MasterCard Vs Bitcoin
Earlier in the week on a normal day I was finishing off my shift at work and taking a look at the coin market cap on my phone. I saw the dip in the market took and thought to myself it’s a fantastic time to buy right now. So as I started the car and began driving I made up my mind that once I’m settled in at home I’d buy some bitcoin.
I finally got home after a short spell, I hug my kids, kiss my wife and talk to them about their day for a little before they all go to bed. I then sit down at the dinner table and eat my dinner my that was prepared for me earlier and thought about which crypto to invest in. Should I up my electroneum and vibe holdings or should I invest into ripple or is it too late for that. But regardless of what was going through my mind I needed to buy some bitcoin before I could do anything.
Once I was done cleaning up after myself I went to my desktop. I logged in and check my investment portfolio briefly before I opened my browser and logged into Coinbase. Now I first sent a request to purchase 400$ (Canadian) in bitcoin using MasterCard as payment but my purchase was declined. I was puzzled at first because this wasn’t the first time I tried to buy bitcoin from coinbase, I’ve bought bitcoin and even bitcoin cash a handful of times previously with no issues whatsoever. I then repeated the process with the same result my purchase was declined once again and the message notified me to contact my banking institution.
At first thought it’s a security issue and that I’ll give them a call and let them know it’s me trying to buy bitcoin and that would be the end of it. So I called up my MasterCard and just let them know what happened after I confirmed some personal information for them. Then I was told to hold so I thought ok something is wrong here this is suppose to be a quick call and fix. I was put through to the security services division and once again had to confirm my information except in a little more detail than before. After that I asked what was going on and my answer was everything is ok with your account but just recently MasterCard has made a decision to block purchase of Cryptocurrency. I asked why and I never got a clear answer like fraud or money laundering, the only answer I got was the decision was made by the strategic division to block the purchases because of the risk involved and customer protection.
I replied to them saying I think it’s a stupid decision who ever made it, I then asked if they were going to block cash advances at ATMs in casinos or block my purchases of ETFs when I want to purchase stock. His answer was delayed but when he replied he said no I could still do both and that only Cryptocurrency was being blocked. I answered him saying the risk for all are relatively the same and that I was very much disappointed that MasterCard has taken that stance.
After I hung up I still couldn’t help but think to myself is this how it’s starts? The big banks first trying stop or limit us from actually purchasing crypto. I’ve been reading for months the bankers are devising a plan to stop bitcoin and are they starting to implement it now? Is the next step government regulations or completely banning it all together? Let me know what you think or if you know more about what is in store for the future of Bitcoin and Cryptocurrency.