Tougher To Buy Bitcoin With Credit Card In U.S.
According to a news by Bloomberg, JPMorgan Chase & Co, Bank of America and Citigroup Inc halted cryptocurrencies transactions from their credit cards. In other words, if you have a credit card from those banks, you can't buy Bitcoin with the fiat on it anymore. The official reason behind the decision is that banks don't want to associate the credit risk with cryptocurrencies. The measure will be implemented starting this Saturday.
Markets didn't seem to react to the news, Bitcoin trading around $8,900 at the moment of writing.
Every day is getting more and more obvious that traditional banks are seeing the rising of crypto as a threat and, while some of them are embracing the technology (Ripple, Stellar), others are isolating themselves in "walled gardens", doing everything they can to ensure an "impermeability" to any decentralized type of money.
The truth is that, if you're only using the technology, i.e., using a distributed, permission-based ledger, to validate transactions, you can only gain in transaction speed. The real power of this technology is not in the technical gimmicks (as advanced as they are) but in its mainstream adoption. The power is in the decentralization, in the ability to create one giant self-regulating super-social-being, eliminating the need for a middle man.
And it's that adoption that will make the banks, eventually, obsolete.
And all their efforts to ban it or eliminate it from the market is like, back in the nineties, printed magazined would enforce bans on the world wide web, while still using the technology to publish only their own content online.
Think for a while at this and try to picture the world today without independent bloggers, without YouTube, twitter or Instagram.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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That really sucks, I believe that there is a war coming but it wont last very long. Cryptocurrencies vs World Governments
Bloody hypocrites! They know they will fail...
We are stronger than them!!!!
Change cannot be fought against, banks will eventually go obsolete or belong only to the government by the government for the government. @dragosrua best witness, more grace to you
Seems like these banksters still haven't learned the old golden rule of , if you can't beat them, join them. This is what they would have to do eventually. So, its better for them to do that now and than later. And these kind of measures would only increase hatred for the banksters among the public, and consequently draw them more towards cryptocurrencies.
One door closes another opens up, I also heard that some of the more progressive banks will welcome these customers that want to buy crypto with cards with open arms, at least for the mean time.
Exchanges aren't making it easy to but crypto either especially coinbase. just this week i got an email from them saying that banks are going to be charging fees for buying crypto with your credit card. yet another nail in the coffin for coinbase.
It seems like those at the top want to make it harder and harder for the little people to have access to crypto, and once they are left out in the rain watch the fat cats step in and buy up all the crypto.
Seems like perfect market manipulation to me.
cu cat apar mai multe stiri de genul asta cu atat vor scadea mai mult cryptomonedele. e clar ca bancile se simt amenintate si fac tot ce pot sa opreasca cresterea asta masiva . oricum pentru moment se va simti pe piata tot ce se intampla cu "reglementarile" astea pe care le tot fac.
also,,i just used the new site to check my reward and expected payout,,its nice,,thanks
bank don't really want the volatility of cryptocurrencies because they are afraid of losing big money. I can't blame them. this makes some banks to become anti crypto.
banks don't want credit risk... BANKS DON'T WANT CREDIT RISK??
anyone ever heard of the 2008 financial crisis? oh boy... let's drown in our own hypocrisy,, not like they've ever turned their back on a derivative