VISA, Mastercard make it difficult to buy Bitcoin

NEW YORK: Multinational financial services corporation, VISA and Mastercard have now made it more difficult for users to purchase Bitcoin and other cryptocurrencies.

According to TechCrunch, both VISA and Mastercard have decided to reclassify the way Bitcoin and other cryptocurrency purchases are processed on their networks.

Presently, if you wishes to buy bitcoin, ethereum or other alt-coins instantly, their only option is to use a debit or credit card.

Transferring funds from the bank has a lower fees, but it takes several days.

Coinbase has for long accepted debit and credit cards for instant buys, however, it passes on to the buyer the standard four percent credit card transaction fee.

Now, it seems that both VISA and Mastercard have reclassified the way Coinbase credit card purchases are processed on their networks.

Coinbase transactions, and also presumably all other exchanges, are now being labelled as a "cash advance" rather than a "purchase".

Using a credit card will result in a five percent fee, in addition to the four percent credit card transaction fee already passed on by Coinbase.

Moreover, these purchases will no longer qualify for earning credit card points as well.

 

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PTI