Just the other day we got word that bank credit cards would no longer allow their customers to buy crypto currency with their cards. The banks on the list JPMorgan Chase, Bank of America, Citi and Capital one. You know those same banks we all bailed out with our tax money when they where going belly up. Are now telling you that you CAN NOT use their cards to buy crypto currency. On what grounds? None they just said nope so where is your freedom there?
Now doing a complete 180 in Australia and New Zealand their major banks of course are monitoring their transactions for illegal activities and have come to an agreement they are just not there. This has pushed them towards ALLOWING yes ALLOWING their customers to continue to use their cards to buy cryptocurreny.
Interesting indeed right
I don't know about you but the time of these big banks is over!
๐ธWe now have the ability to...
- Lend money securely to each other on Peer to Peer networks
- Do near instant transactions
and - Low cost fees to no fees on those transactions
While banks continue to charge you a arm and a leg for each.
Oh but thats not even the kicker here there is another that will get you right where it counts.
Those of you who have bought crypto on a credit card well those banks are now saying it is a "cash advance' that means more fees from banks.
But wait didn't banks laugh a crypto and say its not real money?
Well that never stopped them from making another quick buck right... ๐ค
- Image credit to batman, giphy and DC/ maybe soon Disney
Keep in mind that Bank of America owns PATENTS for cryptocurrency exchange technologies. They will insist that you buy on their platform (while collecting fees) rather than let your cash leave "their" accounts to be invested on other exchanges!
https://news.bitcoin.com/uspto-approves-bank-of-americas-cryptocurrency-exchange-patent/
A solid point banks trying to get their grubby hands all over your hard earned money what little you get to keep anymore.
I have a feeling it's just protection from fraud because cryptos are not reversible but purchases with credit/debit cards are.
Still though, it's way overboard.
I love the fact that they now claim is as a cash advance even though they said they would never recognize it as such. But you know they just want even more money!
Yea, although I guess it's important to remember that banks are businesses. They're there to make money just like every other business (with the exception of most non-profits).
I always say it, banks laughed at crypto when they were too naive to see the money making potential...then they saw people making money and they want in.
I was having the same conversation yesterday. Controlling the currency is the only real way for the gov to keep power. Redistribution of wealth is a clear threat to Government so they will push back very hard.
Hey ! Why are we surprised? This is an expected move. All they care about is bottom lines. The hard working people having control over their own money would be a devastating blow to banks. But I am sure they will find one way or other to keep their dirty fingers dipped in your curry......Shame that not many people are able to see it sooner.
Agreed - there's something fishy here. It's not just that banks are making it hard to buy crypto with their cards, they are reclassifying a purchase as a "cash advance." At some level, banks are waking up to the fact that they are just expensive middlemen and are not really needed anymore. And, as you point out, they are fighting back with everything they have. Of course, they will tell us that they are "protecting" us and helping to ensure "stability of the financial system" and all that, but is that really the case? I think you nailed it here...
Thats great creation..Keep it up..
Resteemit sir...๐๐๐๐๐
graet blog that is
thanks for the valuable post ahring keep it up
banks is a medium where we kept money and they give interest and also they income by it.
it is a good process
thanks for sharing
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Thanks for sharing...
Keep it up..
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TODAY THEY CHANGED IT AND SAID YOU CAN USE CREDIT CARDS BUT WITH A 10 PERCENT ADDED FEE.
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jesus these banks are such a rip off , always have been and always will be, all they are trying to do is get all your money!!!
Thing is that I kind of agree with everybody here, including the banks.
While I have never been a fan of the banking system, or the whole fiat system as a whole, i actually agree with the no credit card decision.
How many people maxed their credit cards in December to buy crypto? How many of those panic sold at losses of 30, 40, 50%?
How many of those can actually afford those losses?
The banks just figured that it was too soon to be asking for another bailout...