Bitcoin tensions rise as investors claim banks freezing their accounts
I admit I know next to nothing about Bitcoin and Crypto, but this popped up in my feed and gave me pause.
Apparently some people in Australia have had issues with banks freezing accounts due to crypto related transactions- and it’s not entirely unheard of elsewhere.
In my mind that means Bitcoin has a grey area it operates in... I’m curious how that all works for the people making money there...
Why Bitcoin price down ?
That's the man reason why Banks hate with bitcoin.
Governments and other powerful institutions that have been benefiting from the existing banking system can never be happy with Bitcoin. It takes power away from them. They will do anything to gain control over it, but they can only control exchangers and some transactions that they will manage to, but the entire system of Bitcoin remains beyond any government or institution. As a matter of fact, they would want Bitcoin dead, and they have put up a lot of propaganda over the last 9 years of Bitcoin existence. Bitcoin is decentralized. It's money for everyone who can learn how to use it, its not for governments and banks. You can even have and use it when no one knows. Its also supposed to be the cheapest way to do transactions and offers real freedom for people to do what they want to do.
Such good things are what I care about. The current high transaction fees, are probably the known challenge right now and I hope they will sort themselves out as well. Such challenges must have been coded in the system for correction whenever they show up. However, realise that you can actually set low rates for your transaction, you as an individual and your transaction will still go through, only that it takes longer. You could never bargain for banking fees, Forex rates and beat the banking system at its game.
Bitcoin is still better than any other currencies, it's now 14,000 times stronger than a US dollar. That should not be taken for granted, amidst all the challenges it faces. Imagine everyone wanting you dead and you gain more power and popularity? Because when people learn facts about Bitcoin, they prefer Bitcoin to anything else they have known for generations.
posting is very extraordinary and very useful once.
but I would like to ask you one opinion, what is your prediction about bitcoin prices in early 2018 and by the end of 2018, is it more expensive or vice versa,
What is your opinion?
Ho really..why these bank do like this..shit.. every one work for money ..if transactions done through the banks .they will also get some profit.....thank you for sharing with us...@askquestions...
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BTC is only going to rise. To many small investors and ordinary people like it and will invest in it. That is why its hard to destroy it
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I agree that the central banking system is not happy about crypto-currency. However, what I am also finding out is that people don't really know how to conduct banking. They are submitting to much money, too many times in one day which raises red flags for banks. Or they are dumping to MUCH money into accounts in one deposit which also raises red flags.
I learned this from working with finance departments of businesses, when there is a large amount of money to be placed into an account (large is considered $8,999 or more), then you should call your PRIVATE BANKER (the person you opened an account with) and let them know that a large amount is going to be deposited and if you need to do anything to make sure everything is alright. There will be questions you need to answer but giving them a heads up allows you to drop your cash into the account without the immediate RED FLAG rising.
If you have several deposits incoming in in one day (say like more than 4 or 5) give your bank a heads up. Alot of this could be elevated with a VISIT to your bank or a call to warn them of the activity of your account.
I do sometime's fear about the freezing of my bank accounts, but i remember that bitcoin can't be handle by governments and other institutions and that's the reason it has grown upto the mark. Liked your post, continue your good work.
Banks in Australia are Scumbags. Basically the big 5 are a cartel that price fixes and engages in racketeering. There's nothing illegal about holding and trading Crypto but racketeering actually is illegal.
Every Australian should go out today and get a Credit Union or Building Society account and move all their funds. The only bloody nose the banks will understand is the one that they'll get when 2-3 million high net worth account holders move their money elsewhere.
Credit Unions in Australia have all the same legal rights as Banks. They can issue loans, credit and debit cards, cash etc. You can easily link them to your Bitcoin accounts such as Coinjar. Credit Unions, unlike Banks, though are not Cartel owned. They are member owed, which in effect makes them the already existing decentralised high street banking alternative of choice.
So you don't need to wait until Monaco or TenX cards become available, or wait 55 days for an EFPTOS card from the likes of Coinjar (though I do recommend getting all those cards), instead today, in less than a couple of days trading cycle you can set up an account at a Credit Union (Building Society) link that into your online account, and then have a perfectly legitimate facility for drawing cash out of Crypto whenever you need - and without fear of Bank reprisal.