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Author Topic: Cryptocurrencies and credit cards  (Read 128 times)
sebas1382000
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July 06, 2018, 05:05:44 PM
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Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?
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July 06, 2018, 05:20:45 PM
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It does not seem to matter, but I could be wrong, please ask with customer service where you want to buy Cryptocurrency.
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July 06, 2018, 06:36:00 PM
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Depends on the country and bank. I think bank of america does not allow crypto trades so you will not be able to do it. However, it might be possible with one of the smaller american banks instead.

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July 06, 2018, 07:14:22 PM
 #4

Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

Bank of America is one of the banks who ban the used of credit cards from purchasing cryptos from known crypto exchange. Coinbase and Poloniex are popular exchanges and obviously you don't want to face the risks.

Even for let's say there are people who still successfully buy cryptos with BoA issued credit card, it's up to you if you want to face the risks.

Why not try other options instead?
 

sebas1382000
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July 06, 2018, 07:17:01 PM
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Depends on the country and bank. I think bank of america does not allow crypto trades so you will not be able to do it. However, it might be possible with one of the smaller american banks instead.

There is then no exchange that allows me to use bank of america??
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July 06, 2018, 10:01:54 PM
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There is then no exchange that allows me to use bank of america??

It's not about the exchanges, your bank is denying the purchases made via credit cards and flagging transactions.

BUT.
They haven't banned debit card purchases so this might be might be a loophole you can use.
Or you could simply use a wire transfer to deposit the money to an exchange.


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July 06, 2018, 10:24:38 PM
 #7

Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

Do not use it or you will have a lot of problems.
Bank of America will not let it and you might be blacklisted with them or worse freeze your accounts and you will die starving. Grin

Look for another option. Just one tip for you. If you do not have any option but just banks then use those who are not that popular. Once you get through then you will have no problems next time.

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July 06, 2018, 11:24:07 PM
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Cryptocurrencies deposits and withdrawals with credit cards wasn't much difficult in last few years until we entered this year where everything changed. New rules and regulations by the card companies prevented most exchanges denying traders with credit cards to make transactions. This caused severe dip in bitcoins prices.

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sebas1382000
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July 06, 2018, 11:34:13 PM
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Could I transform into fiat money and deposit in my bank account using Uphold? I have friends who have told me that it is a good option
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July 06, 2018, 11:37:10 PM
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In every country there must be a different regulation that allows to purchase crypto through credit card. there are some (few) countries that can use credit cards to buy crypto. you better use fiat to buy crypto.
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July 06, 2018, 11:40:50 PM
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Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

I'm fairly sure that poloniex doesn't even accept credit cards. Only coinbase does.

If your bank doesn't allow you to purchase bitcoin with credit card, then there is really no way out. Either you have to purchase with debit, or potentially take a cash advance from your credit card first and deposit into your debit card before buying.

Since you said that it's a prohibition on the bank's end, I don't see any other way around it unless you are willing to face the risks. I'm not sure what BOA's policy regarding credit card buying is exactly, though. You might want to seek clarification into whether you are able to still purchase but at a higher interest rate, or it's just outright banned.

But honestly, the fact that you're not even allowed to purchase certain things from a bank and the suspensions that people get on their bank account (not just CCs) when they receive a sum of money from a crypto business is just all more reason to start using decentralized cryptos.

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July 06, 2018, 11:48:59 PM
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Could I transform into fiat money and deposit in my bank account using Uphold? I have friends who have told me that it is a good option
Many peoples doing this even very risky but if you are not going in too much details then you can use credit cards for buying and selling cryptocurrency without any problem because there are may ways
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July 07, 2018, 12:28:05 AM
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It changes from banks to banks and country to country. In my country banks do not approve the buying crypto currency with credit cards.

sebas1382000
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July 07, 2018, 01:27:04 AM
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Could I transform into fiat money and deposit in my bank account using Uphold? I have friends who have told me that it is a good option
Many peoples doing this even very risky but if you are not going in too much details then you can use credit cards for buying and selling cryptocurrency without any problem because there are may ways
Why is dangerous?, I just have to pay my taxes as I have always done
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July 07, 2018, 10:50:21 AM
 #15

Could I transform into fiat money and deposit in my bank account using Uphold? I have friends who have told me that it is a good option
Many peoples doing this even very risky but if you are not going in too much details then you can use credit cards for buying and selling cryptocurrency without any problem because there are may ways
Why is dangerous?, I just have to pay my taxes as I have always done

Ignore him, he is just shitposting his quota like many others here.

You have only one problem, that your bank will not allow you to use your credit card to purchase cryptocurrencies.
As I told you before, this is the only option that you can't use, and it's because of your bank, not exchanges.
The ban is just for Credit Cards, not wire transfers or debit card purchases, and they don't want you to purchase them on credit. You are free to do whatever you want with your own money.

Just use Uptold like you've said or try Coinbase and you will not encounter any problem. (hopefully)

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July 07, 2018, 11:18:46 AM
 #16

Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

I believe its common sense that credit cards wont allow you to purchase cryptocurrency using a credit line,why not use your money instead of credit cards youre just making things harder when there is something more accurate and easy to use.unless you have a plan thats why you are pushing credit cards insstead of money

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July 07, 2018, 11:52:27 AM
 #17

Some of them don't allow buying cryptocurrencies via credit cards, and you already should not do it, just use your bank account to deposit money instead of using credit cards.

magneto
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July 09, 2018, 02:21:06 AM
 #18

Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

Obviously will depend on the bank.

I would definitely advise against trying to link your credit card to coinbase if your bank have explicitly stated that credit cards from their bank are not allowed to be used in the purchase of bitcoin. Even if it does work on coinbase's end, it could potentially mean that your card will get disabled or something of that sort by the bank, which is something that you don't want.

This is part of the reason why working with bitcoin is much easier and safer than working with banks of this sort. This doesn't just happen with credit cards but even bank accounts in general. A lot of banks disprove transactions to and from known bitcoin services altogether.

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July 09, 2018, 02:41:48 AM
 #19



visas can buy crypto on exchanges, I see some of them are accepting it.  you can go over to different exchange to check it manually, HitBTC is just one that I know.

Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?

Obviously will depend on the bank.

I would definitely advise against trying to link your credit card to coinbase if your bank have explicitly stated that credit cards from their bank are not allowed to be used in the purchase of bitcoin. Even if it does work on coinbase's end, it could potentially mean that your card will get disabled or something of that sort by the bank, which is something that you don't want.

This is part of the reason why working with bitcoin is much easier and safer than working with banks of this sort. This doesn't just happen with credit cards but even bank accounts in general. A lot of banks disprove transactions to and from known bitcoin services altogether.

about disabling your bank account is something i don't know. that's scary thing to happen when you do it with credit cards and so they say investing is risking.




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July 09, 2018, 03:02:59 AM
 #20

Hello, I open this post to ask if there is any prohibition or regulation regarding cryptocurrencies and credit cards.

They told me that there is a prohibition on credit cards with cryptocurrencies.

That you could not buy cryptocurrencies with credit.

I use Bank of America. Will I have problems if I use this card to join my Wallets as CoinBase and Poloniex?
purchasing crypto with my credit card we will not have a problem because all will be paid in accordance with financial ability only, no problem in my opinion, provided you pay at the bank time tepar so able menyicil tangungan without any additional burden again because too late, hopefully useful and successful for all of us

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