Topic: Coinbase and my issue with centralized services (banks) (Read 335 times)

Traditional banks always feel like they are God of men because they are sitting on the money of people in the world forgetting that they are nothing without those deposited cash in their bank by people, so the people they are frustrating are the ones that made them by keeping their money with them, and I think that it is high time people take control of their money from those centralized banks.

This is the same way I think they have frustrated binance also that made binance want to separate the us account from their platform and create a system for them separately. Anything generally with us is always a headache and that is why they are losing power and their dollar value which is no longer getting much relevance from people worldwide.

Centralization will kill the basic idea of crypto, but not many people understand it

Bitcoin is a thing but both systems are needed if they want to survive.
Cryptos need fiat and fiat needs crypto. It is something that many people haven't still understood. Banks need cryptocurrencies as there is a new dynamic in this market and so many funds in there, and crypto needs fiat as they need a currency to leverage. So I don't think that Coinbase and Barclays thing is something that need to get our attention.

Can't think of a situation when I had problems with my bank, maybe just had lock so far. Also no problems with deposits and withdrawals from crypto exchange to my bank account. But I recently had huge headache because of PayPal. Their rules are set in a way that they can do whatever they want. They can hold your money for 180 days without a reason, they can even lock your account with no explanation and no option to appeal against it.
PayPal is centralized of course so kind of understand you and how helpless you feel when they simply announce some stupid new rule.

From the latest news I am seeing and how it is shaping up for UK I think it's not Barclays own decision on why they cut ties with Coinbase. We are already seeing a lot of news about how cryptocurrencies will have a tight regulation after the Brexit and this is just Barclays going up clean hear. I really don't see banks being greedy here or simply seeing crypto as a threat in this situation but they are just playing it safe before they get tied up on a loose end.

Banks are very well regulated by governments and they must obey central bank laws and guidelines, I believe the lack of clear laws on bitcoin and exchanges is at the root of barclays decision of the not to provide their services to coinbase. I read this news:

Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy

we can already imagine that dark times are coming in the uk

As written in this article, banks will always attempt to maintain a hold on the people but when there's a will there's a way;


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"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.

CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.

Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.

The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.

However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."
===


The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$


Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.

https://t.me/alextechlead
[email protected]
[email protected]

As written in this article, banks will always attempt to maintain a hold on the people but when there's a will there's a way;


===
"Barclays Bank, one of the largest banking institutions in the world, will no longer be providing banking services to Coinbase UK.

CoinDesk first reported the details of the split, adding that the exchange has signed up with a replacement banking partner known as ClearBank.

Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.

The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.

However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated."
===


The issue with these centralized exchanges and having 100% control over your money and how you choose to spend it is the main reason why bitcoin and the technology is a thing. So no matter how these banks try their hardest to clamp down on crypto, their pressure will force more innovation that will lead to online financial freedom!

They are losing control of the people and their $$$


Alex Ginsburg, TechLead
100% Certified Financial Loss Recovery Service, we will recover what you lost regardless of how it happened.

https://t.me/alextechlead
[email protected]
[email protected]

Banks are very well regulated by governments and they must obey central bank laws and guidelines, I believe the lack of clear laws on bitcoin and exchanges is at the root of barclays decision of the not to provide their services to coinbase. I read this news:

Controversial UK Party Becomes Nation’s First to Reveal Crypto Policy

we can already imagine that dark times are coming in the uk

Can't think of a situation when I had problems with my bank, maybe just had lock so far. Also no problems with deposits and withdrawals from crypto exchange to my bank account. But I recently had huge headache because of PayPal. Their rules are set in a way that they can do whatever they want. They can hold your money for 180 days without a reason, they can even lock your account with no explanation and no option to appeal against it.
PayPal is centralized of course so kind of understand you and how helpless you feel when they simply announce some stupid new rule.