RBC closed my commercial bank account for having Bitcoin related activities.

[thecarnie]

I will keep saying this until I am blue in the face. Fiat and Bitcoin will not mix, the banks will never allow it because it will make them obsolete. What part of that do people not understand? Bitcoin was designed to replace the fiat system and here we have people trying to integrate the two, LOL. It will not happen!!!! Make no mistake, this will be an all out war between the banking system and Bitcoin.

The problem with this is that companies with products cannot accept bitcoin without a way for them to pay for the products they sell.  There HAS to be a gateway for users of crypto-currencies to facilitate their real-world dollar values into existence.  If you close off FIAT <--> CRYPTO then how do the supporters of the crypto and those who accept crypto in lieu of 'fiat based payments' for their products or services, then how do you expect those people to deliver their services or products?  The ultimate solution would be for their suppliers to accept crypto as well (but then again, you have just moved the necessity of conversion from the 'middle man' to the supply point.  Electricity costs fiat - you cannot pay to operate a factory in crypto without there being a method for the crypto to have fiat leverage.

While your concept is everything that cryprocurrency stands for, you have to consider that until the MAJORITY of suppliers, vendors, and the likes move away from FIAT and over to crypto, there is NO conceivable way that crypto will ever have value other than the data space it consumes for the ledger. 

I run several FIAT based businesses - I lease managed/unmanaged dedicated servers (no VPS), I do web design and site building, among many other things IT related.  I would love to accept crypto - but I cannot without a method to convert into fiat so I can pay my vendors and suppliers.  If they accepted it, then they have to have a method.  You can't pay for your basic necessities of a business without fiat of some form.  Eventually, the money runs out. 

[rhj12345]

Sorry that happened to you, some banks like US Bank here in Colorado suck to work with.

My current bank Wells Fargo has been pretty good. I went and opened a new checking account to add to the one's I had so I could have a single account to move USD in and out of the exchanges with out touching my main established accounts.

When my banker asked me what it was for I told him about Bitcoin and crypto exchanges. His supervisor came over and got into the conversation, I was pretty amazed to be talking to 2 bankers, that had not even heard of the Bitcoin market much less what it was. When I told them there could be a day when these digital currency's could challenge there authority, they seemed to start talking notes. Kind of funny.

The meeting ended with, "thank you sir for your continued business. Oh and by the way did you want to open up another line of credit? Looks like our computer already approved you for another 10k"

Oh, sure. LOL

Rob

[IamCANADIAN013]

I just got a call from RBC (Royal Bank of Canada), they said that they closed my commercial bank account because my activities are related to Bitcoin.

I don't even sell or buy Bitcoins. I create physical encapsuler for physical cryptocurrencies (Not yet released).

I will close all my account at RBC and never deal with those scared crooks anymore.

I would suggest anyone having account with RBC and believing in Bitcoin to do the same.

I'm really angry right now !

Anyway, I needed to share that with you.

Would like to have your thought on that.

Please up vote on reddit:
http://redd.it/1zn5on

Wow, thats brutal.  I hate the banks here in Canada. In fact, I hate banks all together.  I find credit unions to be far better to deal with.  I was surprised how easy it was to send money to Virtex through my credit union.  I didn't think they would have Vogogo as a payee, but they did.  I haven't tried to pull my money out of virtex back into my credit union, so we shall see how easy that will be.

Credit Unions are definitely the way to go.

[gog1]

We should create a bitcoin credit union.

[V4Vendettas]

So a quick question. Sorry not up on my own countries laws for this let alone other countries but its it not illegal to do something like this ?

If not then its a great way of attacking bitcoin.

Sure wont kill it but could be a major pain in the ass.

[Armis]

We should create a bitcoin credit union.

indeed, and that is far easier to start, maintain, and community control.  Govt regs are not as onerous.

if you can do the web development I could organize the mgmt, marketing, and compliance.

 

[thecarnie]

We should create a bitcoin credit union.

indeed, and that is far easier to start, maintain, and community control.  Govt regs are not as onerous.

if you can do the web development I could organize the mgmt, marketing, and compliance.

 

I lease and manage servers in 3 US datacenters on Peer1's backbone - and can get more at a rate for the platform -- Also develop in ASP/ASP.NET if that helps - willing to contribute where I can...

[Armis]

We should create a bitcoin credit union.

indeed, and that is far easier to start, maintain, and community control.  Govt regs are not as onerous.

if you can do the web development I could organize the mgmt, marketing, and compliance.

 

I lease and manage servers in 3 US datacenters on Peer1's backbone - and can get more at a rate for the platform -- Also develop in ASP/ASP.NET if that helps - willing to contribute where I can...

great, I'll send a message to gog1 to get an idea of his actual interest, then we could send up a post seeking working partners and ideas for the credit union. 

[gog1]

while a bitcoin credit union is an idea, we've to gather support, a couple of guys cannot form the deposit base.  We have to think of the scope of our services and target.

some of them include: serving bitcoin related business, esp exchanges - we hear how many got their account closed

we have to brainstorm and come up to further expand on the idea.

[pungopete468]

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

[seriouscoin]

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

Thats so wrong i just stop reading there .

Also i never propose "bitcoin" credit union or bank. I propose a community based credit union just like every other credit unions. Its only for fiat currency thats managed by financial professionals not some bitcoiners nerd,.

[pungopete468]

So you just want a regular Credit Union who is friendly with Bitcoin...

I want more like Neo & Bee.

[seriouscoin]

So you just want a regular Credit Union who is friendly with Bitcoin...

I want more like Neo & Bee.

yes.... bitcoin is not regulated and bitcoin bank is useless.

[lemfuture]

wew i hope my bankofamerica dont do this to me. too much hassle 

[pungopete468]

I don't think a Bitcoin bank is useless...

I think at this stage in Bitcoins development it may be premature but I hope to one day see Bitcoin backed loans, mortgages, insurance, etc...

I guess I'm looking too far forward.

[seriouscoin]

I don't think a Bitcoin bank is useless...

I think at this stage in Bitcoins development it may be premature but I hope to one day see Bitcoin backed loans, mortgages, insurance, etc...

I guess I'm looking too far forward.

Its useless because you dont need traditional banking with for loans etc in bitcoin.

Its built in escrow can handle that.

Any business that ask ppl to send their bitcoins in and "store" them is a failed business.

[pungopete468]

While I hate traditional banking; traditional banking will never fail.

They can work with Bitcoin, Dollars, Euro, Eagles, Ruples, Yen... There needs to be a go-to place for basic financial needs as a matter of convenience.

A Bitcoin Credit Union would differ from a Bitcoin bank in that depositors profit on those deposits and have voting rights within the Union...

[BrewCrewFan]

That's weird that Banks are handling bitcoiners like they handle drug dealers .

Thats because they think that is what we are. Doing illegal activities.

[Armis]

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

great input 

every credit union is essentially community based, no one needs to be rich to get in or help out

 

[Armis]

A Bitcoin Credit Union would basically be a revision of a Bitcoin Exchange... Sort of like a local CoinBase office where you could deposit conventional currency or Bitcoin and merchants can choose what portions of sales are converted to fiat or maintained as BTC, etc...

Local businesses could choose to accept Bitcoin and deal directly with a local Credit Union who can work with Bitcoin or Government issued currency.

I think it would be easier to convince existing local Credit Unions to implement Bitcoin services.

CoinBase could also make for a nice Credit Union if they aspired to it.

I would love to be a part of something like this but I'm not in a financial position to bring any assets to the table.

Thats so wrong i just stop reading there .

Also i never propose "bitcoin" credit union or bank. I propose a community based credit union just like every other credit unions. Its only for fiat currency thats managed by financial professionals not some bitcoiners nerd,.

he's right, and by the way gog1 made the credit union suggestion that we are considering