Would you close your Bank account, when your Bank turn against Crypto? - page 3.

audaciousbeing

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Quote from: Kprawn on November 18, 2019, 10:03:54 AM

We see a lot of these Banks that wants to sabotage Bitcoin and Crypto currencies by closing people's Bank accounts. When this happened in

countries like Australia, some people closed their Bank accounts in support of these people and they moved their business to other Banks that

supported Crypto currencies. They also took this to court and the court decided that this was anti-competitive behavior and they were forced to

stop that. So, the question is simple : Would you close your Bank accounts, when your Bank turn against Crypto?

Do we need new Banks that would go up against these large Banks to facilitate the conversion of Fiat to Crypto currencies? I think Banks doing this

will quickly change their policies, once millions of people start moving their accounts to Banks that supports Crypto currencies.

We do not need Banks, because P2P conversion is possible without Banks, but it just makes things so much easier for people dealing with exchanges.

What do you say? Please participate in the Poll. Tongue

Of course yes. If a bank should close my account, what it means is that they are not ready to do business with me again and there is no point forcing the business relationship all I have to do is to ensure I am able to move all my funds from such bank and move to the one that is receptive of my needs. Its that simple. There are several banks that are even looking for more active customers so it means for any exit, there is one other bank or a banker looking to increase deposit waiting for someone to signup.

aysg76

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The answer is clear cut no as we depend upon on banks for various services and they are supplier of fiat which is essential for survival as crypto have not still became part of financial system of our nations and we are left with no other options.Beside this you need to convert your btc or other coins to fiat through banks and i can't afford to loose relations with my bank until there are solutions for payment in cryptocurrencies.

inthelongrun

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It depends. But I already avoided opening accounts on banks that are openly against crypto currencies which is common in my country. I do have many bank accounts and a few of them have advantages like no fees on transactions anywhere in my country, more branches nationwide and fewer customers queuing daily.

adeandro

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No, because this is not a reason for example to earn and fiat. Simultaneously on crypto and fiat on the deposit in the bank.

Ridwan Fauzi

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I'll find some service who can be able to change bitcoin to money fiat first and after that I'll close my bank account. I use bitcoin just for side income and no more than that. So, I'll be useless if I had bitcoin and I didn't send my bitcoin to money fiat (bank account) and yeah I can't do anything. For the money thing I can't be separated from the utilization of bank (I guess most people here are same), in fact it is the main bridge or the main requirement for investors who want to invest in crypto.But it really impossible now in my country (banned crypto) since my country have included cryptocurrencies into comodity which is mean their function is like an asset.

chaoscoinz

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Quote from: Kprawn on November 18, 2019, 10:03:54 AM

We see a lot of these Banks that wants to sabotage Bitcoin and Crypto currencies by closing people's Bank accounts. When this happened in

countries like Australia, some people closed their Bank accounts in support of these people and they moved their business to other Banks that

supported Crypto currencies. They also took this to court and the court decided that this was anti-competitive behavior and they were forced to

stop that. So, the question is simple : Would you close your Bank accounts, when your Bank turn against Crypto?

Do we need new Banks that would go up against these large Banks to facilitate the conversion of Fiat to Crypto currencies? I think Banks doing this

will quickly change their policies, once millions of people start moving their accounts to Banks that supports Crypto currencies.

We do not need Banks, because P2P conversion is possible without Banks, but it just makes things so much easier for people dealing with exchanges.

What do you say? Please participate in the Poll. Tongue

I think the banks are just worried about remaining compliant. Nobody wants to lose their job because of Bitcoin or any other cryptocurrency. Depending on what country that you reside in, the regulations and governing bodies will end to vary. In India reaction to Bitcoin and crypto started off initially harsh, with the Big bank threatening to close accounts or cut off their affiliations with individuals & business entities if they attempt to provide crypto related services to people. The decision to remove a bank account and open up a new one elsewhere may not be viable or even available to people within every county. Some countries don't have the luxury of having numerous different banks for their citizens to choose from.

gentlemand

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Welt Am Draht

Um, no. I don't have a bank account for fun. I need it to stay alive by buying stuff like food and that.

I naturally assume any bank is hostile to crypto so don't bother running any crypto money through it. When the time comes to sell some it'll be through an account I don't mind losing if necessary.

Wapfika

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Quote from: hatshepsut93 on November 19, 2019, 07:16:45 AM

No I won't, it's very hard if not impossible to live in modern world without a bank account, especially if most of you activity is online-based. I could do it as a protest against their hostility towards crypto and then switch to another bank, but what would it achieve? It's not like the rest of the population will do the same. The only thing that will make me close my bank account is if it will be too expensive to withdraw crypto to it.

We all still need to have bank account, even we don't have any crypto transactions to deal with it since many still not accept crypto as a currency, a payment or as an investment. We need banks to atleast hold some of our money like emergency fund for events that are uncertain. Both banks and crypto can works best as an option of which ever is available when we need it.

samuraijin

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Quote from: Kprawn on November 18, 2019, 10:03:54 AM

We see a lot of these Banks that wants to sabotage Bitcoin and Crypto currencies by closing people's Bank accounts. When this happened in

countries like Australia, some people closed their Bank accounts in support of these people and they moved their business to other Banks that

supported Crypto currencies. They also took this to court and the court decided that this was anti-competitive behavior and they were forced to

stop that. So, the question is simple : Would you close your Bank accounts, when your Bank turn against Crypto?

Do we need new Banks that would go up against these large Banks to facilitate the conversion of Fiat to Crypto currencies? I think Banks doing this

will quickly change their policies, once millions of people start moving their accounts to Banks that supports Crypto currencies.

We do not need Banks, because P2P conversion is possible without Banks, but it just makes things so much easier for people dealing with exchanges.

What do you say? Please participate in the Poll. Tongue

I do not think hard when this happens, BANK need customers not customers or users who need BANK, there are no customers, BANK will go bankrupt instead, so if they do that in my country, obviously I will close the account at the BANK and open at the BANK other, because in my country it is easy to create a BANK account so there is no problem closing a BANK account if they do so

alyssa85

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The answer is No. It's too much hassle to close down accounts and shut down all your direct debits and so on, and move them.

It's better to open a separate account for all your crypto stuff (and you can easily transfer money between these accounts if you need to).

hatshepsut93

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No I won't, it's very hard if not impossible to live in modern world without a bank account, especially if most of you activity is online-based. I could do it as a protest against their hostility towards crypto and then switch to another bank, but what would it achieve? It's not like the rest of the population will do the same. The only thing that will make me close my bank account is if it will be too expensive to withdraw crypto to it.

ololajulo

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SOL.BIOKRIPT.COM

We should by now know that bitcoin and bank we still serve different purposes as long as the world is still divided in opinion on cryptocurrency. More so, expect the first world governments own a larger percentage of bitcoin, giving bitcoin so much power in exchange over fiat will put power to wrong hands which are whales in this space. We know at the presence that we are at their mercy and how oppressive they have been in recent months.

gabmen

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It doesn't have to be one or the othrr though. It's best that you have an open bank account since some legal matters like applying for a visa in certain countries require one. You can have a separate wallet for you crypto any time. There's no need to have just one. And no, i won't close my bank account if my bank doesn't support crypto. I'd simply keep a separate stash for both.

error08

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Only if a bank ban all transactions related to exchanges, we can't deposit or withdraw if the bank decides to do that.
However, not necessary to close a bank account if one against crypto, just register a new account at another bank.
If there is a better option to deposit and withdraw without a bank account it would be more preferable for me, yet there is none for now.

owengtam09

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I would rather stay my account in the bank even if they are against in crypto, I can still use my bitcoin and any other cryptocurrencies even though there is no bank, I can encash it through remittances. I can still use my bitcoin wallet to store them even if I don't have a bank account.

Apes

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I will not close my bank account. now in my country almost every banks are friendly with cryptocurrency so I didn't think to close it.
if one day the bank in my country behaves the same thing I still will not close my account.
as long as the cryptocurrency adoption still weak, I still really need my bank account for daily transactions.
closing a bank account is not a good way to fight the bank, in my opinion there are still other ways to fight it, for example against the bank by law.

S4VV4S

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Yeah, I think I will move my funds to another bank which not against Crypto, I am sure a Bank that supports Crypto will be the right choice for Crypto users. And I predict that in the future there will be many banks support Crypto, if not, they will be left behind by the Millennial community.

Darker45

legendary

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Probably not. Or else I might have to close all my bank accounts. LOL. While many banks here in my country are already testing the blockchain technology and at least one of them has already its own stablecoin, they are still generally unfriendly toward Bitcoin and crypto in terms of individual accounts. They do not consider Bitcoin or crypto as source of fund and if there is a transaction involving Bitcoin or crypto, it will have to be explained thoroughly or face the risk of having the account frozen or closed.

But at this particular point, I don't think I will move to another bank simply because of this. I need them differently, I mean not in the same way I need crypto.

EdvinZ

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No friend, I would not close a Bank account because it is the only way to interact in finance sphere at this time. If cryptocurrencies starts to be accepted for payment as well as Fiat money, then perhaps I would think about closing a Bank account, but in the current realities, it's like cutting off the wires that supply electricity to an apartment.

angrybirdy

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Quote from: gabbie2010 on November 19, 2019, 12:29:12 AM

Any bank that is anti-crypto I am not going to do business with them I see crypto as a financial revolution thus as an alternative to bank every individual should have freedom on what to with their money, banks sees cryptos as a major threat to their existence even as P2P transactions in cryptos is swift and fast thus putting more pressures on banks once the possibility of cashing out fiat from cryptos without banks then banking jobs would be on threshold of elimination.

What if the bank that is previously supporting crypto suddenly changed their decision and stop supporting it, would you close it? The point here is, if whether you continue or stop using their service and it is not about if you are gonna choose a bank that is against crypto.
Well, as you said you are not gonna use any banks that is against it, so the answer would be obvious, that you might close your bank account if they are not supporting cryptocurrency.

As for me, I will not close my account, I will continue to save my funds in that bank even if they don't support crypto, I can use different banks I want and as many as I can, so I don't see any difference if I close one.

Topic: Would you close your Bank account, when your Bank turn against Crypto? - page 3. (Read 678 times)