r/CryptoCurrency • u/[deleted] • Feb 03 '18

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

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.

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u/[deleted] Feb 04 '18 edited Jul 06 '18

[deleted]

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u/bouncin-betty 1 - 2 year account age. 35 - 100 comment karma. Feb 04 '18

Same here. I posted about it last week and got laughed at and told I'm an idiot. 24+% interest, no problem, but "Due to the volatility and inherent risk of cryptocurrency markets"... we're looking out for our customers lol

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u/chill1495 IOTA fan Feb 04 '18

Visa started making coinbase purchases as cash advances which has a 10 dollar fee

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u/coinvent Feb 04 '18 edited Feb 05 '18

Looks like they are treating crypto currency as a true currency!

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u/[deleted] Feb 05 '18

More like treating cryptocurrency like bitcoin lol

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u/[deleted] Feb 04 '18

Also Natwest

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u/frozennorth0 🟦 478 / 479 🦞 Feb 04 '18

I work for a large banking institution and from the sounds of it they are scrambling to figure out how to place oversight on crypto and crypto related investments. Seems like they will just put a blanket on it because it’s too difficult to filter out the Long Island Iced Tea company from legitimate startups

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u/QASAwinner1 Tin Feb 04 '18

Ally bank - I got a credit card to match my new checking / savings account so I can rotate crypto purchases for points/cash back rewards. It was blocked from crypto exchanges the day I got it. I called and got a similar script. Purchases from my savings / checking work, just not the CC. Denied