J.P. Morgan, Citigroup, and Bank of America are halting Bitcoin purchases
It seems as if the mainstream media and "the man" are working together to try and destroy cryptocurrency. The latest story I read came with the headline "Bitcoin Ban expands Across Credit Cards as U.S. Banks Recoil". They really seem to want to continue the selling frenzy.
If you use J.P. Morgan, Citigroup, or Bank of America, you could use your credit card to purchase Bitcoin over the last few years. Unfortunately, that is now coming to a stop.
To add to the onslaught of negative news from the mainstream media and big corporations, some of the biggest banks in the United States have deemed Bitcoin too risky to allow it to be purchased on credit cards. They don't want to get caught up with big price drops and customers with buyer's remorse that bought Bitcoin at a high price.
The good news in all of this is that it is only effecting credit card purchases. Users using their debit cards will still be able to purchase Bitcoin and other cryptocurrency as usual.
Citigroup said that they will continue to monitor their policy as the market evolves.
I can definitely understand why credit card companies would be a bit weary of getting stuck with someone else's crypto bill, or worried that someone might use stolen card info to hoard crypto. It just seems like a wildly odd time for all 3 banks to decide this simultaneously.
I will continue to hold strong and I think that the market will rebound sharply eventually! How about you? What do you think?
To the moon,
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Bitcoin is a cryptocurrency and worldwide payment system. :3 It is the first decentralized digital currency, as the system works without a central bank or single administrator
thanks for sharing this type of news............resteemed.
the war on cryptocurrencies will continue, but that will create more confidence for people because that will show that banks are scared, their market will fall, we must be patient ... thanks for keeping us informed
I wish I have a crystal ball to predict what may come.. I know that most of the cryptopian aware of what laying ahead but that doesn't stop it from growing... I think there will be a big different from last year....but i do believe that this thing will continue decades more..Thanks for the articles
There is no way Bitcoin will trade at values lower then those prior to the November boom. The only ones i see panicing are mainstream news, and those generaly againts crypto.
I only have a few hundred dollars in crypto but im hoping to earn some here so i can invest while the market prices are this low.
crypto is one of the biggest opportunities since the invention of the internet itseif....great times to be around..............................
Have a nice day @bwells I wish I have a crystal ball to predict what may come.. I know that most of the cryptopian aware of what laying ahead but that doesn't stop it from growing... I think there will be a big different from last year....but i do believe that this thing will continue decades more..Thanks for the articles
No one will buy btc with credit... I either use my debit card. However, if the card number is stolen... maybe I will buy lots and lots of monero out of it.
While I can kind of see why they are doing this, it still sucks. I was trying to buy some Eth (to buy steem) yesterday and it was the first time I wasn’t able to using my chase credit card even though I pay it off immediately. I guess they are sick of people buying on credit and possibly disputing it when it dips. oh well 😢
The banks are not afraid of “getting stuck with your bill” they are afraid of you leaving the debt circle with crypto gains.
Great Post @bwells! I upvoted you. The ironic thing I was thinking about this is that banks were one of the reasons I got involved in crypto. I have been hearing about this and I appreciate you sharing.
I don't know if you use Coinbase, but I got an email from them saying if a credit card is used to purchase and cryptos, that there would be extra charges from the CC company. Crazy stuff. I am glad there are more options to buy and sell through Bittrex (opening for USD deposits), Square Cash app, and Robinhood soon! Peace, Love, & Freedom!
Peace, Love, & Freedom!