What do you think of Coinbases new warning message they sent to all users?

focmere

member

Activity: 126

Merit: 11

Quote from: alphalifter304 on February 01, 2018, 08:36:58 AM

"Coinbase sent an email this to users this morning warning of credit card company changes that could affect customers. Changes to the MCC code for digital currency purchases could cost investors by allowing credit companies to charge higher fees via cash advances."

http://www.techvoid.com/2018/02/01/coinbase-warns-credit-card-mcc-code-changes-cryptocurrency/

I got the message this morning and was surprised. I have never been one to use credit but I really think this will affect a lot of things, what do you think?

Well, those are bad news, but, I doubt there won't be a work around on what's going on right now in the crypto space. Things always change, for the good and for the worse.

barneystinson

jr. member

Activity: 103

Merit: 1

Quote from: alphalifter304 on February 01, 2018, 08:36:58 AM

"Coinbase sent an email this to users this morning warning of credit card company changes that could affect customers. Changes to the MCC code for digital currency purchases could cost investors by allowing credit companies to charge higher fees via cash advances."

http://www.techvoid.com/2018/02/01/coinbase-warns-credit-card-mcc-code-changes-cryptocurrency/

I got the message this morning and was surprised. I have never been one to use credit but I really think this will affect a lot of things, what do you think?

I think credit card companies are trying to jump into the crypto currency business to get a head start against their competitors. Come to think of it, we did not have any agreement within the credit card banks that has to deal with crypto or any exchanges. So this is free money for them.

BuschBoy

newbie

Activity: 5

Merit: 2

I am kind of surprised it has taken the CC companies this long to insist exchangers code transactions this way.

Hard to argue it is not a cash advance really.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Quote from: alphalifter304 on February 01, 2018, 08:36:58 AM

"Coinbase sent an email this to users this morning warning of credit card company changes that could affect customers. Changes to the MCC code for digital currency purchases could cost investors by allowing credit companies to charge higher fees via cash advances."

http://www.techvoid.com/2018/02/01/coinbase-warns-credit-card-mcc-code-changes-cryptocurrency/

I got the message this morning and was surprised. I have never been one to use credit but I really think this will affect a lot of things, what do you think?

The credit card companies are now treating bitcoin purchases as cash advances - which means they charge the credit card user a $15 fee. People have been yelling at coinbase for this, which is why coinbase has sent out the email. In reality, it's nothing to do with coinbase and it's to do with credit card companies.

Moral of the story: don't buy bitcoin with credit cards. Wire cash to an exchange and then buy, you might have to wait a couple of days but it is cheaper.

alphalifter304

member

Activity: 111

Merit: 10

Quote from: krishnaverma on February 01, 2018, 09:21:28 AM

Only the credit card companies will benefit from this decision. I think seeing the huge money involved with Bitcoins, everyone is increasing their cut like the exchanges. The investors suffer at the end as their profit is reduced by this. Such kind of decisions also discourage the new investors which further reduces the demand and affects price negatively.

Yes I agree about the negatively part, I think the price will continue to drop before it stabilizes with all of these changes that's happening.

krishnaverma

full member

Activity: 1470

Merit: 108

Only the credit card companies will benefit from this decision. I think seeing the huge money involved with Bitcoins, everyone is increasing their cut like the exchanges. The investors suffer at the end as their profit is reduced by this. Such kind of decisions also discourage the new investors which further reduces the demand and affects price negatively.

alphalifter304

member

Activity: 111

Merit: 10

"Coinbase sent an email this to users this morning warning of credit card company changes that could affect customers. Changes to the MCC code for digital currency purchases could cost investors by allowing credit companies to charge higher fees via cash advances."

http://www.techvoid.com/2018/02/01/coinbase-warns-credit-card-mcc-code-changes-cryptocurrency/

I got the message this morning and was surprised. I have never been one to use credit but I really think this will affect a lot of things, what do you think?

Topic: What do you think of Coinbases new warning message they sent to all users? (Read 153 times)