After JPMorgan halted bitcoin purchases, Bank of America is doing the same. The official reason is that the lenders don't want to bear the credit risk associated with cryptocurrencies. The ban does not affect debit cards.
The primary concerns of the two biggest US banks are that cryptocurrencies are extremely volatile and people might end not paying the bill. Of course we can't be sure if this isn't part of a bigger picture (most likely it is). The bright side of the story is that Debit card purchases are unaffected, which makes this "move" pretty plausible.
Capital One Financial Corp. and Discover Financial Services previously said they aren’t supporting the transactions.
Is This A Well-Timed Attack On Crypto ?
FOR SURE It is. Since we peaked at ~20,000$ in early January, negative pres is reaping it's "rewards". People are letting the FUD mess with them and mainstream media and traditional banking is making it a lot worse.
- South Korea Regulations
- Europe Regulations
- World Economic Forum - Crypto is for criminals
- China ban
- Coincheck hack
- Tether/Bitfinex subpoenaed (this is from December,2017)
I am sure I am missing something. Do you know what is next on the list for Bitcoin - A CFTC/SEC discussion on Bitcoin regulations on the 6th of February. No wonder we are plunging, people are fearful everything will end. Well, IT WILL NOT
Yesterday I posted something that will make you think and will make you more comfortable for the future. You should definitely check it HERE
Don't let fear control your decision-making process. It is the underlying technology that counts, not the crypto itself. Steem is 15% down today, do you think activity on the blockchain decreased by 15% ? NO it didn't. We are in a good place, we are the innovators - resistance is expected !
As much as I know in the US people use mostly credit cards. I have spend around a year in the US and I knew only students that had debit cards in stead of credit cards. What I am trying to say is that this move will affect the process of buying crypto currencies. On the other hand it seems weird to me that you are able to trade crypto using a credit card. So I find that ban logical because of the risk the banks are exposed to. And I do think that most of the people trading crypto really don't understand the risk.
It was very common to buy crypto on CC, then pay it immediately with cash. The benefit you received was whatever bonus your card provided (points, miles, cash back, etc). That all ends with this ban however.
You mean they don't understand the risk ? Yes, I also think this is kind of logical to ban credit card. People just don't really know what they are doing.
No wonder we are plunging, people are fearful everything will end. Well, IT WILL NOT
sigh of relief hear that
to show you these funny images lol
Bank of America joins the recent bit coin regulation parade. Thx for info, upvoted
Thank you
Proving that Bank of America has no idea how you get a cryptocurrency.
The next on the list is..
The finance minister of India said..
"The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or part of the payment system"
The indian cryptocurrency ecosystem will continue to survive but with a sword hanging over it.
The indian cryptocurrency market is 1,500 BTC/day.