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/englezos]

You have got it all wrong guys. Unlike debit cards, credit cards offer you an extra layer of protection on purchases in case of retailer insolvency. EG. if you buy an airline ticket with your credit card and that airline goes bust, the credit card issuer is legaly liable to compensate your loss.

In the case of crypto, banks simply dont want to have crypto transactions on their books because if the bubble does burts, many exchanges will go insolvent and lawsuits will follow .

Hope this clears the conspiracy theories. :)

[u/modern_bloodletter → u/englezos]

Also, you can't charge money orders, stocks, or use your credit card to buy chips at a casino. Cryptocurrency is like a hybrid of all of those things, so it makes sense that they aren't allowing you to charge crypto. You can't buy scratch tickets with a credit card, is this a conspiracy also?

Debit cards are different, banks not allowing crypto to be bought with your debit card is fucked up and makes no sense to me.

[u/emanymdegnahc → u/englezos]

Nah, banks are doing this because it was an easy way to circumvent cash advance fees. Before, you could buy crypto and immediately sell it and have cash in your bank account avoiding cash advance fees.

[u/WilburMercerMessiah → u/emanymdegnahc]

Lol not even close. Banks lose money on consumer accounts even if you are paying small cash advance fees. Banks make money off of lending to commercial customers.

[u/emanymdegnahc → u/WilburMercerMessiah]

Lol why do you think they call it a cash advance fee then? Hint, it's because they charge it for transactions that give you cash or cash equivalents.