Is bitcoin purchase not welcomed by some banking organisations?

[PRDAEcontact]

"Lloyds Banking Group is reportedly barring its customers from using credit cards to buy bitcoin and other cryptocurrencies."

Does it mean that bitcoin purchase is not welcomed by some banking organisations?

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[ManaMan]

"Lloyds Banking Group is reportedly barring its customers from using credit cards to buy bitcoin and other cryptocurrencies."

Does it mean that bitcoin purchase is not welcomed by some banking organisations?

Of course it means that, I mean this is not the first time there is something like this. In my country you have banks that won't even accept withdraws from exchanges and this is like this as far as I know about crypto. Thankfully you always have alternatives.

[bitart]

"Lloyds Banking Group is reportedly barring its customers from using credit cards to buy bitcoin and other cryptocurrencies."

Does it mean that bitcoin purchase is not welcomed by some banking organisations?

The specific issue is about credit card purchases, debit card and wire transfer is OK for them. Banks are against cryptocurrencies because of various reasons, the reason of this credit card ban is the volatility of the prices. Just imagine that someone buys bitcoin with a credit card at $10,000 and the price drops to $8,000. At the end of the month, the person needs to repay the credit card debt but because of the $2,000 price difference, it's not possible (or not easily possible). Banks don't want to run the risk of this, so Lloyds has decided to ban the crypto related transactions in connection with the credit card. If you use a debit card, you spend your own money, so it's not a real problem for the bank, it's only if you spend their money with the credit card.

[farhaan]

"Lloyds Banking Group is reportedly barring its customers from using credit cards to buy bitcoin and other cryptocurrencies."

Does it mean that bitcoin purchase is not welcomed by some banking organisations?

The specific issue is about credit card purchases, debit card and wire transfer is OK for them. Banks are against cryptocurrencies because of various reasons, the reason of this credit card ban is the volatility of the prices. Just imagine that someone buys bitcoin with a credit card at $10,000 and the price drops to $8,000. At the end of the month, the person needs to repay the credit card debt but because of the $2,000 price difference, it's not possible (or not easily possible). Banks don't want to run the risk of this, so Lloyds has decided to ban the crypto related transactions in connection with the credit card. If you use a debit card, you spend your own money, so it's not a real problem for the bank, it's only if you spend their money with the credit card.

Yes.This seems to be a very logical explanation for them to ban using credit cards for bitcoin purchase. Otherwise many would have thought that its just a regular act of banks against bitcoin.If banks continue to allow purchasing of bitcoins using credit cards,then one day they may even collapse.So,it would be even followed by banks all over the world as they would not be wanting to risk their businesses.

[racebum]

i'm just going to point out one thing here. you can't use your CC to buy stocks either

or in simple terms banks are saying. you can speculate with YOUR money, not ours

[okchain]

Instead of not receiving the welcome of banking institutions, banks should not know how to accept bitcoin because bitcoin has not been accepted by too many countries. Banks as state agencies generally follow the promulgation of the system.