Friday, November 22, 2019
News

VISA, Mastercard make it difficult to buy Bitcoin

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New York [U.S.A.] | February 6, 2018 12:01:13 AM IST
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. (ANI)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Key Indian equity market indices open in...
ASUS announces new business, home, gamin...
Data should be used with adequate safegu...
Sensex down 265 points, Nifty below 10,2...
Adapt to changing times, IEA urges major...
Violence mars Argentine budget session...
More...
 
INDIA WORLD ASIA
IT raids at VV Minerals group, 100 locat...
Prajnesh Gunneswaran ousts Sawat to ente...
Asian Champions Trophy 2018: India beat ...
Disqualification of 18 TN MLA's valid: H...
Gunfight on in J&K...
Corporation chairman shot dead in UP, on...
More...    
 
 Top Stories
PoK leaders outlines Pak’s misrule ... 
Imran Khan, Trump discuss Afghan pe... 
Rajya Sabha refers surrogacy regula... 
Lok Sabha members call for time-bou... 
Shiv Sena MP says party hopeful Son... 
Mumbai: Uddhav, Aaditya hold meetin... 
Kerala: Teacher, doctor of govt hos... 
16 found alive inside sealed lorry ...