BREAKING NEWS : Bank of America and JP Morgan Are banning CC purchases

[figmentofmyass]

the day these big banks will no longer dictate the rules of finance

there's a fundamental problem, though. BTC is highly dependent on fiat gateways (and altcoin markets depend on BTC). more than anything, it's used as a speculative asset (via fiat investment). so, BTC doesn't have any sort of circular or sustainable economy. in this context, banks (and governments) could probably affect the markets more than we'd like to think.

the international nature of some exchanges helps, but at a fundamental level, the banking system can be controlled if a handful of banks (or a handful of nation-states) wills it. that means that exchanges can largely be cut off from the banking system. that could have a pretty drastic effect on public perception and price discovery. it wouldn't destroy anything, but the effects would be greater than people anticipate IMO.

[TimtheYoutuber]

Banks slitting their own throats. Watch them cry in a few years when crypto exchanges start cutting ties and refusing to deal with problem banks, and the banks lose customers every time it happens because we need our exchanges more than we need the banks.

It is a good thing that they are stopping CC payments. You can still use bank accounts and debit cards.

[mahibul49]

so it means crypto is more powerful than bank.so i love bitcoin more and more now.

[TimtheYoutuber]

so it means crypto is more powerful than bank.so i love bitcoin more and more now.

What makes it more powerful now...?

[BitHodler]

What makes it more powerful now...?

Maybe he's referring to the fact that more and more financial institutions are preventing people from buying crypto on credit, which can indeed be seen as some sort of a sign that they don't want it to grow further.

By preventing people from buying crypto on credit, they at least made an attempt to potentially halt Bitcoin's growth, but it won't have any impact at all. It requires an extra step, but credit can still be used to buy Bitcoin with.

The larger Bitcoin grows, the more financial institutions acknowledge that Bitcoin might end up taking over a large part of the market they for decades ruled with iron fist. It's time for a change, and that change is called Bitcoin.

Banks will never accept it out of free will, but eventually they have to. If you can't beat it on your own, then adapting to the situation is the only thing left to do, and that's banks adopting Bitcoin one way or another.

[TimtheYoutuber]

What makes it more powerful now...?

Maybe he's referring to the fact that more and more financial institutions are preventing people from buying crypto on credit, which can indeed be seen as some sort of a sign that they don't want it to grow further.

By preventing people from buying crypto on credit, they at least made an attempt to potentially halt Bitcoin's growth, but it won't have any impact at all. It requires an extra step, but credit can still be used to buy Bitcoin with.

The larger Bitcoin grows, the more financial institutions acknowledge that Bitcoin might end up taking over a large part of the market they for decades ruled with iron fist. It's time for a change, and that change is called Bitcoin.

Banks will never accept it out of free will, but eventually they have to. If you can't beat it on your own, then adapting to the situation is the only thing left to do, and that's banks adopting Bitcoin one way or another.

How does that mean the banks dont want it to grow? When people get hacked and bitcoins are bought, the banks are paying that out... you have to remember that most people are not very educated in cryptocurrency or even finance and will be over buying.




IMO BOA is a terrible banking solution anyway so I wouldnt use them.

[Washball]

Too many people have bought too much cryptocurrencies and paid with credit cards, in fact they spend money they don't have. They were hoping to pay back with eventual profits they could make with the price rise of the crypto they bought. If that does not work out and they lose, they're in big trouble. This is what the bank of America wants to prevent.

[TimtheYoutuber]

Too many people have bought too much cryptocurrencies and paid with credit cards, in fact they spend money they don't have. They were hoping to pay back with eventual profits they could make with the price rise of the crypto they bought. If that does not work out and they lose, they're in big trouble. This is what the bank of America wants to prevent.

This is exactly right, so I dont really see it as a bad thing. They are not trying to stop people from buying crypto, they just want to stop people from over purchasing.

[CryptoBeefy]

Banks slitting their own throats. Watch them cry in a few years when crypto exchanges start cutting ties and refusing to deal with problem banks, and the banks lose customers every time it happens because we need our exchanges more than we need the banks.

This is the other way to look at it. Crypto has a big movement and it's interest, awareness and knowledge is growing year on year. If the movement goes the way many predict, the banks will be kicking themselves.

[nutildah]

I think its pretty easy to avoid this as a problem by depositing funds from a credit card into some kind of intermediary and then using that to buy bitcoin. Virwox, for example, accepts PayPal, Skrill and a few other payment options. They also used to accept credit cards; I'm not sure but maybe this is restricted by country.

I also think bitcoin was more of a theoretical threat to traditional banking, and is now no longer a threat at all. When the price goes up, transaction fees skyrocket and its no longer viable as a currency. Now you have the financial sector actively investing in crypto because there's profits to be made by exploiting volatility through pumps and dumps the likes of which crypto has never seen.

Anyway, if people are creative about it, there's always a route through which you can purchase bitcoin. Where there's a will, there's a way.

[BartS]

so, in fact they stop people from making low purchases, controlling how people spend their own money.
It seems to me that this is not illegal, is it?

Remember when you put your money in a bank it is no longer your money, the money belongs to the banks and they can do with it whatever they want, only when you are able to successfully withdraw the money from the bank that money belongs to you again, this is why you must not feed the system, having your money in the bank makes them more powerful, if it is a low amount keep it in your home and if it is a big amount you will need to find to store it in some other way which does not involve banks.

[peter0425]

What makes it more powerful now...?

Maybe he's referring to the fact that more and more financial institutions are preventing people from buying crypto on credit, which can indeed be seen as some sort of a sign that they don't want it to grow further.

By preventing people from buying crypto on credit, they at least made an attempt to potentially halt Bitcoin's growth, but it won't have any impact at all. It requires an extra step, but credit can still be used to buy Bitcoin with.

The larger Bitcoin grows, the more financial institutions acknowledge that Bitcoin might end up taking over a large part of the market they for decades ruled with iron fist. It's time for a change, and that change is called Bitcoin.

Banks will never accept it out of free will, but eventually they have to. If you can't beat it on your own, then adapting to the situation is the only thing left to do, and that's banks adopting Bitcoin one way or another.

How does that mean the banks dont want it to grow? When people get hacked and bitcoins are bought, the banks are paying that out... you have to remember that most people are not very educated in cryptocurrency or even finance and will be over buying.




IMO BOA is a terrible banking solution anyway so I wouldnt use them.

I think bank doesn't want for crypto to grow because its a competitor. Bitcoin for examples takes away third party, which is banks. So their potential profits is already lost. That's why government thinks that crypto is do disruptive because it will make banks obsolete. This is the same argument that they have been throwing since day one they stage an attack on crypto's.

so, in fact they stop people from making low purchases, controlling how people spend their own money.
It seems to me that this is not illegal, is it?

Remember when you put your money in a bank it is no longer your money, the money belongs to the banks and they can do with it whatever they want, only when you are able to successfully withdraw the money from the bank that money belongs to you again, this is why you must not feed the system, having your money in the bank makes them more powerful, if it is a low amount keep it in your home and if it is a big amount you will need to find to store it in some other way which does not involve banks.

Exactly, and most banks will make you maintain certain amounts, so when your money fall below it, they will deduct a fee. As opposed to crypto which not only eliminated them, but you have total control, hence you are your own bank. So it only makes sense for BoA to banned cyrpto buying with their payment system.

[xCryptoManiaX]

P2P exchanges coming in lmao. Like Bitfinex used to do with its customers.

[jeffer8035]

good those who bought last year in January or February who scraped the cards to buy and sold in December of 2017 made a fortune but tremendous are millionaires haor those who bought expensive if they lost and were indebted so is the market

[coinlawyer]

They have to do this as more and more people were buying BTC and other coins by reading heads of the news with no knowlehdge what technology is behind that! They take loans in the hope that just the another day they will become rich. But this approach is not  normal and had to be stopped by the big banks.

[TimtheYoutuber]

They have to do this as more and more people were buying BTC and other coins by reading heads of the news with no knowlehdge what technology is behind that! They take loans in the hope that just the another day they will become rich. But this approach is not  normal and had to be stopped by the big banks.

I do agree that this had to be done and isnt a bad thing.

[alyssa85]

What makes it more powerful now...?

Maybe he's referring to the fact that more and more financial institutions are preventing people from buying crypto on credit, which can indeed be seen as some sort of a sign that they don't want it to grow further.

By preventing people from buying crypto on credit, they at least made an attempt to potentially halt Bitcoin's growth, but it won't have any impact at all. It requires an extra step, but credit can still be used to buy Bitcoin with.

It's nothing to do with trying to halt bitcoin's growth. It's to do with credit card chargebacks.

I expect some people bought bitcoin at the top, and when the price fell tried to do a chargeback without giving back the coins.

[ovcijisir]

the day these big banks will no longer dictate the rules of finance

there's a fundamental problem, though. BTC is highly dependent on fiat gateways (and altcoin markets depend on BTC). more than anything, it's used as a speculative asset (via fiat investment). so, BTC doesn't have any sort of circular or sustainable economy. in this context, banks (and governments) could probably affect the markets more than we'd like to think.

the international nature of some exchanges helps, but at a fundamental level, the banking system can be controlled if a handful of banks (or a handful of nation-states) wills it. that means that exchanges can largely be cut off from the banking system. that could have a pretty drastic effect on public perception and price discovery. it wouldn't destroy anything, but the effects would be greater than people anticipate IMO.

If banks block fiat gateways people will be forced to use BTC as currency if they wish to avoid their "investment" to die off. If possibility for withdrawal to bank account will be stopped, cryptocurrency market will be totally separate of fiat market.⭐️

[SaShiRaJaVu]

If banks block fiat gateways people will be forced to use BTC as currency if they wish to avoid their "investment" to die off. If possibility for withdrawal to bank account will be stopped, cryptocurrency market will be totally separate of fiat market.⭐️

The banks are not banning any gate ways here,they just stopped providing service to credit card being used to purchase cryptocurrency and with the price of bitcoin soaring,people were using credit cards to purchase the coin to make profit and when the price crashed ,many people were stuck with it and so the banks have to take a decision to deal with it.

[rockyfeller]

the day these big banks will no longer dictate the rules of finance

there's a fundamental problem, though. BTC is highly dependent on fiat gateways (and altcoin markets depend on BTC). more than anything, it's used as a speculative asset (via fiat investment). so, BTC doesn't have any sort of circular or sustainable economy. in this context, banks (and governments) could probably affect the markets more than we'd like to think.

the international nature of some exchanges helps, but at a fundamental level, the banking system can be controlled if a handful of banks (or a handful of nation-states) wills it. that means that exchanges can largely be cut off from the banking system. that could have a pretty drastic effect on public perception and price discovery. it wouldn't destroy anything, but the effects would be greater than people anticipate IMO.

If banks block fiat gateways people will be forced to use BTC as currency if they wish to avoid their "investment" to die off. If possibility for withdrawal to bank account will be stopped, cryptocurrency market will be totally separate of fiat market.⭐️

I think they banned it just for now they will get back after few months. Bitcoin back up by cash and vice versa. IF they don't want to use it to buy bitcoin using CC then debit card will be good as payment. correct me if i'm wrong!