Visa And Mastercard Now Collect Additional Payment For Purchase Of Crypto Currency

There are many reasons why so many people use Coinbase exchange.  One of the main factors is that the company supports both credit and debit cards for buying bitcoins and other supported currencies.  Unfortunately, it seems that there are some problems with these payment methods.  Many customers complained about additional fees when using a payment card on Coinbase.  It seems that such transactions are now considered "cash advances", which is not a positive development.  THE USE OF THE PAYMENT CARD ON THE COINBASE BECOMES A ROAD During the past few weeks, we have seen how Visa and Mastercard violate the activities related to crypto currency.  The suspension of debit cards issued by Wavecrest, caused shock waves in the entire community of crypto-currency systems.  According to Visa, the company has no zero intention to facilitate or process transactions related to crypto currency.  It seems that this statement also applies to regular branded payment cards used on specific Bitcoin platforms.  In particular, there are many customers who complain about additional fees when buying crypto conversions on Coinbase.  This mainly affects Bitcoin's purchases, but it is certainly possible that buying an altkok can give similar results.  For some reason, the use of this exchange can now cost an additional 3% of the purchase price, although Coinbase itself does not charge a fee.  Instead, it seems that both Visa and Mastercard have changed the "status" of Coinbase - and possibly other exchanges of crypto-currencies - in its system.  According to one comment, it is possible that Coinbase is now considered a cash advance service.  This means that the vendor's category code of this company was changed, which largely coincides with the use of a payment card for gambling.  For each transaction an additional surcharge of up to 3% is charged, which will be charged directly to customers.  It seems that this question has been present for at least 36 hours, although the exchange did not publish official comments on these complaints.  If both Visa and Mastercard really charge an additional fee for the purchase of a crypto currency, a very disturbing situation is created.  It is convenient to use a credit or debit card to buy a crypto currency, but it was only a matter of time until this good thing ended.  Credit card issuers multiplied when it comes to how their cards are used.  Since neither Visa nor Mastercard were too prone to cryptoconversion in general, such decisions were to occur when Bitcoin and his spouses became too popular for their own good.  Until now it seems that Coinbase does not know about this situation, but they can soon begin to investigate this matter.  Card issuers, such as Visa and Mastercard, can classify all exchanges of crypto-currencies as cash traders, which would make the purchase of crypto currency more expensive all over the world.  If the situation gets out of control, the only option left for users will be wire transfers.  Unfortunately, in recent months, many banks are also facing this activity, which is another problem.  It is unclear whether this applies only to specific financial institutions.  It seems safe to assume that Visa and Mastercard themselves apply this new rule to banks, although there were no explanations in this regard.  Regardless of who made this decision, it is obvious that the global strengthening of the crypto-currency activity is still far from complete.  As large card issuers are now turning their backs on Bitcoin and Altcoins, this only shows how few managing consumers are when it comes to using their money at their discretion.  Source: themerkle.com