UK Banking Giant Lloyds Bank Ban Bitcoin Purchases on Credit Cards

[coinpediaJordan]

The incessant drop off of Bitcoin price has led UK banking giant Lloyds Bank to restrict its clients from purchasing Bitcoins via their credit cards.
Read Detail info here: Bitcoin Purchases Ban on Credit Cards

[o_e_l_e_o]

I am in two minds about this.

On one hand, if people are accumulating debt they can't repay on their credit card, regardless of what they are actually buying, banks are right to restrict their access.

However, a blanket ban on everyone, including those with an excellent credit history who have never missed a repayment, is wrong. Responsible buyers shouldn't be punished for idiots buying in more than they can afford to lose.

[laimaro]

All these institutions banning Bitcoins will affect prices negatively. I guess bank did this to prevent frauds.

[jseverson]

The reason they're stating is pretty reasonable if you ask me, but I do wonder if there's nothing else to this decision. Everything will be speculation past that point anyway.

Either way, this shouldn't be a deal breaker anyway. It's probably a little more inconvenient now that one avenue towards entering the market has been closed off, but I don't think it will be a barrier for people who truly want to enter crypto. I'd also like to note that you're usually not allowed to buy stocks with a credit card either, so it's truly not a big deal if you look into it.

[Pursuer]

I am not sure how the credit card system works in these countries that are banning bitcoin purchases but people are saying they can not buy stocks, bonds, mutual funds with credit cards either. oh and here is a reference:
https://www.creditcards.com/credit-card-news/10-things-credit-cards-wont-easily-buy-1267.php

so why is not being able to buy bitcoin with some credit cards now  a big deal?!!

[LeGaulois]

I am not sure how the credit card system works in these countries that are banning bitcoin purchases but people are saying they can not buy stocks, bonds, mutual funds with credit cards either. oh and here is a reference:
https://www.creditcards.com/credit-card-news/10-things-credit-cards-wont-easily-buy-1267.php

so why is not being able to buy bitcoin with some credit cards now  a big deal?!!

Because 18% of people are using a credit card to buy bitcoin. (I am referring to credit cards with borrowed money, not debit cards) and this is not negligible. Another thing is the fact it happens suddenly without warning while people were using this method for quite some time now.

It's not the countries that are baning but the banks and credits cards. The company Discover also started to block the payments to buy cryptos

[LFC_Bitcoin]

People can just withdraw cash from their credit card, put it into a normal debit card account & buy bitcoin’s that way.
Or just do a face to face meet via Localbitcoin’s to trade cash for BTC

They didn’t think this through did they.

[Pursuer]

I am not sure how the credit card system works in these countries that are banning bitcoin purchases but people are saying they can not buy stocks, bonds, mutual funds with credit cards either. oh and here is a reference:
https://www.creditcards.com/credit-card-news/10-things-credit-cards-wont-easily-buy-1267.php

so why is not being able to buy bitcoin with some credit cards now  a big deal?!!

Because 18% of people are using a credit card to buy bitcoin. (I am referring to credit cards with borrowed money, not debit cards) and this is not negligible. Another thing is the fact it happens suddenly without warning while people were using this method for quite some time now.

It's not the countries that are baning but the banks and credits cards. The company Discover also started to block the payments to buy cryptos

that still does not explain why these companies are preventing this usage, I assume that is a very good revenue for them. out of that 18% a lot of them will surely pay it back and I assume that there is a penalty for not paying back or late payment which is another revenue for these companies which will now be get paid even more like loan sharks!

[Xavofat]

Because 18% of people are using a credit card to buy bitcoin.

Many of these people have the opportunity to buy it with something better, like a bank transfer.

The fees for trading Bitcoin with a credit card tend to be high, the limits tend to be low and it's easy to get into debt doing it.  It seems like if Bitcoin is being treated primarily as an investment by a lot of people, it should be treated similarly to other investments.

People can just withdraw cash from their credit card, put it into a normal debit card account & buy bitcoin’s that way.
Or just do a face to face meet via Localbitcoin’s to trade cash for BTC

They obviously know that.  This isn't exactly malicious.

[HasHe]

The incessant drop off of Bitcoin price has led UK banking giant Lloyds Bank to restrict its clients from purchasing Bitcoins via their credit cards.
Read Detail info here: Bitcoin Purchases Ban on Credit Cards

Its mainly because of the high volatile nature of bitcoin.For example,if a person buys bitcoins with creadit card and if bitcoin price crashes,then he would not be able to pay the loan which would make difficulties in bank's works.That's why Lloyds bank have banned using credit cards  for buying bitcoins/

[XEOP$]

How can they do it technically? Are they capable to ban all transfers,  say to UK based Bitstamp or DSX, that are  going through financial intermediary? Throw straws against the wind 

[cryptohunter]

Is there something mentally wrong with half the noobs here.

This news has had several threads dedicated to it already.

So this dumb ass shit which simply seems like common sense action from a bank gets 20+ threads whilst the biggest positive news from the US hardly gets a mention.

This board is full and i mean FUCKING FULL  of paid fudding turds.

Can we bring back noob jail and no posting on the main boards until 200+ merit and full valid review of post history.

Why do we need 200 new turds cycle posting fud and other bullshit daily.

Let's have a forum with valid neutral REAL posters. Not hoards of spamming, fudding, pumping shill scammers accounts.

[peymanrmi]

Virgin Money joins ban on buying Bitcoin on credit cards

Some us bank ban buying bitcoin just on credit card
But some media have been announced that us ban bitcoin and this effect all the market
Be patient and dont listen to rumors

[bitart]

Just an interesting side note:
In the EU there are some countries where you cannot buy a national lottery ticket (worths approximately 1 EUR each) with your credit card. Meanwhile you can use your debit card at the same place. Of course, where you can buy the national lottery ticket, you can also do sportsbet and other similar things (gambling), so credit cards are not allowed to use for gambling. (In order to prevent gamblers from serious debt, if the bets go wrong.)
Now it seems that it's a good precedent for them to do the same with bitcoin...