Bitcoin vs. Paysafecard

Online casinos offer players long lists of accepted payment methods, but you can rest assured that Bitcoin and PaySafeCard are at the top of those lists among the leading online casinos. These are two global solutions that have an awesome track record, offering players the opportunity to make safe and swift transactions. The two are undoubtedly very different payment methods, with their own fan base. But you can be certain that you will find them both across hundreds of sites which you can explore to join, to make seamless transactions. Which one to choose as your online casino payment method, Bitcoin or PaySafeCard?

About Bitcoin and PaySafeCard

Bitcoin and PaySafeCard, as introduced, are two entirely different payment methods, but equally popular among online casino players. They are both alternative payment solutions to traditional banking, offering players the chance to tailor their online gambling time as it suits them. They are best suited for players who wish to keep their credit card and bank account details to themselves, or for players who simply don’t want to use conventional methods for online gambling transactions.

Bitcoin is, as you probably know, the world’s first-ever, revolutionary, first-of-its-kind cryptocurrency. It was first launched in 2008, more than a decade ago, by a man or a group of people (the identity was never revealed) calling themselves Satoshi Nakamoto. When it first appeared, it made a real boom, as it offered a completely decentralized way for people to transact money online, using an entirely digital currency, which doesn’t have a physical representation. You cannot have it in your hands; it is an invented token, that has reached incredible heights, even though many were sceptical about it in the beginning.

about_bitcoin_and_paysafecardBut thanks to its peer-to-peer system, and its innovative ledger, the blockchain technology, people can make online transactions in a completely safe, secure and private way, through safe gateways impenetrable by third parties. Anyone can mine, store, buy, sell, send and receive coins, as long as they have created their crypto wallet. Anyone, from anywhere across the globe. Yes, this is a global solution that comes with no strings attached and has facilitated and revolutionized online banking as we knew it.

Before you decide to start your journey with Bitcoin, as it is an incredibly useful solution for online casino transactions, you should know about its weakness. Considering this is a digital asset that does not have a constant value, its value continues fluctuating. And while it has reached high values of more than $68,000, it has also been facing huge falls. So, you can never really know how many coins, hence, how much value you're holding when using it.

Nevertheless, even though many new cryptocurrencies have appeared following its footsteps, Bitcoin is still on the top of the list of digital currencies, both in popularity and in value. And offering all of these great things, it is also one of the most popular cryptocurrencies used in the online gambling industry. Hundreds of casinos accept it, and millions of players are using it for quick deposits and withdrawals. So, you can rest assured that you’ll find a casino to join and use it as your payment method, in no time!

PaySafeCard, on the other hand, is a different type of alternative payment method, less controversial. It was initially launched in 2000 as a prepaid card, however, with time, it rolled out several other services. It is a solution established and operated by one of the most reputable European financial companies, with over 20 years of experience, PaySafe Group Ltd, headquartered in the UK. This company is behind two other popular methods, the eWallets Skrill and Neteller, so you might have heard about it.

As a prepaid card, it allows users to make instant payments and purchases without revealing any information about themselves or their online banking details. Since you can create an account with it, you can control your spending and check out your transactions any time you want. But, as mentioned, the solution offers other products, as well, such as the reloadable prepaid card in collaboration with MasterCard, which can be purchased both online and offline. There’s one card that can be purchased online-only, called MyPaySafeCard, too. And since the company behind it acquired UKash, you can also use UKash’s services, as well as many other innovative solutions.

It goes without saying that being what it is and offering that many options, PaySafeCard is perfect for any online casino player looking to share as little as possible with the operator. You can rest assured that this is also a completely safe and regulated payment processing solution, licensed by the Financial Conduct Authority and has received EU funding and support. With no further ado, stay with us to learn how it works and how to get started with it.

Getting Started with the Two Solutions

Considering how different the two methods are, you’re probably expecting different getting started procedures with each, and you’re right.

To get started with Bitcoin…

… you would first and foremost, as mentioned, need to decide on the crypto wallet you’d be using. There are different types you can choose from, hardware, desktop, paper or online, where you could store your coins. Contrary to the past, when you could only mine Bitcoins to get a hold on some coins, today, you can purchase your own coins without the unnecessary mining procedure. You can purchase Bitcoins using fiat currencies across many exchange platforms On these platforms, in fact, you can actually create your crypto wallet, too. Some include Bitfinex, Coinbase and Bitstamp, to name a few.

Just create your wallet account, and you will instantly receive the two public and private keys you'll be needing later on when sending and receiving coins. After your account and keys are ready, you would need to connect a payment method to it to start buying your coins with fiat currencies. Depending on the exchange platform, you’ll get many options, both in terms of fiat currencies and payment methods you could use. Purchase some Bitcoins the way it suits you and you can start depositing with the cryptocurrency when you’re ready!

To start using the regular PaySafeCard…

… prepaid card, you could first visit its official website to find the sales outlet locator, which offers over 650,000 possible outlets you could explore and visit to purchase your card. The solution is available in more than 40 countries worldwide, so that’s why there are so many PayPoint outlets you could explore. These are mainly general stores or gas stations, so it shouldn’t be difficult for you to find one in your vicinity. Just enter your home address, postcode and town, and the tool will generate options for you.

But, you can also purchase the prepaid card online, as there are also online retail points you could use. Decide on the denomination, which depends on your country of residence, and purchase the prepaid card with your own country’s currency. The prepaid card usually goes in denominations from $10 to $100 or the currency equivalent, but there may be even higher values, from $125 to $175, depending on your country of residence.

getting_started_with_the_two_solutionsTo use the online-only option, you’d need to create an account providing personal details and your email address. You can use the regular PaySafeCard prepaid card to fund your online-only card, any credit card or bank transfer. The MasterCard PaySafeCard is issued anywhere where MasterCard cards are issued, so any bank or financial institution would do. Regardless of the card you decide to use, you will get a 16-digit code you’d need to use when paying, purchasing and depositing with it, so keep that code safe!

Using Bitcoin and PaySafeCard Across Online Casinos

Bitcoin is offered across nearly 700 online casinos, while PaySafeCard across over 900 sites! So, it is safe to assume that the two are definitely among the most popular, most widely-accepted payment methods you will find across online casinos. You will rarely find a site that doesn’t accept at least one of them, so you can rest assured that you’ll be able to play with them both across the top casinos available out there. Join the one that looks perfect for you and you can continue.

To make a deposit with Bitcoin, you would need to do the following:

  1. Visit the casino’s Cashier/Payments page and look for Bitcoin’s logo.
  2. In the pop-up, log into your crypto wallet.
  3. Enter the amount you’d like to deposit.
  4. If not pre-entered, copy the casino’s public key.
  5. Double-check the alphanumerical sequence before you confirm the transaction.
  6. Watch the coins arrive on your balance in an instant!

Double-checking the key is essential because there's one more thing you should know about Bitcoin: transactions with it are irreversible. The same applies to withdrawals. Speaking of, withdrawals are made exactly the same way only this time, you specify how much you'd like to withdraw and you give the casino your wallet key so that it could send you your winnings. Wait for the casino to do that and as soon as it does, the coins will immediately arrive on your wallet.

Depositing with PaySafeCard is way easier, actually, and you only need to:

  1. Choose PaySafeCard from the list of accepted methods on the Cashier/Payments page.
  2. Enter the 16-digit code you received upon purchase and specify how much you’d like to deposit.
  3. Confirm your transaction and the money will arrive on your balance in a blink of an eye.

This goes with any of the prepaid cards offered, regardless of the one you’ve chosen to use. Additionally, with the MasterCard card, you’d need to enter your name as the cardholder, the card’s number and expiry date. With the MyPaySafeCard, you’d need to log in to your account first and then enter the code as explained just now.

When it comes to withdrawals, you should know that the regular PaySafeCard won’t be an option, considering it is, after all, a prepaid card. Nor will the MasterCard variant. But you could make a withdrawal with the online-only MyPaySafeCard since you'd have an account with it. This would depend on the casino, though, whether it would want to accept withdrawals with this card or not.

If it does, you’d need to go through a similar procedure. In case it doesn’t, you would need to look for alternatives. Bitcoin would be a great option here, of course, as well as other cryptocurrencies, but also eWallets like PaySafeCard’s sister products, Skrill and Neteller.

Advantages and Disadvantages

It is safe to say that Bitcoin and PaySafeCard are two solutions designed for different types of players. The former is for more forward-thinking, free-minded users who don’t mind the fact that their online banking is decentralized and that they won’t ever have their money in their hands, physically. The latter is for more hard-core users who don’t trust online platforms and wish to have their money on a prepaid card so that they can use it by sharing a simple 16-digit code with the platform and nothing else.

Even though so different, though, Bitcoin and PaySafeCard share some values, which we consider as advantages for you as an online casino player. First and foremost, they are both accepted across a massive variety of online casinos. There are rarely any other payment methods that could brag with such availability. Secondly, they both provide players with near-instant deposits, with really low or no fees, whatsoever. And thirdly, they are both safe to use and available to players from all across the world.

The getting started procedure with Bitcoin is a bit more complicated than with PaySafeCard, we must say. But the fact that the crypto comes with frequent fluctuations and irreversible transactions, is the main reason why traditional players refuse to use it. On the other hand, the fact that PaySafeCard is not always accepted for withdrawals is a real bummer and the reason why some players are avoiding it. The denomination options are quite limited, too, so this is another downside to it.

Nevertheless, as you could see, the two are incomparably different, so you’d prefer one over the other, that’s for sure. This would be an individual thing, so if more of a modern online casino player, consider using Bitcoin. If you want your money where you can see it, choose PaySafeCard. Whichever of the two you decide to go with, though, would be a wise choice, since both of these methods are offered across hundreds of casinos and are quite popular among players.

Payment Methods Comparison
Payment methods name Bitcoin Paysafecard
Available accounts n/a 1 account
Available currencies BTC USD, ARS, AUD, BGN, CAD, CHF, DKK, GBP, HRK, HUF, LVL, NOK, MXN, NZD, PEN, PLN, MDL
Account management fees n/a From the 13th Month, a monthly fee of 5 GBP will be deducted from the paysafecard account if the customer has not carried out any transactions in the paysafecard account within 12 months.
Account unused n/a 5 GBP per month
Exchange fees (FX) n/a 3%
p2p Money transfer
Send money p2p n/a Both the use of paysafecard prepaid codes and payment using the paysafecard account are basically free
Receive money p2p n/a Both the use of paysafecard prepaid codes and payment using the paysafecard account are basically free
Deposit fees
Bank transfer n/a 4 %
Instant bank transfer n/a 4%
Credit card n/a 4%
Withdraw fees
Bank transfer n/a 6 GBP
Prepaid card at the ATM n/a 3% (min. 3 GBP)
To merchant site n/a free
PrePaid card n/a paysafecard Mastercard
Fee to order n/a 8 GBP annual
Membership n/a 3 GBP from 7th month
Costs for cash withdrawals at the ATM n/a 3% (min. 3 GBP)
Costs at points of sale n/a The transaction fee is a customer fee which can be charged by individual pre-defined retailers and which must be declared.
New prepaid card n/a 4 GBP
Cash withdrawal at ATM limits/24h n/a 400 GBP
Points of sale limits/24h n/a 1,500 GBP
Delivery time n/a 4 to 20 working days
Prepaid card available currencies n/a USD, ARS, AUD, BGN, CAD, CHF, DKK, GBP, HRK, HUF, LVL, NOK, MXN, NZD, PEN, PLN, MDL
Two factor authentication n/a 3D Secure
Link to terms & conditions https://bitcoin.org/en/ https://www.paysafecard.com/en/terms-and-conditions/

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