Big Banks Are Scared!!! Capital One Bans Transactions From Coinbase
Just the latest bank to try and stop the rise of cryptocurrency in the word. Capital One joins the growing ranks of big banks that are banning transactions to Coinbase.
They are trying to slow down the migration of capital from the standard global system into the future. This is a standard protectionist measure, trying to stymy growth in a new industry which threatens their existence.
Whey doesn't Jamie Dimon believe in Bitcoin? Because it has the potential to replace his bank as a means for storing wealth, effectively limiting his own profit. He made $27M last year just in standard compensation, why would he want anything to threaten that?
Seems like the big boys are all starting to collaborate and try to effectively ban us from moving our money into crypto. Sites that provide access to purchasing crypto from fiat will start springing up more and more to counteract this. Just look at what Vertcoin is trying to do with Vertbase, allowing people to purchase directly from USD.
It's a wild west we're in right now, get as much $$$ into the right tech and HODL!
No banks can stop this people can simply buy bitcoins on local bitcoin by cash.
@akshayb I like the way you think, but that won't work for the masses, most people need an easy convenient way to enter the market.
Please check your facts. CapitalOne stopped credit card transactions for Coinbase but normal bank transfers are just fine. Using credit cards for crypto increases lending risks so the decision makes sense.
That's correct @gimperion, however you can use a credit card to buy anything else including stock, or simply a cash advance which can then be used at a casino. What's the difference?
Actually, I have a checking account with them and they will not permit me to use my money to send it to Coinbase. In my real experience. I've been dealing with this for over a week. If it persists I will close this account.