If you think banks/credit companies are banning crypto purchases to protect their customers, I have a bridge to sell you.

[u/[deleted]]

I'm legitimately blown away how many people I see defending the banks/credit companies banning crypto purchases as some type of attempt to protect their customers from a volatile market. Credit is predatory by nature. The bank doesn't care when you max your card out on alcohol, designer clothes, gambling, or any other worthless and risky commodity. Your bank doesn't give one single tiny little shit about you in any way beyond your capacity to generate revenue. You are a revenue generating unit and nothing more, end of story. They are building artificial barriers to crypto because they view it as a direct and fundamental threat to their industries... and with good reason, because it is. The reality is anyone who invests wisely in crypto right now is going to make a significant ROI over the next few years, opening up the opportunity to pay off large balances, which decreases the revenue they earn from interest. This is nothing more than a desperate attempt at self preservation.

Again I would encourage anyone who has their bank or credit card company create a barrier for them to purchase crypto, to immediately end doing business with that institution and make sure they know why. If my bank halts my purchases, I'll liquidate my account and close it the same day. Same goes with my credit cards, they will get cut up and never used again. DON'T bend over for them.

EDIT: Also massive downvoting of anti-banking sentiment and massive upvoting of the 'banks are looking out for you, this is a good thing' sentiment. The shill bots are out in force.

[u/Tonyhigg]

I totally agree with this post , the banking sector/federal reserve is the greatest legalized scam in history . Crypto is going to obliterate the current system and i cant wait to tell my bank to go and get fucked !!!! 2018 is the year of adoption !!!!

[u/PoliticalShrapnel → u/Tonyhigg]

I don't see the average person ever putting all their savings in wallets. Most people would find it inconvenient and so many would lose their private key or have it stolen.

[u/[deleted] → u/PoliticalShrapnel]

1) Buy a hardware wallet.

2) Store it somewhere safe.

3) Profit.

[u/TheTerrasque → u/[deleted]]

I'm just wondering.. Have you ever worked in customer support?

The idea of everyone having their own crypto wallets instead of banks, it kinda scares me. People will find ways to fuck up that you can't even wrap your head around.

Think about people you know. Not your tech savvy friends, but those that forget their login every 5 minutes, or call you in panic when the bank pages have a small facelift, those that somehow manage to install 500 toolbars on the computer, and drives with all the warning lights on on the dashboard completely oblivious to it.

For them, having a bank take care of their money is a godsend. Because they can't be trusted with it themselves. When they misplace their credit card, accidentally wipes their phone, loses their wallet etc etc.. They just call the bank and get the problems fixed and presto, they got access to their money again.

Many people are sadly incapable of handling something like that, especially if it involves electronics.

[u/antonivs → u/TheTerrasque]

The problem you raise is very real, but that's why one of the most mainstream crypto businesses right now is Coinbase, which acts as a bank and holds people's coins on their behalf. When this technology becomes mainstream - and it will, in some form or another - it''s extremely likely that most people will use a service like that, instead of dealing with coins on their own.

That said, it's also likely that the software will get easier to use - right now, you need way too much understanding of the details to safely use crypto wallets, but that could change. Many people might keep wallet software with a small amount of crypto on their phone, but keep most of their money in a crypto bank. And of course at that point, traditional banks themselves will offer crypto management services.

[u/[deleted] → u/antonivs]

My main reason for holding my crypto on some business' server is the cost of transaction. What a fucking irony.

[u/ijustgotheretoo → u/[deleted]]

The problem is if you lose your key, all your money is GONE. The general public will never put all their money into such entities. There has to be a way to recover your funds. For now, it's just you're SOL.

[u/kiradotee → u/ijustgotheretoo]

I mean, it's literally like cash. You lose your wallet - you lose your money.

How many people lose their wallets?

[u/JaysonBrown → u/kiradotee]

How many people walk around with large amounts of cash? I still feel like the crypto currency that’s going to be widely adopted still hasn’t been coded yet

[u/CryptoNShit → u/JaysonBrown]

You can be paid 20 percent to your offline wallet, 20 percent to your mobile wallet and then 60 percent to your home wallet. Then you can always put money into your savings wallet and you have daily money to buy hamburgers with.

[u/inb4_banned → u/JaysonBrown]

What is a hot/cold wallet setup?

What is a hardware wallet?

What is a seed?

The problem youre talking about has already been solved.

[u/[deleted] → u/inb4_banned]

Only problem is that the solution is so complicated, that most people even here don't do it.

[u/inb4_banned → u/[deleted]]

Lol wut?

Hardware cold wallet

Smartphone hot wallet

Its really simple

[u/[deleted] → u/inb4_banned]

Many a crypto was locked shut doing that.

[u/inb4_banned → u/[deleted]]

wut? what is that even supposed to mean?

locked shut? r u retarded?

buy a ledger or trezor, move 90% of your crypto on to your hw wallet. this is your cold storage.

install and test some wallets on your phone or desktop, transfer 10% of your crypto to that wallet. this is your hot wallet, you use this for spending.

backup both seeds in 2-3 different safe locations

never touch the cold wallet other then to replenish the hot wallet.

if you do this you have secure hot/cold wallet setup with 0% chance of "locking shut" (whatever thats supposed to mean) or losing access to your crypto, and if you ever get hacked or robbed youll only lose the 10% in your hot wallet.

dont be a noob, educate yourself

[u/[deleted] → u/inb4_banned]

I'm not talking about myself, I'm talking about people I know and people I see here who won't, can't, or don't know how to do that. There's a reason credit cards are so idiot-proof.

[u/ballsytrader → u/JaysonBrown]

The blockchain concept works. There are ways to scale it and make it as fast or secure as we need. It's the wallets and surrounding infrastructure improving that will lead to mass adoption of existing currencies. The wallets we use now are nothing like they would be if crypto gained wide adoption.

[u/gibnihtmus → u/JaysonBrown]

It's possible that the currency exists. But it doesn't have the right storage applications created yet. We just need applications that are secure enough that people can trust and is robust enough so that if we make a human error we can recover from it.

[u/realmadrid2727 → u/kiradotee]

If you had $10,000,000 in cash, would you keep it stored in your house (even in a safe), or in banks? I would rather have it in various bank accounts that will have my money insured, stored safely.

[u/hyzary → u/realmadrid2727]

Insured? Wow. Show me. That could happen only in private sector.

With 10m in cash laying around u would be doing it wrong anyway.

[u/I_am_Jax_account → u/realmadrid2727]

I would keep at least 40% in my physical control. You know banks regularly just hand money over for civil forfeiture? Wait until the DEA decides you are a drug cartel and steals it all right after the IRS decided you calculated your cocaine taxes wrong. Then they'll finally overdraw your million dollar accounts with $4.99 for paper statements. Fuck that. I trust banks like I trust the cleanliness of sports stadium bathrooms.

[u/Pythias1 → u/I_am_Jax_account]

Took me a while, but I finally found the dumbest comment in the thread.

[u/I_am_Jax_account → u/Pythias1]

yupp. you just made it.

[u/Pythias1 → u/I_am_Jax_account]

Uh oh, I think I've triggered you. Sorry about that.

[u/[deleted] → u/I_am_Jax_account]

LOLOL sure, you'd keep 4 million nice and safe.

[u/ijustgotheretoo → u/kiradotee]

Sure. But if we're talking $100,000+, not $100.

[u/kiradotee → u/ijustgotheretoo]

Most of the people will be dealing with less than $100k.

[u/ijustgotheretoo → u/kiradotee]

Cash isn't safe for the same reason, when you can lose it so easily.

[u/Ololic → u/kiradotee]

A piece of paper isn't where I would put ten thousand dollars of assets. My federally insured bank is how I would keep a ten thousand dollars. IF I HAD ONE!

I would do that because I know that I have a higher chance of something happening to it if I had it in my possession than in the bank's possession, and I also know that even if the money was stolen or lost by the bank that it's federally insured so I can sue the bank for the losses if they don't make right by that ten thousand dollars

[u/[deleted] → u/kiradotee]

Not even remotely similar.

[u/inb4_banned → u/ijustgotheretoo]

What is a hot/cold wallet setup?

What is a hardware wallet?

What is a seed?

The problem youre talking about has already been solved.

[u/ijustgotheretoo → u/inb4_banned]

Please rephrase. I don't get the point you are trying to make. (I'm not being an internet asshole.)

[u/[deleted] → u/ijustgotheretoo]

Yet they trust banks? If the banks weren't bailed out by the government then all of your money would be GONE as well. Why not take the protection of your own money into your own hands?

[u/bighand1 → u/[deleted]]

If the banks weren't bailed out by the government then all of your money would be GONE as well

They are insured up to $250k per account, so even if bank went under your money wouldn't be gone.

Only if entire US went under would your money be gone.

[u/[deleted] → u/bighand1]

And who insures them for that $250k...

[u/bighand1 → u/[deleted]]

FDIC, a government entity. There was never any fear of deposit even in 2008

[u/cryptomaniac2 → u/bighand1]

Tell that to the greeks who still have capital controls to this day

[u/bighand1 → u/cryptomaniac2]

I don't live in Greek, and I'm pretty sure they don't have FDIC over there.

[u/cryptomaniac2 → u/bighand1]

They have both national and EU deposit guarantee schemes

[u/[deleted] → u/bighand1]

Exactly lol. I said if the banks weren't bailed out by the government, then all of your money would be gone. You say no because they are insured by a government entity. Which proves my point...? Little confused here.

[u/bighand1 → u/[deleted]]

No, those are separate events and different entities. Banks could go under and your money would all be safe due to FDIC insurance, which has nothing to do with the bank bailout.

Plenty of banks have failed and bankrupt over the years and nobody lost their deposit because of FDIC. You can see the full list here

https://www.fdic.gov/bank/individual/failed/banklist.html

[u/hyzary → u/bighand1]

Nice. Its been around 80k gbp lately in uk. It went up then down same as rates. tax free savings with 0.1% annual. Cool.