UK Banking Group Barclays Confirms Crypto Purchase with Credit Cards

pawel7777

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Quote from: Shitcoins Whale on February 12, 2018, 09:55:51 PM

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I guess in the US it's less stupid than in Europe, since if you end up broke you can still declare personal bankrupcy and your debts disappear.

Except for the student loan, which normally wouldn't be discharged in bankruptcy process.

Quote from: Shitcoins Whale on February 12, 2018, 09:55:51 PM

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In Europe you will never ever get rid of your debts. This I know for sure.

Where did you get that idea from? Of course you can declare bankruptcy in any European country, depending on the country, process can be easier or harder, but definitely possible. In the UK people are declared insolvent or bankrupt at a rate of ~250 people a day.

timikulit

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Quote from: Jeffery Musk on February 12, 2018, 08:10:36 AM

The UK banking group Barclays confirms that its customers will be allowed to purchase cryptocurrencies using credit cards meanwhile Virgin Money banned.
Know More: https://coinpedia.org/news/barclays-confirms-buying-crypto-credit-cards/

Is this the end of FUD? we can now buy crypto using credit card? well then good. but i can still buy crypto using my debit card so i will stick on that. Wink

Shitcoins Whale

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Quote from: pawel7777 on February 12, 2018, 08:26:56 AM

Funny how things change. Back in the early Bitcoin days, Barclays were accused for terminating accounts of clients involved in Bitcoin trading, they would've never clearly stated what the reason was, but if the only change in your activity was occasional crypto-trading, then the reason is pretty obvious. Now they look like the good guys in the Bitcoin world, at least comparing to Lloyds and Virgin Money.

All that being said, buying cryptos with credit card is pretty stupid idea, unless you know you won't have any trouble in paying that off.

I guess in the US it's less stupid than in Europe, since if you end up broke you can still declare personal bankrupcy and your debts disappear. Or at least this is what I have been told. In Europe you will never ever get rid of your debts. This I know for sure.

Juggy777

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Quote from: Jeffery Musk on February 12, 2018, 08:10:36 AM

The UK banking group Barclays confirms that its customers will be allowed to purchase cryptocurrencies using credit cards meanwhile Virgin Money banned.
Know More: https://coinpedia.org/news/barclays-confirms-buying-crypto-credit-cards/

There has to be some catch to it, all across the world they're not allowing this. As they believe people may not be able to pay back, I feel this is a marketing trick, get everyone using a Barclay's card and then suddenly stop it. This'll give fud starter's another chance to go around and prey on fears. I would advise people to be cautious with this news.

Doge dealer

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could we look at Barclays as bitcoins proverbial "knight in shiny armor" . Banks are over reaching in deciding what people can and cannot do with their money.Its indeed very refreshing to read news such as this about Barclays,this should however prove a good move for Barclays as they should see a commensurate increase in customer base (bitcoin is that influential).

bitart

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Vires in Numeris

Quote from: mOgliE on February 12, 2018, 09:30:32 AM

Hi,

That's interesting. And also quite worrying I think.

If BANKS are giving tools to invest in crypto... Well either they don't have understood that crypto (and blockchain) should lead to the death of traditionnal banking, or they have largely invested in crypt and know that the end of banks won't happen.

I don't like seeing such kind of news, I feel it completely goes against the core principle of bitcoin... Undecided

Or, they are not afraid from crypto yet, and if they let the customers to buy crypto with credit card, they can reach a lot of new customers from a special segment. Maybe these people were not using a credit card at all before, so they have found a market gap to fill...
Anyway, it depends a lot on the person's own risk management skills, if he/she is willing to use the credit card for a maximum amount he/she is able to repay in time... it's possible to buy just a little crypto with credit card, and if someone can't resist to go into debt, there's no need to buy crypto with the credit card, it's easy to get into serious debt without crypto as well...

bitcad4u

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Quote from: Jeffery Musk on February 12, 2018, 08:10:36 AM

The UK banking group Barclays confirms that its customers will be allowed to purchase cryptocurrencies using credit cards meanwhile Virgin Money banned.
Know More: https://coinpedia.org/news/barclays-confirms-buying-crypto-credit-cards/

It's the happiest news for the people in UK.I think this is the one of the reason for the price pull to high value.
The business man in United Kingdom will start to inverse in bitcoin,so this will make a huge price raise of bitcoin.
Before this chinese New year we can expect huge price raise of bitcoin.

penig

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Quote from: mOgliE on February 12, 2018, 09:30:32 AM

Hi,

That's interesting. And also quite worrying I think.

If BANKS are giving tools to invest in crypto... Well either they don't have understood that crypto (and blockchain) should lead to the death of traditionnal banking, or they have largely invested in crypt and know that the end of banks won't happen.

I don't like seeing such kind of news, I feel it completely goes against the core principle of bitcoin... Undecided

Or the perception of threat to banks is not as great as you think. When you can borrow with Bitcoin then the banks might be concerned.

The most significant thing is the indirect signal here, Barclays is open for crypto business. Likley they will be accommodating on bank accounts relating to cryptocurrencies. I read recently their management had made some favorable comments, this is evidence they meant it.

pawel7777

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Quote from: poptok1 on February 12, 2018, 09:02:05 AM

...

Quote from: pawel7777 on February 12, 2018, 08:26:56 AM

All that being said, buying cryptos with credit card is pretty stupid idea, unless you know you won't have any trouble in paying that off.

Also not every purchase with debit-card, automatically means debt right? One can have his own funds there and than its just ordinary payment.
But in general I do agree, not the best idea.

You meant "credit card"? In general terms, using credit card = debt, but yes, you could make overpayment or transfer money to your credit card account and have a positive balance (I am a few pennies in credit on mine), in such case you're not borrowing from bank and it's no different than paying with debit card. But rarely anyone keep positive balance on their credit cards.

Other case when paying with credit card makes sense is when there are incentive programs for using CC (you earn points, get cash backs etc). So instead of paying with cash/debit card, you pay with CC and pay off the debt straight away.

mOgliE

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Hi,

That's interesting. And also quite worrying I think.

If BANKS are giving tools to invest in crypto... Well either they don't have understood that crypto (and blockchain) should lead to the death of traditionnal banking, or they have largely invested in crypt and know that the end of banks won't happen.

I don't like seeing such kind of news, I feel it completely goes against the core principle of bitcoin... Undecided

joebrook

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I think it was really that simple either they adapted to the changing trends or they were going to lose their customers to banks who would permit their customers to use their credit cards to purchase cryptos.

poptok1

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Bobby Fischer was right

Quote from: bishopcrypto on February 12, 2018, 08:23:51 AM

I'm torn - other cos call it a cash advance recognizing crypto as currency, but that is expensive. on the other hand, i want easy access to crypto. fuck it.
looks like I'm getting a barclays card!

What if, this is exactly what they have planned? You like being played(i don't think so, nobody does)?
I would be more cautious while dealing with banks, always assume that your counterparty is having some secret agenda.
Maybe they setting a debt trap for newcomers, maybe it just pure marketing to attract people and show how modern they are, idk
but what I do know is that, they are there to make money, lots of it. When someone stands in their way... gets crushed.

Quote from: pawel7777 on February 12, 2018, 08:26:56 AM

All that being said, buying cryptos with credit card is pretty stupid idea, unless you know you won't have any trouble in paying that off.

Also not every purchase with debit-card, automatically means debt right? One can have his own funds there and than its just ordinary payment.
But in general I do agree, not the best idea.

mahibul49

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every bank will allow its customer to buy bitcoin via master card soon.
just i am really happy after got this news.

budi691

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not only in the United Kingdom, in Europe the great name of Barclays has been recognized with its greatness. With them open with a crypto it shows the UK is ready to welcome the times in the era of Cryptocurrency. This step may be followed by several other major European banks.

ashikerrez

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This is a very good news for now when many countries are banning bitcoin! Hope this news will change those people's minds. Bitcoin always remain as a king of currencies! Thanks for sharing this great news.

bitbunnny

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I find this information more significant for Bitcoin than some news that are coming out from China. Recently we also had similar news from some Australian banks.
This is only telling us that modern and progressive countries will not fight the future but support it and that will surely have the positive impact on the whole cryptocurrencies market.
Thumbs up for Barclays!

o_e_l_e_o

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For anyone considering this, please remember that money on a credit card is not your money. It is money the bank has loaned you, and you will be expected to pay it back in full plus interest. Before buying, ask yourself: "If the crypto I buy drops to zero, will I still be able to pay off my credit card debt?"

Only invest what you can afford to lose completely.

pawel7777

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Funny how things change. Back in the early Bitcoin days, Barclays were accused for terminating accounts of clients involved in Bitcoin trading, they would've never clearly stated what the reason was, but if the only change in your activity was occasional crypto-trading, then the reason is pretty obvious. Now they look like the good guys in the Bitcoin world, at least comparing to Lloyds and Virgin Money.

All that being said, buying cryptos with credit card is pretty stupid idea, unless you know you won't have any trouble in paying that off.

bishopcrypto

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I'm torn - other cos call it a cash advance recognizing crypto as currency, but that is expensive. on the other hand, i want easy access to crypto. fuck it.

looks like I'm getting a barclays card!

zentdex

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Wow its nice to see that there are banks that dont follow the steps done by CIti and the like. It seems that they will gain new customer my allowing those purchases of cryptos. When some company closes the door of revenue to people there are no doubt some will took advantage of it grab the opportunity to gain not just new customer but additional revenue.

Topic: UK Banking Group Barclays Confirms Crypto Purchase with Credit Cards (Read 255 times)