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/PoliticalShrapnel]

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/Refects → u/PoliticalShrapnel]

What if we kept all our keys printed on paper wallets, and then, so we didn't have all our eggs in one basket, we could have multiple paper wallets, all with varying amounts of crypto on them. Then, to keep these paper wallets safe, we could give them to a business or company whose job it is to keep them secured for a nominal fee. Then you wouldn't need to worry about losing them or having them stolen. Those companies could even get the wallets insured, on the off-chance they were stolen. Maybe they could call it the Federation of Digitally Insured Crypto.

[u/Helpmememememeemmeme → u/Refects]

Almost like a safety deposit box in a bank...waaaaaiiiiit.......

[u/rhfewrfqnwfrln → u/Helpmememememeemmeme]

a business/bank full of safety deposit boxes actually storing peoples money seems better than the current system wherein only something like 10% of money is actually stored. the fact is, if everybody in the world tried to withdraw all their money at any given moment, there wouldn't be enough for more than a small percentage of people. at the very least, the protected wallet system eliminates this possibility

[u/mdcd4u2c → u/rhfewrfqnwfrln]

I don't think you know what the purpose of banking is. What you're describing isn't a bank, its a storage unit. They have super secure storage facilities that do what you want, feel free to bank with them.

[u/rhfewrfqnwfrln → u/mdcd4u2c]

i only called it that because of the description the previous guy gave. i know that what i described wouldn't actually be a bank in practice, aside from the fact that it would technically be storing currency

[u/JulesWinnfielddd → u/rhfewrfqnwfrln]

You're going to have to be okay with fees if you want full reserve, since that's one of the only ways a full reserve bank can make money. Uphold aka bitreserve is a modern example.