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Author Topic: BANKS AND CRYPTO  (Read 99 times)
sevyk
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February 28, 2018, 10:51:48 PM
 #1

HI !

lately ive been readin so many articles on why banks and Credit card companies on buying cryptocurrencie most importantly the BITCOIN.
Is it something they dont believe or trust in

some links : https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
http://business.financialpost.com/technology/blockchain/td-bank-stops-allowing-customers-to-use-credit-cards-to-buy-cryptocurrency
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BluberryBTC
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February 28, 2018, 11:56:31 PM
 #2

HI !

lately ive been readin so many articles on why banks and Credit card companies on buying cryptocurrencie most importantly the BITCOIN.
Is it something they dont believe or trust in

some links : https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
http://business.financialpost.com/technology/blockchain/td-bank-stops-allowing-customers-to-use-credit-cards-to-buy-cryptocurrency

Think about this logically. Why would a bank accept crypto when decentralization goes against everything they stand for.

If you're starting a new topic, try to add more of your own words into what your links are saying.
xWolfx
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March 01, 2018, 12:17:30 AM
 #3

This is in fact a lot more simple than what it seems at first.

Bitcoin is taking the power and monopoly off the central banks. No matter how powerful, how rich, how well connected they just can't control it no matter how hard they try.

It is something we need to defend and support.
aardvark15
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March 01, 2018, 12:49:42 AM
 #4

HI !

lately ive been readin so many articles on why banks and Credit card companies on buying cryptocurrencie most importantly the BITCOIN.
Is it something they dont believe or trust in

some links : https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards
http://business.financialpost.com/technology/blockchain/td-bank-stops-allowing-customers-to-use-credit-cards-to-buy-cryptocurrency

I think banks are still skeptical about the legitimacy of Bitcoin and other cryptocurrencies so they don’t want to do transactions that involve them.

There may also be a second motive. Big banks especially may feel threatened by the concept of a decentralized currency that is both a store of value and a method of payment. Cryptocurrencies are in a way the competition to credit cards and banks in this regard.
jseverson
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March 01, 2018, 03:00:46 AM
 #5

There may also be a second motive. Big banks especially may feel threatened by the concept of a decentralized currency that is both a store of value and a method of payment. Cryptocurrencies are in a way the competition to credit cards and banks in this regard.

I'd say this could even be the first motive. Banks are essentially mediators and middlemen, and they charge for their services. Crypto doesn't need such entities, and could accomplish the same work, for the most part. There are still a lot of kinks to iron out, yes, but at the very basic level, people could operate without banks for the first time thanks to crypto.

JPMorgan also released a statement about this, and has acknowledged crypto as a risk to its business. Here is the article from fortune.

Bitfort
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March 01, 2018, 03:14:54 AM
 #6

I second this one:

...
Think about this logically. Why would a bank accept crypto when decentralization goes against everything they stand for.
...


this one:

...
I'd say this could even be the first motive. Banks are essentially mediators and middlemen, and they charge for their services. Crypto doesn't need such entities, and could accomplish the same work, for the most part.
...

and will add:
Bank business is built on charging commissions from money that does not really exists (are artificially created just because there is demand for them).
And such thing is impossible with BTC.

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LtMotioN
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March 01, 2018, 05:29:49 AM
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 #7

Those articles are being taken out of perspective a bit in my opinion, note  that they read "credit cards". People see these articles and think banks are censoring peoples transactions.
I think this is more aimed to avoid people taking on debt to buy cryptocurrency, which is a very good thing imo. We all love bitcoin but we should at the same time be responsible adults. Look at how many lives got damaged by beeettkoonneeeccctt!! (sorry but you all know we gotta say it like that  Cool )
I don't  have nearly as much coin and token holdings as I would like to have, but I am fine with that because I only invest surplus money I have left from my last paycheck on payday. It will get there one day.

I think some banks will manage  to move into a grey area and keep themselves relevant for financial services even after bitcoin takes over the world, the ones that are beginning to adopt around this space and innovate, that is. Their business models would of couse drastically change though. Others will die out though like the pests they are and I look forward to that.

Dogs are nice, I don't like cats though.
Jet Cash
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March 01, 2018, 09:34:49 AM
 #8

The banks have a major problem with consumer debt, and they don't want people using credit cards to gamble on crypto price rises. There are a lot of people who may end up bankrupt because they max'd their credit cards to buy Bitcoin when it was near the top some months ago. This is a loss for the banks, and they have to pass the cost over to other credit card holders, or the taxpayers.

I remember all the threads here by people selling their houses and max'ing credit cards just to be able to lose money on Bitcoin.

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