Bank of America now treats BTC and ETH as Cash - page 3.

AniviaBtc

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Quote from: KrisAlex18 on July 03, 2020, 08:40:09 AM

Quote from: kryptqnick on July 03, 2020, 06:15:32 AM

What about taxes? If Bitcoin is indeed considered cash, people should only pay the income tax when they get income in BTC, correct? The currently regulations, however, impose additional taxes such as Capital Gains Tax. I can see that low-level news websites already made articles about this information, but it seems that up to now there's only this reddit post you've mentioned as a source. So yeah, probably fake news... And even if the Bank of America wanted to treat cryptos as money, I doubt they are authorized to do so without proper legislation. And only a year ago, they compared cryptos to stocks without allowing purchases of either via their credit cards.

I think if this thing is true, bitcoin or other cryptocurrency will have taxes as well, the government will not let this kind of cryptocurrency to exempt from being a non tax.

Probably, they will include it to those transactions that they can benefit from. Cryptocurrency is a digital currency that has unpredictable price in the market so most of the people are having a hard time using it in many transactions. If bitcoin and ETH is new to them, as time passes by, they will become used to it but the thing that we need is adoption.

It is true that fluctuation can make us unsure and doubt those cryptocurrency like Bitcoin and ETH to regulate into our banks due to the risks. Plus, if this happens, government will do anything just to charge our transactions with taxes that they want to receive from us. No one is exempted from taxes once the government see that you are making money out of it.

Kakmakr

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Until the US government decides to define Bitcoin or Crypto currencies as a currency, there is nothing to get excited about. The Banks are just going to do this to protect themselves, when they add extra charges to people's credit card transactions that are linked to Bitcoin purchases. Roll Eyes

Banks just know how to play this game and how to protect their income. They frowned on people using their credit cards for Bitcoin purchases, so they added extra fees to reduce these purchase decisions. Roll Eyes

(So they were taken to court on a technicality about advanced notice and the plaintiff won, so now they are giving advanced notice to prevent future court cases)

Reid

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Quote from: Malam90 on July 14, 2020, 09:59:29 PM

You haven't mentioned any logical source of this information.

Read the whole thread especially on page 2 from philipma1957.
You will find it enlightening since his wife is a customer of BoA.

Quote from: Malam90 on July 14, 2020, 09:59:29 PM

If this decision is really taken that BTC and ETH will considered as cash from now will be a great epoc making event for the crypto. There is a question of my mind, how they will claim taxes on the users. How many % of taxes they will implement on income from Bitcoin and Ethereum.

Regarding this, perhaps there is another document to explain it.

Malam90

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Quote from: gokumarket on July 03, 2020, 05:47:23 AM

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone. Cool

You haven't mentioned any logical source of this information. If this decision is really taken that BTC and ETH will considered as cash from now will be a great epoc making event for the crypto. There is a question of my mind, how they will claim taxes on the users. How many % of taxes they will implement on income from Bitcoin and Ethereum.

philipma1957

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Quote from: Traderbtcc on July 05, 2020, 02:04:40 AM

Since the source is from a reddit post as @alani123 mentioned, I don't think its actually true or if it is, provide a logical source to this news,and they can't possibly treat bitcoin and ethereum as cash, since it is very volatile/unstable in nature, also it can't be used for daily transactions like the traditional fiat.

Please try to show you read the thread.

I provided the document that most likely started the reddit post.

Traderbtcc

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Since the source is from a reddit post as @alani123 mentioned, I don't think its actually true or if it is, provide a logical source to this news,and they can't possibly treat bitcoin and ethereum as cash, since it is very volatile/unstable in nature, also it can't be used for daily transactions like the traditional fiat.

philipma1957

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'The right to privacy matters'

No worries it is the least I can do.

It shows that they will or that they did let you buy crypto with the card.

It may or may not mean they are doing it right now.

I really like that:
It shows they will treat it like buying casino chips i.e. a cash advance if you do buy any cryptocoin. This is the best info as they are not coin specific.

I smell action coming. Trump had the 2017 rally in his term. Maybe he will push a 2020 rally to help his election chances.

Most people don't realize the entire cap is well under 300 billion usd

https://coinmarketcap.com/

way down for 2017 peak of 830 billion usd.

Most people don't realize the entire cap of 267 billion is far lower then just Apple's stock which is worth 1,500 billion.

So maybe the pump is lining up.
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Aug
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figmentofmyass

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Quote from: philipma1957 on July 04, 2020, 06:29:22 PM

Thus here is the letter clearing stating as far as Bank of America any crypto currency purchase will be treated as a cash advance.

Note I covered my wife's account name and number.

thanks for confirming. so the rumors are true.

Quote from: TimeTeller on July 04, 2020, 06:48:36 PM

That gives us a confirmation that indeed Bank of America is already accepting crypto.

not exactly. all we know for sure is they reserve the right to charge you cash advance fees and interest if you use your credit card to buy cryptocurrency.

bank of america currently blocks credit card transactions at known cryptocurrency exchanges. this change might indicate they plan to lift that ban, but we don't really know. this is what they said in 2018:

Quote

Bloomberg further reported that the Bank of America cited anti-money laundering regulations for the move, as well as the potential for thieves to convert stolen credit cards into cryptocurrency stashes.

Like JPMorgan, Bank of America is also concerned with the idea customers can purchase more cryptocurrency than they can afford.

https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases

i don't see what has fundamentally changed since that time. they may just be asserting their rights to charge higher fees/interest where they identify settled crypto-related transactions.

TimeTeller

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Quote from: philipma1957 on July 04, 2020, 06:29:22 PM

-

That gives us a confirmation that indeed Bank of America is already accepting crypto.
Thanks for showing the actual document stating such type of transaction.

So I would say, this is another great news to the crypto community.
In time, more and more banks will follow this action towards crypto.
And yes, not only BTC or ETH, as it says crypto in general.

philipma1957

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'The right to privacy matters'

Okay Bank of America is one company in america

it is not the "federal reserve bank"

the federal reserve bank is the boss of all USA based banks.

As for Bank of America I am a customer and they sent me the following statement

I paraphrase :

"If you use our card to buy crypto currency we will charge you like you are using the card to withdraw a cash advance."

This is true and I may be able to find the actual document if I have yet to shred it.

So to sum up a bank Named "Bank of America" Based in the USA will charge you the same fees for getting BTC as it would charge you for getting a cash advance.

It is not the Federal Reserve Bank for America which is the boss of all USA banks.

I will look for the exact document.

And due to both my wife and I still not fully recovered from whatever we had in Jan of this year maybe covid-19 we did not do a lot of shredding.

Thus here is the letter clearly stating as far as Bank of America any crypto currency purchase will be treated as a cash

advance.

Note I covered my wife's account name and number.

So this is simply a large bank.

Not the USA government.

and it is clearly any crypto coin not BTC and ETH

Rengga Jati

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When you post a thread like this moreover about a report or news, please put at list a link in order that we can check the truth of the news easily. Well, this leads me to browse to search the source and read the article fully.
It is quite unique to see the development of crypto in this country. First, the country really ignores crypto because it may be considered not worthy enough. Then, They sometimes fight you and make crypto as one of the enemies to be banned. And now, they are going to make crypto as cash? Interesting facts if it si true happening right?

By considering the payment using cryptocurrency as a cash equivalent may be good progress for the crypto world. As we know that so far, there is also bad news about BTC and other cryptos that will be banned in some countries although it is still debatable likely in India and also Russia. Hopefully, by this news, this can wide open again the chance of cryptos to be considered as well as cash equivalent again. But, I wonder will it involve taxes if this is legalized as cash?

Yamifoud

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Trump is against crypto and that simply saying the US considers BTC and ETH as cash, I say I need the real source to read before it was appreciated. I don't see instances that Trump will never look into that despite of the crisis we had fighting because I know that the US government will never give a hundred percent support for crypto.

https://www.investopedia.com/ask/answers/121515/bitcoin-legal-us.asp

However, it is good enough to see how the US foresaw about virtual currencies and so Bitcoin itself. Considering it legal in their place will most likely it giving a way to show a massive adoption as the pandemic isn't over yet.

figmentofmyass

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Quote from: Wexnident on July 03, 2020, 08:30:12 PM

A milestone move? More like banks just wanting to milk cash out of people more. There would be no doubt insane amount of transaction fees to be asked, much so that you'd actually question yourself that why am I even buying BTC through this way?

that's easy. FOMO---fear of missing out. people don't care about 5% cash advance fees and 29% interest if they think bitcoin is gonna make them a millionaire inside of a year. that was the psychology in late 2017.

i don't blame the banks in cases like this. customers are borrowing cash (leveraging) to buy risky investments. it's the banks' prerogative to charge them for the privilege, and to hedge against the increases risk of default.

if customers don't like it, they can avoid those fees and interest charges by investing the responsible way like the rest of us---with their own cash. Cheesy

ukboss

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As i will not believe these sort of announcement in the event that it again continues the official short article or simply except when a business banking officials on the stated provider lets out the official announcement concerning this unique. The majority of us listed below are ready meant for banking choices to help not less than know bitcoin along with cryptocurrencies for the reason that comparable to profit, or possibly no less than is often traded towards capital however , until now there isn't a legitimate loan provider on the planet having persisted with this plan. This really is very far-fetched with present day days however, not hopeless, which is without a doubt.

eaLiTy

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Quote from: gokumarket on July 03, 2020, 05:47:23 AM

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

When i saw your topic i was curious to know what is going on because ETH is considered as cash which is a complete bullshit in itself if you are aware of it but then alani123 explained where this topic evolved and now that is deleted from reddit itself. Lets be clear if you create a story just for the clicks make sure that it should be believable and if you involve ETH its gone Tongue

.

target

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Quote from: Vaculin on July 03, 2020, 08:35:27 AM

Quote from: gokumarket on July 03, 2020, 05:47:23 AM

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone. Cool

I think you are referring to this article.

Bank of America could treat transactions with Bitcoin as cash

just add it in the OP so everyone will see, it's nice if you will put a link of information you shared so we can verify, and so you will not punished by violating the forum rules which is plagiarism.

That crypto news site didn't also put links coming from a banks' announcement or blog either. Probably not true news thus the reason why reddit deleted the thread.

Shasha80

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I am not sure that US banks treat Bitcoin and Ethereum as cash, because there is no official news from Bank of America. So don't be too
happy first, this is just a rumor spread by customers. The truth is still questionable. But if it is true that Bank of America treats Bitcoin and
Ethereum as cash, this will certainly be a milestone. Many obstacles if it is true that Bitcoin and Ethereum as cash, such as volatile prices
and tax problems.

Negotiation

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Quote from: gokumarket on July 03, 2020, 05:47:23 AM

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone. Cool

The milestone may not have anything to do with it but I think Bank of America is now considering BTC and ETH as cash although the crypto economy is improving the United States is generally taking such steps to centralize. Then they will be able to collect taxes from here But they can never break the decentralized crypto.

KonstantinosM

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No! None of this matters!

Banks can't treat bitcoin like cash for the simple reason that they can't perform fractional reserve banking on it and that it's not subject to the same kind of inflation as cash.

Bitcoin is superior so they should treat it as such.

btc78

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Quote from: gokumarket on July 03, 2020, 05:47:23 AM

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone. Cool

Where did you get this news?why not Put the Link here so we can check and understand what is the real score.

and don't exaggerate because not because there are bank/s that will treat these coins meaning all the Banks in America will do the same.
Remember that there are so many Banks that runs in america and i am sure they have own stands in other matter and they won't just support crypto just like that.

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