact amount you’d need to pay, which you can do using your card or bank account.
5. As soon as the casino gets the reference number, the money will safely arrive on your balance.

MoneyGram is considered one of the best withdrawal methods for the USA players. If your casino accepts it as a withdrawal method, do not hesitate to use it. However, not all casinos do, so you must double-check this. As long as accepted, you’d need to specify how much you’d like to cash out and how you’d like to receive the money, and wait for the casino to go through the needed steps. After you get your reference number, you’ll be ready to cash out your winnings in the way you chose.

Advantages and Disadvantages

The two clearly arrive with evident advantages and disadvantages, so let's sum them up. Starting with Bitcoin, this is a revolutionizing, fully digital currency that has achieved global success, thanks to its decentralized nature and the fact that no one oversees transactions. It comes with barely any fees, with no country restrictions on its part, it allows for instant deposits and withdrawals and it is accepted across over 600 online casinos. Every leading online casino offers it as a payment method because players simply love it. However, it does come with its flaws, and that’s the constant fluctuations and the irreversible transactions.

MoneyGram, on the other hand, is based on the traditional banking system, since you can make quick money transfers with it using your bank account or card. You can do that online or offline, as you please, by specifying the exact transaction details. It can be used via both desktop and mobile devices, and you can send and receive money to and from anywhere across the world, thanks to its global network. However, it comes with fees. These fees depend on many factors, but you can rest assured that they will be lower than those charged by its competitor money transfer services.

Weigh in the pros and cons of both and choose the method you’d like to use. Depending on whether you like using alternative or traditional banking options, you have two excellent solutions to choose from. One thing is for sure, you won’t make a mistake choosing either.