Bitcoin, Banks and Credit Cards.
TD Bank says it is taking a pause on allowing customers to use its credit cards to buy cryptocurrency.
- "It's better to let customers buy when the price is touching all time highs. There's a greater chance that the customer will become impatient when the price dips....thus making a greater chance to create new customer debt. It's important to remember that the whole business model works on helping customers "manage" debt....not get rid of it. Our ideal customer is able to take on a lot of debt." (The Wolf in Sheep's Clothing)
Allegedly some banks are so "concerned" about customers making "bad" investments with bitcoin. The banks are so worried about their customer that some of them have blocked their customers from directly purchasing bitcoin with their credit card.
What comes to mind:
Since when do the banks and credit card companies give a shit about the end user....retail customer? Pretty sure the whole business model is built off of gauging the average person.
This is like saying, "we decide how we will allow you to spend your money....you need our permission to purchase things with your card....it's not really up to you
Is it possible with the bitcoin continuing to build adoption, that this would be bad for banks/credit cards? Maybe people would actually get rid of their debts!?
Maybe the banks just want to try to slow bitcoin down....even if it's just for a second....maybe the banks are starting to collect it themselves...and want the price to go to 100K usd per Bitcoin before their willing to help their customers/clients/consumers.
It just seems super sketchy when the banks are acting like they give a shit about the average person. I mean if that were the case we wouldn't have about half the world currently unbanked!
Perhaps it's more of a narrative like this: "Bitcoin is an unstoppable global force....perhaps the closest thing we've ever seen to being any kind of an example of a real world democracy."
Source: TD Bank stops Bitcoin credit card purchases
Ponderance,
Bitcoin price is way down from it's all time high + Now some Banks blocking ability of customers to buy Bitcoin.......Maybe if a block would make sense only on all time highs...and card providers encouraged people to, "Buy the dips!"
There must be something...some kind of magic to this wizardry type psychology and instruction: "Buy Low, Sell High"
CHEERS TO AN EXTRAORDINARY 2018 - HODL!
i igree with you @worldclassplayer excellant thinking
thanks for shareing
upvoted & Resteem
Well they will let you go into a casino and max out your credit cards on the Atm's so really shows how much they care
i actually just bailed my mom out of her online gambling debt from playolg she lost over 20k in 1 year and had 5k in debt her bank didnt care she was gambling with her credit card
you're a good son. know that :)
She reminds me everyday i actually took out a 5k loan from the bank 9 months ago to pay it off and life has been amazing to me since i now have around 15k saved up and the loan is fully paid off before that i was living pay cheque to pay cheque
the irony...
Bad news for people who want to get into crypto, but can't because of the bank they are primarily using. How ironic..
But it is only the credit card which is blocked? So they will still be able to make a bank transfer (slow as hell).
This is also bad news for crypto, as the rise the coin could experience, it is not getting. Hopefully, as you suggest, it is just a delay in the price rise.
Anyway great post, thanks for sharing.
ya only some banks are doing it at the moment with credit card...started in usa...moved to Canada...started in usa at the very bottom of the dip...
people can still buy...just creates a little bit more friction for the many new average joe users looking to get into the space.
probably see the price pump come from more institutional money and just a small bit of ''average customer'....but hey who knows!?
I really enjoyed this article, you took time to add insight and make it original. Upvoted and followed.
#killthebanks
Thanks for sharing crypto currency history.good analysis and great topic.i think you are a great man in steemit community.
Keep it up! !!!!
followed. ....upvoted and resteem
Thank you for this. What a nice treat. Hope you enjoy your weekend.
like pinocchio good post
important crypto news and useful post
keep posting :)
@upvoted
They don't care and they ain't hiding their hatred for the platform.
Crytpocurrency is a threat to the status quo. So expect them to fight back. And they are already doing that.
The more reason the platform must not play into their hands.
i think we should give all opportunity to bitcoin because it has ability to change the world economy
In my opinion, the banks are the root of all evil in the world. Bitcoin may be the solution for freeing the world of their stranglehold. Whenever something goes against the established and against the profits of the international banking, they will try to disregard the bitcoin and its progress. Bitcoin is the key of progress where banks and politics are corrupt and for the global economy.
the more they will mock bitcoin the harder they will fail seriously bank need to understand
Banks have good reasons to be scared about BTC and crypto currencies in general. They hate what they don't understand and what they cannot control.
Well yeah they are making a huge and bad impact on the crypto world resulting some people are loosing all they had !Regardless thanks the banks and credit card companies.They really do not give a damn about customers they just want their money in their own pockets .
As time is going by people are being aware as soon decentralization will take over atleast hope so !
I always knew that. The best customer of a bank is who gets into debt and takes many interests. Who pays on time is not a good customer.