Banks Block Customers' Credit Card Purchases of Cryptocurrency
Dinosaur Banks Shoot Themselves In The Foot 🏦 💸
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This is all about control - of us, our money and our freedoms! Lloyds Bank and Virgin Money have banned their customers from buying Bitcoin and other cryptocurrencies to protect us from getting into debt - can you believe it?? Of course, they are still allowing us to do so with their debit cards - how kind! Well, as customers we can vote with our wallets and throw their nasty little credit cards in recycling - now I feel so much better..!
Institute a ban under the guise of fear of consumer debts being too large. Meanwhile the major players accumulate their crypto positions. Makes sense
Here is my point of view.
Banks like J.P Morgan Chase, Bank of America and Citigroup decide they are no longer allowing their customers (card holders)to buy cryptocurrency using credit cards.
This is just another example of the rich controlling what we can do with our money.
Buying cryptocurrency is not illegal but yet they are going to tell you you cant, Really?
Oh but take those same credit cards to any Las Vegas Casino and I am sure you can Max them out without the banks saying anything.
We all need to stand against these controlling hypocritical greedy banks
The Vegas point is spot on. This is nothing more than a draconian ban by the banksters, who themselves needed a taxpayer bailout in 2008. The arrogance and hubris of these motherfuckers is off the charts!
The difference is buying with a credit card is not your money. You are borrowing money to buy, so they are within their rights to refuse. If they stopped you buying with a debit card (your money) that’s a different matter!
I beg to differ, the credit card company keeps the public money in trust and loans it out.
Credit card companies create money in the same way as any other bank in the fiat system by the creation of debt. There is no money in trust. No one invests in a credit card, you borrow. That loan then becomes an asset.
sure exactly as you described :ů) whole world is waiting for cheap BTCs include WHALEs so hungry already :_ů) here is some review from ANON njoy https://steemit.com/bitcoin/@mfg/blockchain-technology-in-near-future-deep-analize-of-humanity-fate-and-will-must-read-bitcoin-cryptotities-cryptokitties or watch our #CRYPTOCARTOONS at
The reason is obvious,
lots of people just got excited for the rise in bitcoin price, so suddenly an enormous number of people just bought crypto by creditcards hope to pay back after a certain amount of profit, but they faced a big fall back, a 50-day downtrend, so the bank is banning crypto purchase by cc to avoid lots of unpaid debts
thats logical and not really a big deal
That was my thoughts. When using a credit card, one isn't really using their money. It is the bank's money and they don't want to touch it. Right now, my checking account is connected to Coinbase. I have established a consistent relationship with my bank and Coinbase. I'm using my money not the bank's money. I'm just storing my money in my bank then sending some of it over to Cryptocurrencies to Coinbase. (At least with the United States) unsure what other countries are doing.
I think they know that BTC is going in to a bear market and then they will be able to say "i told you so" later on.
Not just investors, a lot of people use fake cards or purposely max out their credit with no intention of paying it back
BRILLIANT NEWS!
not a bad idea, for the same reason they don't let people gamble on their credit cards.
Hey stemian, how's everything? I am sarae. what i miss? please tell me something about steemit.
people are hoping with big and profitable profits while the drastic decline of these few days makes people surprised
To be fair, people really shouldn't be using credit cards to buy cryptos which are still relatively speculative assets. That being said, if you don't want to link your bank account to Coinbase, etc, credit card is the way to go. Trying to strangle crypto. We need some wins!