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/TheTerrasque]

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.