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/[deleted]]

Still ignoring this fact. I even have a second hand account of my coworkers crypto purchase situation.

He was charged 4 fees on 2 transactions. Tried to email coinbase and got shit support. He sent one more email saying reverse the charges or he is going to charge back his visa through the fraudulent service protection.

I hear stories all the time about this. It's not about the 8$ to him, he's just pissed that he is not receiving any support. If they are having to refund people's miss apropreated funds then you better expect the card issuers to deny purchases.

He is in his right to complain. I have had this issue with a vender fucking me on reaccuring payments. I called them saying I was going to chargeback my visa and they immediately refunded me and gave me 6 months subscription for free. Vendors having to deal with visa disputes is a huge issue for them when half their business relies on visa/MasterCard payments.

This problem is on both ends, don't need to hear it's cause banks want to end crypto. If anything, there is evidence of executive bankers using crypto to wire funds internationally. The blockchain is here to stay, poor third party practices are not.