Would you close your Bank account, when your Bank turn against Crypto? - page 4.

CryptoBry

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

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

Here in my country, there is a big commercial bank that is actively shooing away people who are involved with cryptocurrency. There had been instances that the bank advised their clients to close the accounts upon learning that they are into cryptocurrency. What is amazing is that there is actually no directive from the central bank for such a policy so the bank is doing things on their own initiative. Well, I would certainly don't want to be working with a bank that is not really friendly with cryptocurrency or will not allow any money coming from cryptocurrency. Rather than risk my money to be investigated and be held for some time, closing the account can be the best alternative. Certainly, there are so many banks one can go to which may not be strict in their policy towards cryptocurrency. It is unfortunate that we actually still need banks right now, P2P remains to be a very underutilized option.

gabbie2010

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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

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.

iamaruf

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No,I am not going to close my bank account.because I need bank account for my daily life.I can't pay by bills without bank. No batter bank accept or Against crypto.If i tell that if bank Against crypto then i will close my bank account then I have to Leave my country. Because my country Against crypto till now. So i have nothing to do. I will chose both no matter what's going on.

Strongkored

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I will not close my bank account just because they started to against crypto, why? because all of my transactions are still using the bank and currently I have account in a marketplace where I sell my things that if I want to withdrawn money from sales still need a bank account, I would prefer search other alternatives to exchange my BTC to Fiat rather than closing my bank account. Many will think the same not ready to do that, bank is a long-standing system and is not easy to change the existing to a new system.

maydna

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I don't want to close my bank accounts. I don't know if my bank will turn against crypto or not because, until now, my government still not stating crypto. Besides that, I think people still need the banks because they still make a transaction using the bank itself.

I am not sure if the bank will against crypto, especially if they know that crypto can help them to solve the problem in their institutions. So far, I never think about that, and I prefer to use both bank and crypto, to saving and to make money.

adjed

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As much as this would be a very nice thing to do, the stories of horror that has been heard about exchanges makes me think that I would stick with the banks and take my changes instead, and if you think your funds are SAFU, You might wanna read this: https://twitter.com/crypto_c00kie/status/1196463697822134272

The fact is that at the level that Cryptocurrencies are right now, you cannot make your daily transactions using Cryptocurrencies, your local restaurants might not accept Cryptocurrency, Your Grandma might not accept Cryptocurrency, your hospital might not accept Cryptocurrency and the list goes on and on, presently I don't see that working but we all know it would be in the future when worldwide adoption is finally real.

Zeke_23

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Quote from: Eclipse26 on November 18, 2019, 08:37:06 PM

Quote from: Twinkledoe on November 18, 2019, 10:29:24 AM

Quote from: seoincorporation on November 18, 2019, 10:17:24 AM

For me is hard to make cash from Bitcoins without a bank account, because sell bitcoins for cash in a third world country isn't secure at all. So, if the banks turn against crypto in my country i would find the way to sell my BTC with a bank transfer making it looks like I'm selling some other stuff. But closing the bank account isn't an option at all for now.

Lucky me, I can cash out my bitcoin even without a bank account. As I have option to cash it out with my local remittance centers and other means. So technically, I am not tied with my local banks. But to answer OP's question, I won't close my bank account. There are still financial transactions that needs to be done via my bank account. So even if they are not pro-crypto, would still use their services.

Same situation with cashing out bitcoin... And also it's hard to just close your bank account just because they don't support bitcoin. When your account is important to you as well as the bank, I won't close mine. It's normal for banks to not be supportive with crypto though... Unless if I'm facing problems with the bank, with regards to my involvement with cryptocurrency, I might consider it and move to another bank depending on the situation.

That is the good thing with local financial services that offers other options when withdrawing their funds from bitcoin or other crypto. But not every country have the same option.
It's true, an option of closing a bank account will depend on your own satisfaction in their service and not because they are just against crypto. Finding an alternative option to cash out funds from crypto can be solved easily without closing your bank account.

Eugenar

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Quote from: kro55 on November 18, 2019, 12:23:00 PM

First question is how would bank know I have crypto assets ? Secondly, banks along with other centralized financial institutes are already againest crypt, that's a proven fact. But I still need my bank a account to carry out routine financial transactions and you obviously need bank account to buy crypto.

And also most of the salaries are paid in fiats, if we don't have any bank accounts, we are just like cut the ties between us and the government, it would be better if we incorporate our own selves with both cryptocurrency, banks and government basically, showing support both for these parties will induce positive effects. In the first place they are also doing their best to keep our money safe, why would we turn against them? Let them know the benefits of crypto and let us respect their business as well.

Eclipse26

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Quote from: Twinkledoe on November 18, 2019, 10:29:24 AM

Quote from: seoincorporation on November 18, 2019, 10:17:24 AM

For me is hard to make cash from Bitcoins without a bank account, because sell bitcoins for cash in a third world country isn't secure at all. So, if the banks turn against crypto in my country i would find the way to sell my BTC with a bank transfer making it looks like I'm selling some other stuff. But closing the bank account isn't an option at all for now.

Lucky me, I can cash out my bitcoin even without a bank account. As I have option to cash it out with my local remittance centers and other means. So technically, I am not tied with my local banks. But to answer OP's question, I won't close my bank account. There are still financial transactions that needs to be done via my bank account. So even if they are not pro-crypto, would still use their services.

Same situation with cashing out bitcoin... And also it's hard to just close your bank account just because they don't support bitcoin. When your account is important to you as well as the bank, I won't close mine. It's normal for banks to not be supportive with crypto though... Unless if I'm facing problems with the bank, with regards to my involvement with cryptocurrency, I might consider it and move to another bank depending on the situation.

yulionoo

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I will not close my savings account even though my bank is against bitcoin. because I think the bank has its own policy of accepting or rejecting bitcoin. and that has nothing to do with us. although I am also a bitcoin investor I will still need a bank for daily transactions. and to cash in on bitcoin I need a bank. so even though the bank does not support bitcoin then I will still use the bank.

samcun

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Why do I have to close my bank account? if for me both are very helpful to me and make a profit for me, and I will not close my bank, even if my bank prohibits crypto currencies. because both are assets to save for the day to come.

FaithInCrypto

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mada mada dane

My answer would be NO.
I know that most banks are not crypto-friendly as it possesses a risk against their businesses but I won't close my bank account with them because I need them for personal transactions like receiving payments and paying my bills.

There are other companies with apps that manages crypto funds so personally I think it is good to have them separately.

LTU_btc

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Probably no. I know that my main bank have negative attitude towards crypto and I heard that they closed some accounts which had crypto related transactions. So, I try to keep my crypto activities separate from my bank.
I wouldn't close my bank account mainly because there are no good alternatives for it and all major banks in my country aren't positive about crypto. There is some neobanks which aren't against crypto, but I don't trust them enough to put all my savings there.
And another reason, it would be almost impossible to live with crypto only now, we aren't ready for it yet. I still need fiat.

Kyraishi

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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

In Australia, It's pretty hard to get by, since a lot of the banks there all hate crypto-currencies, basically all of the top 5 do, and it's quite difficult to get by, especially since the banks will close your accounts if it's related to crypto trading or other stuff.

It's impossible to live without a bank account to be honest, and even though you might be a huge bitcoin and crypto-supporter, it's fine for you to use a regular bank account. Life would be too hard otherwise, and it's not hard to not get banned from your banks.

AbuBhakar

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It's been a while since I don't use bank, though I have banks for cashing out that can also be done thru remittance centers but will be much better in banks for smoother process. I think using bank accounts will depend on the countries we live in as in my country I am able to pay bills thru crypto application, buy Internet loads and transfer money to someone I know that which is bank or mobile banking can do. The only difference for me now is banks can be used in any stores to pay, crypto still limited in adoption.

big_daddy

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I’ve changed banks during my working life, and I have no hard feelings to change them again, or even not to use any bank service at all
The only obstacle nowdays is a low crypro adoption, but I live in a zone where people has cash, not a lot of cash, but using cash instead using a plastic card is normal, so there is always a way to sell crypto for cash (with strangers also)
I am just waiting the moment where most shops and servicies will acept crypto directly, wallet to wallet, at that point, say goodbye to the banking system forever

I am fully supporting the bank system extinction

daarul50

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Quote from: Harlot on November 18, 2019, 11:46:36 AM

As much as I want to give a statement against them there are things simply impossible to do. What if the bank that is against crypto is also my payroll account? Could I really do something against it? With this scenario we really don't have any choice left to do. If they don't accept crypto related transactions then it's their lost and the only thing we can do is to wait that they realize it on their own. Which we have seen a lot of times already with big companies like how Starbucks changed its views towards Bitcoin.

you can simply switch the bank for your payroll, but if you don't have any options well that is hard choice.

say no more as a die-hard crypto enthusiast i will leave them , there a lot of banks to deal with unless if every single bank is against crypto which i believe this scenario won't happened or have a very small chance happened.
let's say all banks against crypto, there is a problem and there is solution, when this scenario happened i think there will be new bank that crypto-based popping up as a startup maybe? who knows?

the point is that as long as the bank services that against crypto did not interfere my crypto activity , i won't bother if they do announce that they are against crypto.

Willitivity

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This scenario is not fully operational right now as it stands now. The need for traditional banking system is still very much high, crypto hasn't reached that level of flexibility offered by the bank. Best bet is to open another bank account and move your money there, banks are pretty inevitable for now.

Aikidoka

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Quote from: seoincorporation on November 18, 2019, 10:17:24 AM

For me is hard to make cash from Bitcoins without a bank account, because sell bitcoins for cash in a third world country isn't secure at all. So, if the banks turn against crypto in my country i would find the way to sell my BTC with a bank transfer making it looks like I'm selling some other stuff. But closing the bank account isn't an option at all for now.

True, I meant in the third world countries is kinda hard to sell bitcoin for cash so most of the time you should wether sell them in the internet or you can just deal with someone who wants to buy your crypto in your local place. When I'm talking about bitcoin, I'm not dealing with banks here in my countries cause we don't have banks accept bitcoin in my country so I don't have to close my bank account.

scout326

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Personally, I think for now fiat has got more fans than crypto,and we all still using fiat,crypto on the other end is at infancy stage,so I don't think its wise to close my bank account

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