Has your bank or credit card told you they will stop you buying crypto? - page 4.

leea-1334

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Temporary forum vacation

Quote from: tabas on August 16, 2021, 07:38:37 PM

I don't use my banks for crypto purchases but I've seen some people in my country that are also having the same problem with their banks. They don't want to support crypto purchases and gives a warning to the owners that they'll stop supporting the same transactions. This happens mostly in the US and other countries too as far as I know as long as the bank isn't crypto friendly. But don't lose hope, there may be some other local banks that doesn't care about crypto purchases using them.

The only way banks will ever do this is if you use them to directly link to exchanges,,, so even if they start to do this, all you need to do is go to P2P then you are transacting with individuals and not companies.

I think in the end this is good because P2P is how crypto is meant to be Roll Eyes

semobo

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Quote from: Panxora_COO on August 14, 2021, 04:13:30 PM

I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

The creditcard service provider has their own right to change the terms and conditions at any time so if they say you can't buy bitcoin with your credit card then you aare not supposed to do that and its not your money its the credit money given to you by the banks. And buying bitcoin with credit cards is not a wise choice as well because the fee is insane when we buy through credit card on most of the exchanges.

tabas

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Top Crypto Casino

I don't use my banks for crypto purchases but I've seen some people in my country that are also having the same problem with their banks. They don't want to support crypto purchases and gives a warning to the owners that they'll stop supporting the same transactions. This happens mostly in the US and other countries too as far as I know as long as the bank isn't crypto friendly. But don't lose hope, there may be some other local banks that doesn't care about crypto purchases using them.

LTU_btc

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Slava Ukraini!

Personally, I'm trying not to use my main bank account for crypto activities. I haven't faced any issues so far, but other people had bad experience like locking funds, closing accounts, asking for too many details. Banks have negative attitude towards crypto. It would be something surprising if they wouldn't try to make us issues to use crypto.
Personally, when I'm dealing with crypto, I stay away from banks and try to find alternative services.

Theones

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Quote from: Erdogan on August 14, 2021, 04:26:45 PM

Quote from: Panxora_COO on August 14, 2021, 04:13:30 PM

I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

Banks in many countries are fighting quite hard with cryptocurrency users. Often, the order to close the accounts of companies related to the cryptocurrency market is issued by the financial supervisory authorities in a given country. The bank simply has to close the accounts of people who trade cryptocurrencies and it looks like they are doing it with pleasure. After all, it is, kind of a fight against the competition.

This is deem to happen sooner or later, I am glad its happening in the start. Crypto is a revolt against centralized institutes likes banks, insurance companies who for decades are abusing end customers. banks also jumped in the crypto mart with centralized cryptos like XRP but they fail to make a major impact.

slaman29

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Quote from: sheenshane on August 14, 2021, 07:15:13 PM

You can use P2P exchanges which totally safe and there's no trace if you buy Bitcoin. It's a decentralized platform that gives security to both individual transactions.

Like,

Bisq
Hodl-hodl
Paxful
LocalBitcoin

Paxful and Localbitcoin are not decentralized. They are P2P for sure but when you deposit bitcoin (or even when you buy, and the seller releases, it's all going to their wallets AFAIK so you still end up trusting a 3rd party centralized wallet/service.

Bisq and hodl hodl are better as they both use non custodial wallets.

NeuroticFish

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Quote from: Panxora_COO on August 14, 2021, 04:13:30 PM

HOW DARE you decide what I can do with my money?!!!

As long as your money is in their custody, they do dictate the rules. Of course, there's always another bank you can move to (which you probably have to do now), but careful, most banks think this way.
Best is to see which banks are friendly/friendlier with crypto businesses and use those for crypto, and maybe keep a completely different account at a completely different bank for normal use.

Quote from: Panxora_COO on August 14, 2021, 04:13:30 PM

How many other people have experienced this bullshit?

I've read about cases here and there, I guess that there aren't few...

Quote from: Panxora_COO on August 14, 2021, 04:13:30 PM

IMHO they are just driving nails into their own coffins.

People forget easily. Just look at the politicians, they simply rely on the fact that people forget in 4-5 years all their crap and elect them again.
And few unhappy customers here and there doesn't matter that much for them, unfortunately. Keep in mind that for many of those muggles from banks crypto means drug money.

sheenshane

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Since the start, we know that the Banking institution always fighting in a war of fraud and different cybercriminals that most commonly use are cryptocurrencies. But this is a case-to-case basis and depends if where you live because each country's governments had their own perspective view about cryptocurrency, some of them become legal tender while others become neutral.

There are too many options upon buying cryptocurrencies if your banks are against it and if you want not to link your credit card as a crypto buyer. You can use P2P exchanges which totally safe and there's no trace if you buy Bitcoin. It's a decentralized platform that gives security to both individual transactions.

Like,

Bisq
Hodl-hodl
Paxful
LocalBitcoin

Erdogan

legendary

Activity: 1512

Merit: 1005

Quote from: Panxora_COO on August 14, 2021, 04:13:30 PM

I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

Banks in many countries are fighting quite hard with cryptocurrency users. Often, the order to close the accounts of companies related to the cryptocurrency market is issued by the financial supervisory authorities in a given country. The bank simply has to close the accounts of people who trade cryptocurrencies and it looks like they are doing it with pleasure. After all, it is, kind of a fight against the competition.

Panxora_COO

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Chief Operating Officer of the Panxora Group

I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

Topic: Has your bank or credit card told you they will stop you buying crypto? - page 4. (Read 1165 times)